What Is Exempt Property in Florida?
Exempt property consists of assets protected from seizure by creditors under Florida and federal law. Florida provides among the most generous asset exemptions in the United States, with the homestead exemption being the most significant protection for property owners.
Major Florida Exemptions
- Homestead: Primary residence; unlimited value; up to 1/2 acre (municipal) or 160 acres (rural)
- Personal property: Up to $1,000 ($4,000 if no homestead claimed)
- Wages: 100% of disposable earnings for head of household
- Retirement accounts: IRAs, 401(k)s, pensions (fully exempt)
- Life insurance: Cash surrender value (fully exempt)
- Annuities: Fully exempt from creditor claims
- Tenancy by the entirety: Property held by married couples; protected from individual creditors
Homestead Exemption Details
- Creditor protection: Cannot be forced to sell to satisfy most judgments
- Tax reduction: $50,000 exemption on assessed value for property taxes
- Devise restriction: Cannot be willed away from surviving spouse or minor children
- Exceptions: Mortgages, property taxes, mechanic's liens, and HOA assessments can still force sale
Probate Exempt Property
Under Section 732.402, Florida Statutes, the surviving spouse is entitled to up to $1,000 in household furnishings and personal effects as exempt property, in addition to the homestead and elective share.
Related Terms
- Equity — The ownership value protected by exemptions
- Encumbrance — Liens that override exemptions
- Estate Planning — Structuring assets to maximize exemptions
Barnes Walker Asset Protection
Barnes Walker's attorneys help Florida clients structure asset ownership to maximize legal exemptions and protect wealth from creditor claims. Request a legal inquiry for assistance.
Reviewed by the attorneys at Barnes Walker, Goethe, Shea & Robinson, PLLC