Estate Planning

Florida Homestead Property Law for Ponte Vedra Condominiums

By David M. Goldman

Florida homestead is a constitutional protection which makes the homestead of a decedent exempt from the claims of creditors. Florida Homestead can apply to condominiums, however, a Florida District Court recently affirmed a lower court decision which held that decedent's contractual interest in a condominium (which was owned by decedent at the time of her death) was not homestead property, and therefore, not protected from claims of creditors.

The decedent had purchased a life estate in a condominium from the condominium association and then entered into a repurchase agreement. The repurchase agreement provided that upon the death of decedent the life estate would automatically terminate and fee simple title would be vested in the condominium association, which would then attempt to sell the condominium for the benefit of decedent's heirs. Therefore, the condominium was not afforded homestead protection.

Considering the descendant did not have an interest at the time of death, I am not sure what this case was about. If her interest expired at death, there was nothing there to protect.

If you or a loved one owns a condominium in Ponte Vedra Florida make sure you know what type of agreements have been entered into between condominium owner and condominium association and consult with a Florida Attorney to learn more about the homestead law.

Full post as published by Florida Estate Planning Lawyer Blog on November 22, 2010 (boomark / email).