Claiming Homestead In A Land Trust
The State of Florida is famous for having one of the most generous homestead exemptions in the country. With that said, very few Floridians need their primary residence to be placed in a trust, but for those of us that just prefer to hold real estate in a land trust for other reasons and for those outside of Florida, this post will cover how to claim homestead exemption on your property that is in a trust. Everyone from real estate agents, attorneys and even the property appraiser’s office have told me a property placed in a land trust is not entitled to homestead exemptions, but that is not true so don't take no for an answer. The Florida Attorney General wrote an opinion way back in 2008 discussing this very subject. “ … it is my opinion that section 689.071, Florida Statutes, would confer upon a beneficiary of a land trust a sufficient possessory interest to support a homestead tax exemption if the person otherwise qualifies by residence for the exemption in section