Homestead property is already protected from creditors - what would be the advantage of giving your your interest to your wife? If you are concerned about protecting assets, you should consult with an asset protection attorney. Don't rely on an online forum in structuring your legal affairs.
If you give something away, then it's not yours any more. Why are you considering gifting your interest in your homestead property? You'd likely be giving up more asset protection than you would be getting, in most circumstances. If this is a mortgage foreclosure scenario, it's the signer of the Note who is most on the hook; so it doesn't matter much who is on the deed. Please don't do anything without hiring a lawyer to review your plan with you
Please visit our website at www.411FlaLaw.com and watch our video. It is an eye-opener to most people who have no idea how much Planning they can actually do in their Estate Plans. If interested, contact us to inquire about special low cost monthly financing of your estate planning fee. You may be very surprised at how affordable a comprehensive estate plan for your whole family can be. The above answers are not legal advice and should not be relied upon until you meet with an attorney and review all of your particular facts and circumstances. This forum does not create an attorney-client relationship.
In Florida, the homestead is what I call "sacred" property. Creditors can get only a lien on the property if they get a judgment against you, which is good for 20 years. If you do this and then get divorced, it might work the opposite of what you intend. If you do this in an effort to delay, hinder, or defraud a creditor, it might even be seen as a fraudulent conveyance. The thing to do is consult with a local attorney about this.
R. Jason de Groot, Esq., 386-337-8239
As indicated, homestead is protected property. More importantly, however, is that asset protection planning is a very specialized area of practice, and should only be attempted with the assistance of an attorney who is knowledgeable in this area. This is an area where small mistakes can have disasterous consequences.
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