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Boca Raton Estate Planning Lawyer / Boca Raton Homestead Exemption Lawyer

Boca Raton Homestead Exemption Lawyer

A person’s primary residence is known as the homestead. For Medicaid purposes it is considered an exempt asset. This means that your homestead cannot affect your eligibility for Medicaid. Although this sounds fairly straightforward, the homestead exemption can become quite complex. Below, our Boca Raton homestead exemption lawyer outlines when your home may be protected, and possible scenarios that could put the property at risk.

What Is Considered a Homestead?

Not every home is classified as a homestead under the law. If you primarily live in the residence, it is considered a homestead. You do not have to file an affidavit or notice. Rental properties and second homes are not considered homesteads and if you want to protect them, you will have to take additional steps.

Homesteads are also subject to size limits. If you live in an incorporated city, such as Boca Raton, only a one-half acre is exempt under the homestead exemption.

The Intent to Return Under the Homestead Exemption

It is not uncommon for one spouse to leave the homestead when they need to enter a long-term care facility. In this instance, the property is still protected under the homestead exemption if one spouse remains in the house. In the event that both spouses need to leave the home to receive care, they must show an intent to return. You can prove an intent to return in a number of ways. Leaving furniture and other personal items in the home is one way to show you have an intent to return.

It is important to note that there are costs associated if you want to prove an intent to return. You may still have to pay HOA dues, homeowners insurance, and property taxes. Many people consider renting out the property to offset these costs, but that is a mistake. If you rent out the home, you cannot show that you have an intent to return because other people are already living there, even if they are your family members.

The Homestead Exemption After Death

Your property can still be protected by the homestead exemption even after you pass away. This means that creditors, including Medicaid, cannot try to make a claim on the property. To ensure that the property remains protected, you must leave it to the right heir, and you must avoid certain pitfalls. For example, if you leave instructions that your home is sold to someone, that will remove the homestead exemption and leave the property open to creditors. A Boca Raton homestead exemption lawyer can ensure the proper language is used that will continue to protect your home.

Call Our Homestead Exemption Lawyer in Boca Raton Today

You know how important it is to protect your home and at Samuels Wood PLLC, our Boca Raton homestead exemption lawyer does, too. Call us today at 561-864-3371 or reach out to us online to schedule a consultation and learn more about the legal strategies that work.

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