Florida has one of the most generous Homestead Exemption programs in the United States. But how do you take full advantage of it? On this episode, we post that question to Homestead exemption expert Ned Hale, a real estate lawyer in Southwest Florida.
Ned says the Homestead exemption has three main characteristics: a tax benefit, asset protection and protection for your heirs after your death. He says you must apply for the exemption — it's not automatic. But as long as you meet the requirements and submit the proper documentation, you can get it without the need to re-apply annually.
The law has its nooks and crannies, however, and Ned explains how to navigate the common ones. For example, if your homestead is within city limits of any Florida municipality, Homestead protections differ somewhat compared to those who live in most rural settings.
Host: Jim Sanville. Producer: Jerry Johnson.