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Mr. David C. Nolte Indian River County Property Appraiser 1840 25th Street Vero Beach, Florida 32960

Dear Mr. Nolte:

You have asked substantially the following question:

Can the beneficiary of a personal residence trust under Internal Revenue Code Section 2702(a)(2) and (3) qualify the corpus property for the homestead exemption under section 196.031(1), Florida Statutes?

In sum:

A homestead exemption is not available to the settlor or beneficiary of a trust that grants the beneficiary a possessory interest for a term of years in the corpus of the trust, despite the fact that the settlor or…