“Understanding Lady Bird Deeds: A Simple Guide”

1. Lady Bird Deed, also known as an Enhanced Life Estate Deed, is only offered in five states and is popular in Florida.
2. It is cost-effective and has Medicaid perks, and functions similar to a Revocable Trust in regards to real property.
3. The deed preserves homestead benefits and real property rights, and does not become effective until the death of the grantor. – The Lady Bird Deed allows Grantors to retain their homestead benefits and control over their real property until their passing.
– Upon the Grantor’s death, the real property automatically passes to the selected beneficiaries listed on the deed, avoiding the need for probate court.
– The Lady Bird Deed can also be beneficial for Medicaid planning, as it does not count as an ineligible transfer of assets.
– Grantors maintain flexibility to sell, refinance, or rent their real property while still alive. – Lady Bird Deed allows parents to sell or use their real property without interference from their children.
– The deed protects the parents from their children’s creditors.
– Lady Bird Deed also avoids probate, is cost-effective, and does not affect Medicaid eligibility. – Contact Anthony Cetrangelo at anthony.cetrangelo@henlaw.com or 239-344-1358 for questions or assistance with preparing a Lady Bird Deed.
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