OJ still owns his home—he just has other accommodations. Homestead is very powerful, especially in Florida, attracting celebs with big debts like O. J. Simpson and Bernie Madoff, because it does not put a dollar cap on the exemption from creditors. Everything in that house is exempt because of homestead exemption once constitutional homestead is established.
Constitutional Homestead rights attach once you own the home, live there, and plan to live there.
Be careful about estate planning and renting out your primary residence. While you are busy transferring your deed to make inheritance go smoother, you may be losing your homestead exemption. Similarly, you may want to lease your house for a little extra income, but wind up at a loss without homestead exemption.
Competent legal counsel can help you accomplish your goals without compromising the power of your Florida homestead.