homestead

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homestead

The dwelling house and adjoining land forming the permanent residence of the head of household.Under modern law,a person's homestead is given a very specific definition within each state's statutes and is then granted protections from creditors and against excessive real estate taxes. The term homestead may also apply to the rights granted to a widow or widower to use real property for their remaining lives if they elect to take advantage of homestead laws rather than provisions made in a will.The protections may be unlimited, only up to a certain dollar value of equity, or limited in area. Each state's laws are different, and homestead may be defined differently in the various statutes within a state.

References in periodicals archive ?
In determining whether the estate should elect the marital deduction for the homestead, the estate planner should be aware of the possible tax implications of a later transfer of the homestead.
If the debtor sells the homestead, the exemption continues on the proceeds if they are segregated and used within a reasonable time to acquire another homestead.
We hope to translate the widespread concern over the devastation into a recommitment to preserve the natural beauty of Homestead, the Everglades and the entire area affected -- from Miami and Coral Gables to the Florida Keys.