Friday, August 30, 2013

Jordan E. Bublick - Miami Bankruptcy Lawyer - The Exemption of Real Property Held in a Revocable Trust as a Homestead

Bankruptcy Lawyer - Chapter 13 Bankruptcy Lawyer Jordan E. Bublick has an office in Miami and has over 25 years of experience in filing chapter 13 and chapter 7 bankruptcy cases. His office is located in Miami at 1221 Brickell Ave., 9th Fl., Miami and may be reached at (305) 891-4055.  

The status of real property held in trust as homestead has been questioned in recent cases. Often a person will convey his homestead to a revocable trust of which he remains trustee and beneficiary.

Some courts uphold the claim of homestead status if the trust is freely revocable and the debtor is the sole beneficiary and thereby the grantor maintains a legal or equitable interest in the real estate. The courts note that the Florida Constitution does not distinguish the different types of ownership interests that may qualify for the homestead exemption.