My parents owned their home for many years and had Homestead Exemption. I’ve been living in my parent’s house and taking care of them in their last years. But last year they passed and when I inherited the house, the Homestead Exemption was lost and now the real estate taxes have tripled. What can I do?
This is one question we get every year around this time and is one we unfortunately can’t be that helpful with other than informing the public ahead of time and referring our clients to a knowledgeable estate planner or lawyer.
Sadly if you find yourself in the above situation it may be too late. But with the proper estate planning this situation can be avoided. There is a little known provision in Florida Law that allows property to be transferred into a Trust and with the proper legal language allows the Homestead Exemption to be passed down to the children given that they have been living with their parents and have no other homestead. For a more detailed explanation and to setup this up we recommend speaking with our friend and colleague Chris Vasallo at (305) 233-9066.
Christopher D. Vasallo, Esq.
J.D., LL.M. in Taxation
Vasallo Sloane, P.L.
12394 S.W. 82 Avenue
Pinecrest, Florida 33156
Email: [email protected]