Florida Regulations 12D-7.011: Homestead Exemptions – Trusts
Current as of: 2024 | Check for updates
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The beneficiary of a passive or active trust has equitable title to real property if he is entitled to the use and occupancy of such property under the terms of the trust; therefore, he has sufficient title to claim homestead exemption. AGO 90-70. Homestead tax exemption may not be based upon residence of a beneficiary under a trust instrument which vests no present possessory right in such beneficiary.
Rulemaking Authority Florida Statutes § 195.027(1), 213.06(1) FS. Law Implemented 196.001, 196.031, 196.041 FS. History-New 10-12-76, Formerly 12D-7.11, Amended 2-25-96.
Rulemaking Authority Florida Statutes § 195.027(1), 213.06(1) FS. Law Implemented 196.001, 196.031, 196.041 FS. History-New 10-12-76, Formerly 12D-7.11, Amended 2-25-96.
Terms Used In Florida Regulations 12D-7.011
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.