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Florida Homestead Rights for Same Sex Married Couples After January 5, 2015

Are you a Same Sex Married Couple in Florida? Know Your Homestead Rights

As the celebrations continue since January 5, 2015, have you begun to get your affairs in order to take advantage of your marriage now being recognized in Florida? If you and/or your spouse own a Florida home as your primary residence NOW is the time to take stock. Do you know that:

Now you can own the homestead as ‘tenants-by-the-entirety’ which means each of you has a 100% interest in the homestead tax exempt property AND the surviving spouse automatically inherits the property at the death of the first spouse.

  1. The property will not be reassessed at the death of the first spouse.
  2. If the current deed does not reflect your marital status then a new deed should be prepared and recorded so that you and your spouse receive these important and valuable benefits.
  3. If both of you have filed for the homestead tax exemption then you do not need to re-apply when the new deed is recorded.  If only one spouse has filed a homestead tax exemption it is recommended that the second spouse file a homestead application.
  4. You cannot claim a Florida homestead exemption and also claim a permanent residence based tax exemption anywhere else!
  5. As of the 2016 tax year Broward County will cancel a same-sex married couple’s homestead tax exemption and assess penalties if it learns that the couple had a Florida homestead exemption and a permanent residence elsewhere. This means you will need to choose which property to maintain as your primary residence for tax purposes and report all changes timely to the tax appraiser’s office.
  6. Updating your deed should be part of creating a plan that will protect your and your spouse’s legal rights during your lifetimes and after your passing.

Don’t delay, schedule your consultation today – be on your way to creating peace of mind. We want to be your trusted planning advisor through life.