Category: Ladybird Deeds
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Lady Bird Deeds and Medicaid
When an someone applies for long-term care Medicaid (e.g., assisted living or nursing home care), there is an asset limit to be eligible for Medicaid. If the person has assets that exceed the asset limit, then the person will not qualify for Medicaid. Some try to reduce their asset limit by gifting or transferring assets…
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Pros and Cons of a Lady Bird Deed
A lady bird deed, also referred to as an enhanced life estate deed, is a deed used in Florida that enables real estate to transfer at the death of an owner to a beneficiary named in the deed. As an example, if mother wants her only son to inherit her home, mother could sign a…
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Lady Bird Deed versus a traditional Life Estate Deed
A lady bird deed (aka enhanced life estate deed) and a traditional life estate deed are similar in that they are both instruments used in Florida that transfer property at the death of a life tenant to remaindermen (the person(s) receiving the property upon the life tenant’s death). In both deeds, the life tenant has…
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Is a Lady Bird Deed subject to documentary stamp tax?
A lady bird deed (aka enhanced life estate deed) is an instrument used in Florida and a select few other states that enables property to transfer at the death of a grantor (the person that transfers the property) to a grantee (the person receiving the property upon the grantor’s death). Documentary stamp tax is a…
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What is a ladybird deed?
A lady bird deed, also known as an enhanced life estate deed, is a deed used in Florida that enables real estate to transfer at the death of an owner to a beneficiary named in the deed. As an example, if grandma owns a house that she wants her only son to inherit, grandma could…