In Florida, a person's homestead is their principal place of residence and as homestead, the property has certain benefits and protections. These include: (1) exemption for creditor claims; (2) exemption from certain real estate taxes; and (3) protection of spouse and minor children. Prior blogs on this site have addressed the first two benefits listed; this blog will address the third.
In certain situations, Florida property owners recognize the benefits of owning real property in a Limited Liability Company (LLC). In particular, such ownership can protect the owner's other assets from liability in a lawsuit. It may also make transfer at death easier. However, in doing their estate planning attorneys can be asked by clients whether they should title their primary residence in an LLC.