Disadvantage Of A Lady Bird Deed In Florida. Also if youre leaving the property to more than one beneficiary a Lady Bird Deed is not necessarily the easiest or most flexible solution. This estate planning tool enables you to bypass probate court maintain eligibility for Medicaid and qualify for the Homestead exemption in the state of FloridaEssentially you give yourself a life estate interested in your property.
While the advantages mostly outweigh the disadvantages it is important to understand the pros and cons of using an Enhanced Life Estate DeedLady Bird Deed. A Lady Bird Deed has many advantages that should be considered including. A Ladybird Deed is not without its drawbacks including.
Furthermore a Lady Bird deed typically makes no provision for descendants of a default beneficiary who predeceases the doneegrantee.
A Ladybird Deed is not without its drawbacks including. Disadvantages of Lady Bird Deeds 1 In Florida statute 732401 prohibits a person from devising homestead property to anyone else when there is a surviving spouse and minor children. If you plan to apply for a mortgage on the property some title insurance companies may be reluctant to provide title insurance on property subject to a Lady Bird deed. You want to leave the property to more than one grantee.