Under the pre-February 8, 2006 Medicaid rules, your homestead was an exempt asset with an unlimited value. Under Florida law a "homestead" is defined as a half acre in a municipality and up to160 contiguous acres in an unincorporated area.
Under the new law, anywhere between $500,000 and $750,000 of equity in a homestead is exempt. The remaining equity in a homestead is considered an asset in the asset test.
Under Florida law, your house can remain your homestead, even if you do not reside in it, if you have the intention of returning to it.
Under the Florida Probate Code, a homestead can usually be passed to a spouse and/or descendants free from creditor's claims.
If you are a concerned relative or friend of an elderly person who seeks assistance with Estate Planning, Elder Law, or Medicaid, Contact Us Online or Call Us at (904) 355-8888 to set up a consultation and receive our Free North Florida Nursing Home Guide.