What is a Florida Lady Bird Deed?
A Florida Lady Bird Deed, aka Enhanced Life Estate Deed, is a type of deed that many Estate Planning Attorneys use as a part of their Estate Planning Practice. It’s a type of deed that allows the owner of a particular property the right to live in the property until their death.
What are the Benefits of a Florida Lady Bird Deed?
1) The owner retains all ownership rights until they pass away. What rights? Well, every right they have as the owner of the property. i.e., The right to sell, lease, manage, and mortgage the property, and so much more. Basically, whatever right they currently possess as the owner.
2) The property is automatically transferred to the beneficiary listed on the deed when the owners passes away.
3) This type of deed avoids the need to Probate the property. Probate is the court-supervised process of settling one’s estate. Probate can be lengthy and costly.
4) The homeowner retains homestead protection from creditors while holding a life estate in the property.
5) This type of deed maybe appropriate for Medicaid planning, however, it’s very important to speak with a Medicaid Planning Attorney as not all cases are the same.
Where did the name "Lady Bird Deed" Come From?
Well, according to the Google, the deed is named after Lady Bird Johnson, the former first lady and wife of former President Lyndon B. Johnson. The first Lady Bird Deed was used for the Johnson Family Ranch in the State of Texas. Thereafter, it become a special tool for Estate Planning Attorneys.
What if I Need More Information About a Florida Lady Bird Deed?
If you are interested in a speaking with a Florida Lady Bird Deed Attorney, kindly call our office anytime (24/7) at 813-897-0295, and schedule your consultation to speak with a local Estate Planning Attorney.
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