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Bill, Scott. Steve, Bret, David, WIZ, Joe, NYLAWYER, et al

Home Forums General EHTrust/EHT Topics and Creative Real Estate Financing Bill, Scott. Steve, Bret, David, WIZ, Joe, NYLAWYER, et al

This topic contains 10 replies, has 0 voices, and was last updated by Avatar of neftalipazo neftalipazo 13 years, 1 month ago.

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  • #5106
    Avatar of neftalipazo
    neftalipazo
    Member

    Deleted!

    #26998
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    @NeftaliPazo wrote:

    Scott, also reply to my initial post, but because the post was poorly done I did not get the answer I was looking for. Scott, I will await your response to this one.

    I think I understand your question but as smart as I think I am, I will defer this question to Bill.

    #26999
    Avatar of neftalipazo
    neftalipazo
    Member

    Deleted!

    #27000
    Avatar of mtnwizard49
    mtnwizard49
    Member

    IMO, Bill was real clear:

    Quote:
    Bill Gatten says, “Don’t Do That!!!” It suggests that the resident beneficiary has an equitable interest in the real property which could ultimately come back to haunt you and that belies the purpose to the LT.

    I’d listen to the Ancient One. Is it worth taking a risk for a Homeowner’s Exemption?

    #27001
    Avatar of neftalipazo
    neftalipazo
    Member

    Deleted!

    #27002
    Avatar of jerry carey
    jerry carey
    Member

    quotes from Neftali previous post:

    Here is an excerpt of chapter 689 of the 2008 Florida Statutes section 689.071 subsection 8 item (h) as it relates to beneficiaries of a Land Trust:
    Quote:
    (h) The principal residence of a beneficiary shall be entitled to the homestead tax exemption even if the homestead is held by a trustee in a land trust, provided the beneficiary qualifies for the homestead exemption under chapter 196.

    Chapter 689:
    http://www.leg.state.fl.us/STATUTES/index.cfm?App_mode=Display_Statute&URL=Ch0689/ch0689.htm

    Chapter 196: http://www.flsenate.gov/Statutes/index.cfm?App_mode=Display_Statute&URL=Ch0196/ch0196.htm

    If Equity Holding Corp (EHC) is willing to apply for the homestead exemption, as the equitable and legal owner of the real property, and the Florida statute cited above specifically says that the Resident Beneficiary (residing beneficiary) can take the exemption … Where’s the problem?

    In the previous post I pointed out very clearly that this is based on individal state law and will vary from state-to-state and certainly is entirely different from the RB applying for the homestead exemption themselves :!:

    That’s my take on it!

    Jerry Carey

    #27003
    Avatar of neftalipazo
    neftalipazo
    Member

    Deleted!

    #27004

    The only way I’d even be talking about this with my RB is IF they were the ones to bring it up. I suppose that the RB in this case was asking you about it.

    #27005
    Avatar of neftalipazo
    neftalipazo
    Member

    Deleted!

    #27006
    Avatar of dbhenderson
    dbhenderson
    Member

    @NeftaliPazo wrote:

    (David, where are you?)

    I’m not sure I’m the David you are referring to? I don’t know the first thing about the Homestead Tax Exemption, so I’m enjoying this discussion. If you want my advice I would listen to Bill and not do it. There are so many benefits to the RB that I believe that I would keep it as simple as possible! It’s this simple, other creative financing programs achieve HOME OWNERSHIP only 14% of the time, while we achieve HOME OWNERSHIP most of the time! I would concentrate on the biggest benefit we offer, the achievement of the “American Dream” of HOME OWNERSHIP!

    DavidB

    #27007
    Avatar of neftalipazo
    neftalipazo
    Member

    Deleted!

    #27008
    Avatar of jerry carey
    jerry carey
    Member

    I said:

    If Equity Holding Corp (EHC) is willing to apply for the homestead exemption, as the equitable and legal owner of the real property, and the Florida statute cited above specifically says that the Resident Beneficiary (residing beneficiary) can take the exemption … Where’s the problem?

    Neftali said:

    EHC, or any other TRUSTEE in a Land Trust, cannot apply (well they could to no avail) for and or obtain the Homestead TAX EXEMPTION UNLESS they are the RB as well. At least under the Florida law (which I’m referring to in my post).

    Based upon your quote above … why did you ask the question in the first place :?: Obviously in a NEHTrust the Trustee (EHC) is NOT the Resident Beneficiary and therefore cannot take the Homestead exemption :!:

    I only concurred with you that the RB could take it based on the “limited excerpt” of the statute that you cited previously!

    Jerry Carey

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