Parents co-own a home with daughter. Can daughter claim homestead exemption on the home?

Attorney Tom Olsen: Chrissy, here's a text from a gentleman. He says that he and his wife own a second home here in Florida, that their daughter's name is on the deed to that home. The question is, can she claim homestead exemption because husband and wife, they already have homestead exemption on their own home? The key there in this situation is that we would want to look at the deed to that home. If we looked at that deed, and with all three names, husband, wife, and daughter, if after their names they have the magic words, joint tenants, rights of survivorship, daughter can claim full homestead exemption even if mom and dad have full homestead exemption on their home.

If we look at that deed and in fact they are tenants in common, then the daughter could only claim one-half of homestead exemption. It's a great question, but it really depends on how the deed reads. If we looked at the deed and found out that you were tenants in common, we'd probably want to make you joint tenants with rights of survivorship so that the daughter could claim full homestead exemption, and it would avoid probate that mom and dad share would automatically go to the daughter when they pass away. You're welcome to give us a call. We can assist you with that by looking at the deed at the Olsen Law Group here in Orlando. Check us out, olsenlawgroup.com or call us at 407-423-5561.