Fort Myers Lady Bird Deed Lawyers
A Lady Bird deed is also known as an enhanced life estate deed. Known by its nickname for the former first lady, it originated in the 1980s in Florida. Today, people use the deed to transfer property to another while maintaining control to sell, convey or mortgage the property.
If you would like to explore the benefits of the Lady Bird deed and discuss your estate planning options, visit the experienced Fort Myers lawyers at O'Halloran & O'Halloran. With more than 35 years of service to Southwest Florida clients, we are dedicated to creating solutions for you.
Why A Lady Bird Deed?
There are many benefits to creating a Lady Bird deed. First, it is a way of avoiding probate, because the property transfers upon the death of the grantor without requiring court involvement.
Second, a Lady Bird deed is a valuable tool for those planning for Medicaid benefits. Such a deed protects the home from Medicaid estate recovery. It also allows you to transfer the remainder in your property without incurring a Medicaid penalty.
Third, by drafting a Lady Bird deed, you can maintain homestead rights. This is especially important in Florida because homestead rights include constitutional protection from creditors in certain circumstances and reduced property taxes. Additionally, creditors of the beneficiary cannot force a sale of the property.
Finally, there are definite tax benefits to the Lady Bird deeds, including no gift tax liability. You can also maintain your property tax exemptions such as the homestead exemption and others.