Florida Lady Bird Deed
Have you heard of the Florida Lady Bird Deed? It’s a pretty interesting legal document that allows property owners to transfer their property to someone else while retaining the right to live in the property for the rest of their life. This is also called an “enhanced life estate deed.”
The Lady Bird Deed is named after Lady Bird Johnson, the wife of former US President Lyndon B. Johnson. The first Lady Bird Deed was reportedly created for the Johnson family’s ranch in Texas, and it has since become a popular option for estate planning in Florida.
Benefits
One of the biggest benefits of a Lady Bird Deed is that it allows property owners to maintain control of their property during their lifetime, while also ensuring that the property will be transferred to their intended remaindermen upon their death. It can also help to avoid probate, which is the legal process of distributing a person’s assets after they pass away.
In addition, a Lady Bird Deed can help protect the property from creditors. If the property owner incurs debt during their lifetime, the property may be at risk of being seized by creditors. However, with a Lady Bird Deed, the property is not considered part of the owner’s estate and is therefore not subject to creditors’ claims.
It’s important to keep in mind that creating a Lady Bird Deed is a legal document and it is strongly recommended that you hire real estate attorneys, such as Law Office of Ryan S. Shipp, PLLC. The attorney will draft the document and ensure that it complies with Florida law. The deed must be signed by the property owner, two witnesses, and before a notary.
Drawbacks
However, it’s also important to note that a Lady Bird Deed may not be the best option for everyone. For instance, if the property owner plans to apply for Medicaid, a Lady Bird Deed may not be the most suitable choice. It’s always best to consult with an attorney that is familiar with Florida estate planning law to determine the best course of action.
The Bottom Line
So there you have it, the Florida Lady Bird Deed can be a helpful tool in estate planning, helping property owners maintain control of their property while also ensuring it goes to the intended remaindermen.
Florida Life Estate Deed
The Florida Life Estate Deed is a nifty legal document that can help you pass down your property without going through probate.
So, what exactly is a Florida Life Estate Deed? Well, it’s a legal document that allows you to transfer ownership of your property to someone else, called the remainderman, while still retaining the right to use and live in the property during your lifetime. Once you pass away, the remainderman becomes the full owner of the property.
This is different from a Lady Bird Deed, which also lets you transfer ownership of your property but still retain the right to sell, mortgage, or transfer it during your lifetime.
Benefits
The benefits of a Florida Life Estate Deed are pretty sweet. For one, it helps you avoid probate, which can save your beneficiaries time and money. You also get to keep control of your property during your lifetime, and the remainderman’s ownership rights won’t be affected if you decide to sell or transfer your interest in the property. Plus, it can help protect your property from your creditors, since it’s transferred to the remainderman.
It’s important to note, though, that creating a Florida Life Estate Deed should be drafted by an attorney. They’ll draft the document and make sure it complies with Florida law, and it needs to be signed by the property owner, two witnesses, and before a notary.
Drawbacks
Also, a Florida Life Estate Deed isn’t right for everyone. For example, if you plan on applying for Medicaid, the transfer of ownership could affect your eligibility.
The Closing Argument
A Florida Life Estate Deed is a great tool for estate planning that can help you pass down your property to your intended remaindermen while you still get to enjoy it during your lifetime.
If you need assistance with a Florida Lady Bird Deed or Life Estate Deed, call the attorneys at Law Office of Ryan S. Shipp, PLLC @ 561.699.0399 to learn your options. Our office is in Lantana, we serve all of Florida.
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