Nov 252015
 

Mortgages, credit cards, and student loans. Although baby boomers would love to leave a nice inheritance to their children and grandchildren, they are often faced with a myriad of debts that sometimes leave them with less than zero when they pass. Sometimes they only leave debt! Mortgages Married couples: Generally, both spouses of a married couple are on a mortgage, and the remaining spouse will just continue to pay on the home in order to stay in the home. It is important to note that Florida has several laws concerning an individual’s homestead, the right to devise that homestead, and More…

Nov 052015
 
Homestead- Protection Against Creditors for Your Principal Residence

Florida has some of the best homestead protections in the nation. Article X, Section 4 of the Florida Constitution exempts homestead property from levy and execution by judgment creditors. Simply put, your homestead property is your principal place of residence and most creditors cannot foreclose on your homestead. In order to qualify for homestead protection, you must be a Florida resident, the home must be your principal residence, and it must be owned by a natural person. Although property owned by your revocable trust can still qualify as homestead property, a residence, even if it is your principal residence, owned by More…