If you have a homestead property, you have a powerful tool that can go a long way to protecting your wealth in estate planning. In Florida, homestead laws are extremely favorable and allow people to exempt a portion of their property from debt collection. However, there are some limitations and distinctions.
The attorneys at the Estate Planning Law Office of Mary Alice Gwynn, PA, want you to understand the most important parts of Florida homesteading.
The Full Value of Your Home
The homestead law in Florida allows you to declare your home to be a homestead that is the house and property you live on is offered this designation. There is no upper limit, so your home can be worth millions and it will still be covered as a homestead.
Up to A Certain Geographical Size
While the worth is limitless, the size is not. Depending on the area you live in, whether it is urban or rural you will face specific limits in the acreage that you can protect as a homestead. An urban home can homestead up to half an acre, while a rural home has a limit of 160 acres.