If you’re shopping around for a way to avoid probate for your house or other real estate, you may run across something called a “Lady Bird” deed. It offers a simple, inexpensive way to transfer real estate at your death, without probate.
If you’re looking for a simple, inexpensive way to transfer real estate to another at the time of death while avoiding probate then a “Lady Bird” deed is a great way to go. Another name for this type of Deed is an Enhanced Life Estate Deed.
A Lady Bird Deed may also be a good idea for those who might have the need of Medicaid as well as decrease overall nursing home costs. In doing so it will preserve the eligibility for Medicaid while keeping the assets in the family that would normally in most get taken by the state to repay the cost of those Medicaid benefits upon death.
A Ladybird Deed lets you:
- Avoid probate of the property
- Keep the right to use and profit from the property for your lifetime
- Keep the right to sell the property at any time
- Avoid making a gift that might be subject to federal gift tax
- Avoid jeopardizing your eligibility for Medicaid
- In some states, prevent the property from being sold, after your death, to repay the cost of Medicaid benefits you received
Very few states offer this type of protection and Florida is in fact one of those states. Contact us today to make an appointment to get your deed in place.