What Is A Lady Bird Deed Florida. Lady bird deeds have risks but that is a subject of another article click the link to read more. This estate planning tool enables you to bypass probate court maintain eligibility for Medicaid and qualify for the Homestead exemption in the state of Florida.
A lady bird deed is a great tool to make sure that your Florida property does not go through probate. The technical name for a lady bird deed is enhanced life estate deed. What Is the Florida Lady Bird Deed.
Typically a Quitclaim Deed is used and is referred to as conveying a Reserved Life Estate and Power to Convey.
A person who creates a Lady Bird Deed also known as an Enhanced Life Estate Deed transfers property to himself for his lifetime creating a life estate in the original owner and names one or more people entities trusts or organizations to inherit the property. A person who creates a Lady Bird Deed also known as an Enhanced Life Estate Deed transfers property to himself for his lifetime creating a life estate in the original owner and names one or more people entities trusts or organizations to inherit the property. 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. In the article on The Disproportionate Impact of Heirs Property in Floridas Low-Income Communities of Color in the SeptemberOctober issue the authors fail to mention the single most effective method of reducing the impact of heirs property to wit the extended powers life estate deed also referred to as the Lady Bird Deed.