[FL] [FL] If I put my home in a trust do my exemptions remain intact?
Good morning. When I quit claim my house into my trust, does the ag exemption, the widow exemption, and homeowner's exemption come along with it?
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Based on your situation, there are several legal considerations in Florida that could potentially support your case:
When transferring property into a trust, it's important to understand how it might affect your existing exemptions.
In Florida, the homestead exemption is a significant benefit that can reduce the taxable value of your home (Florida Statutes § 196.041(2)). Generally, if the property remains your primary residence and you continue to meet the eligibility requirements, the homestead exemption can be maintained even after transferring the property into a trust. However, specific conditions must be met, such as ensuring the trust is revocable and you remain the beneficiary.
Regarding the agricultural and widow's exemptions, these typically depend on continued compliance with the eligibility criteria set by local tax authorities. It's crucial to verify with the Lee County Property Appraiser's Office or a similar entity to ensure these exemptions remain intact after the transfer.
Let me know if you have any questions or need clarifications, if not I'll move forward with additional information.
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Good morning. When I quit claim my house into my trust, does the ag exemption, the widow exemption, and homeowner's exemption come along with it?
Lexi, Chatbot
I understand your concern. When did you transfer the house into your trust?
I am preparing the quit claim deed now. have not recorded it yet.
Lexi, Chatbot
Are you looking to maintain the agricultural, widow, and homeowner exemptions after transferring the property into your trust?
yes
Lexi, Chatbot
Is there anything else the Real Estate Lawyer should know before I connect you?
Just that i have a trust prepared by a lawyer and the house is part of the trust. the trust lawyer said i need to put the house into the trust. there is a pour-over will. if we do not put the house into the trust, does it pour over upon my death?
Ray
Hey there! Welcome to AskaLawyer. I'm Ray, an attorney with many years of experience, and I'm here to help you.
Just so you are aware, AskaLawyer is a legal information-only site. No attorney-client relationship is formed from our conversation.
That being said, what do you hope for from this conversation?
I had an atty do a trust for me. My home is part of the trust. I have prepared a quit claim deed from me to the trust. Does my ag exemption, along with my widow and homeowner exemptions go along with the trust?
Ray
Got it, thanks for sharing that. Could you let me know which state or region your property is located in? Also, have you checked if there are any specific requirements or conditions for maintaining those exemptions when transferring property into a trust in your area?
Ray
Will I Lose My Florida Homestead Protections if I Put My Property in a Trust?
You are ok on the homestead one.
and if i do not record a quit claim deed, there is a pour over will. is it more complicated to let it pour over?
florida, lee county
the lawyer who did the trust said they go with it, but i'm concerned that he did not do the quit claim deed. i found an example on the clerk's website and was able to do it. i wanted these questions answered first.
Ray
If you don't record the quit claim deed and rely on the pour-over will, the property would typically go through probate before being transferred into the trust.
This process can be more time-consuming and potentially more costly than directly transferring the property into the trust now.
Have you discussed with your attorney the potential implications of using the pour-over will versus recording the quit claim deed? It might help to understand any specific advice they provided based on your situation.
Ray
Pour over will here and keeping it in your name would be the safe play as it transfers after your death.
i understand. but it would have to be probated. we are trying to avoid more costs
Ray
Based on your situation, there are several legal considerations in Florida that could potentially support your case:
When transferring property into a trust, it's important to understand how it might affect your existing exemptions.
In Florida, the homestead exemption is a significant benefit that can reduce the taxable value of your home (Florida Statutes § 196.041(2)). Generally, if the property remains your primary residence and you continue to meet the eligibility requirements, the homestead exemption can be maintained even after transferring the property into a trust. However, specific conditions must be met, such as ensuring the trust is revocable and you remain the beneficiary.
Regarding the agricultural and widow's exemptions, these typically depend on continued compliance with the eligibility criteria set by local tax authorities. It's crucial to verify with the Lee County Property Appraiser's Office or a similar entity to ensure these exemptions remain intact after the transfer.
Let me know if you have any questions or need clarifications, if not I'll move forward with additional information.
Ray
Thank you for choosing JustAnswer as your trusted source for assistance. I truly appreciate the trust you've placed in me.
If there's anything else you need help with or if you need further clarification, please don't hesitate to reach out. I'm here to offer my support.
Ray
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