[Boost-bugs] [Boost C++ Libraries] #8008: Florida Homestead Property ###

Subject: [Boost-bugs] [Boost C++ Libraries] #8008: Florida Homestead Property ###
From: Boost C++ Libraries (noreply_at_[hidden])
Date: 2013-02-07 14:33:13

#8008: Florida Homestead Property ###
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 Reporter:  calymebooth1978  |        Type:  Bugs            
   Status:  new              |   Milestone:  To Be Determined
Component:  None             |     Version:  Boost 1.52.0    
 Severity:  Problem          |    Keywords:                  
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 Florida's Homestead protections are now actually three distinct
 protections under Florida law, each with a different purpose and effect:
 asset protection, reduced house taxes, and protection of surviving spouses
 and minor kids. Each is explained below.

 The Florida Constitution exempts homestead residence from levy and
 execution by most lenders. As long as the house qualifies as homestead,
 the quantity that can be protected isn't limited, helping to make the
 Florida Homestead a great advantage safety vehicle. Even when the purchase
 of the homestead was made to defeat creditors, the protection still
 applies.

 Under the Bankruptcy Reform Act of 2005, nevertheless, debtors in
 bankruptcy may lose all or even a percentage of the homestead protection.
 In bankruptcy, homestead protection is capped at $125,000, unless the
 person occupied the Florida homestead property and past Florida homestead
 houses for 1215 days before the bankruptcy filing. Also, moves into
 Florida Homestead within a decade designed to defraud creditors could be
 questioned by the bankruptcy trustee.

 Federal lenders, like the Irs, mortgage holders, and individuals holding
 mechanics liens on Florida homestead house are not limited by the Florida
 homestead provisions.

 Under Florida's Save yourself Our Homes Act, the assessed value of a
 Florida Homestead is restricted to an increase of no more than 3% each
 year.

 If a Florida resident dies buying a Homestead in his or her very own
 title, if the resident had minor children, the minor children have
 entitlement to the entire property, or, if the resident was married, to at
 least a remainder curiosity about the property. A surviving spouse is
 eligible for no less than a estate in Florida Homestead property. The
 homestead procedures can be quite a trap for the unwary, particularly for
 individuals with house ideas picked while a person of another state. For
 instance, a person buying a condominium in Florida and a in New York might
 have decided, while a New York citizen, to leave the house to his partner
 and his condominium to a child from a first marriage. If the person
 retires to Florida as a citizen and then passes away, his spouse will
 inherit the house under the conditions of the will and then get a estate
 in the Florida condominium.

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Ticket URL: <https://svn.boost.org/trac/boost/ticket/8008>
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