Lady Bird Deed. A lady bird deed is an estate planning tool that enables a Medicaid beneficiary to protect their home as an inheritance from their states Medicaid Estate Recovery Program. This enhanced life estate is the key feature that allows a lady bird deed in Florida to work.
Lady Bird Deeds are a product of common law whereas Transfer on Death Deeds are product of statute. In Michigan a Lady Bird Deed also known as a Ladybird Deed or Enhanced Life Estate Deed is a type of Quitclaim Deed that allows you the creator to transfer your property upon your death to a named beneficiary without having to go through the expensive and time consuming Probate process. No one can confirm this for sure but nevertheless the colorful name stuck.
For good and valuable consideration paid by the Grantee Beneficiary the receipt of which is hereby.
A Lady Bird deed may be a good idea if you think you might need Medicaid the joint state-federal program that helps many Americans with nursing home costs. A lady bird deed also called an enhanced life estate deed is when property ownership is split into an enhanced life estate and a remainder interest. No one can confirm this for sure but nevertheless the colorful name stuck. A lady bird deed is an estate planning tool that enables a Medicaid beneficiary to protect their home as an inheritance from their states Medicaid Estate Recovery Program.