This form is an Enhanced Life Estate Deed where the Grantor is an Individual and the Grantee is an individual. Grantor conveys the property to Grantee subject to a retained life estate. Further, the Grantor retains the right to sell, encumber, mortgage or otherwise impair the interest Grantee might receive in the future with the exception of the right to transfer the property by will. This deed complies with all state statutory laws.
Hollywood Florida Enhanced Life Estate or Lady Bird Deed — Individual to Individual refers to a unique type of real estate arrangement that allows property owners in Hollywood, Florida, to transfer their property interests directly to another individual while retaining certain rights and benefits during their lifetime. This type of deed is often referred to as an "Enhanced Life Estate Deed" or "Lady Bird Deed" due to its similarity to the real estate arrangement devised by President Lyndon B. Johnson for his wife, Lady Bird Johnson. The Lady Bird Deed gained popularity in Texas and has since been adopted in several other states, including Florida. Here's a detailed breakdown of Hollywood Florida Enhanced Life Estate or Lady Bird Deed — Individual to Individual: 1. Enhanced Life Estate Deed: With an Enhanced Life Estate Deed, the property owner (granter) transfers the property to another individual (grantee) while reserving a life estate for themselves. This means that the granter retains the right to live on the property and enjoy the benefits, such as any income generated, during their lifetime. The granter also has the authority to sell or mortgage the property without needing the consent of the grantee. 2. Benefits for the Granter: The Enhanced Life Estate Deed provides various advantages to the granter. Firstly, it allows them to maintain control over the property during their lifetime, ensuring they can live on the property or decide to sell it if desired. Additionally, it avoids the need for probate upon the granter's death, as the property immediately passes to the grantee. This helps save time and legal expenses for the granter's estate. 3. Avoiding Medicaid Recovery: Another crucial aspect of Hollywood Florida Enhanced Life Estate or Lady Bird Deed is its effectiveness in potentially protecting the property from Medicaid recovery. If the granter requires long-term care and benefits from Medicaid, after their demise, the property would not be considered an asset eligible for Medicaid recovery. 4. Vesting of Full Ownership: Upon the granter's death, the property seamlessly transfers to the grantee, without the need for probate or any involvement of the granter's heirs or other potential beneficiaries. This makes the transfer process smooth and efficient. In conclusion, Hollywood Florida Enhanced Life Estate or Lady Bird Deed — Individual to Individual is a type of real estate arrangement that allows property owners in Hollywood, Florida, to transfer their property interests while retaining certain rights and benefits during their lifetime. The key benefits include maintaining control over the property, avoiding probate, and potentially protecting the property from Medicaid recovery. This deed arrangement brings convenience and peace of mind to both the granter and the grantee involved.Hollywood Florida Enhanced Life Estate or Lady Bird Deed — Individual to Individual refers to a unique type of real estate arrangement that allows property owners in Hollywood, Florida, to transfer their property interests directly to another individual while retaining certain rights and benefits during their lifetime. This type of deed is often referred to as an "Enhanced Life Estate Deed" or "Lady Bird Deed" due to its similarity to the real estate arrangement devised by President Lyndon B. Johnson for his wife, Lady Bird Johnson. The Lady Bird Deed gained popularity in Texas and has since been adopted in several other states, including Florida. Here's a detailed breakdown of Hollywood Florida Enhanced Life Estate or Lady Bird Deed — Individual to Individual: 1. Enhanced Life Estate Deed: With an Enhanced Life Estate Deed, the property owner (granter) transfers the property to another individual (grantee) while reserving a life estate for themselves. This means that the granter retains the right to live on the property and enjoy the benefits, such as any income generated, during their lifetime. The granter also has the authority to sell or mortgage the property without needing the consent of the grantee. 2. Benefits for the Granter: The Enhanced Life Estate Deed provides various advantages to the granter. Firstly, it allows them to maintain control over the property during their lifetime, ensuring they can live on the property or decide to sell it if desired. Additionally, it avoids the need for probate upon the granter's death, as the property immediately passes to the grantee. This helps save time and legal expenses for the granter's estate. 3. Avoiding Medicaid Recovery: Another crucial aspect of Hollywood Florida Enhanced Life Estate or Lady Bird Deed is its effectiveness in potentially protecting the property from Medicaid recovery. If the granter requires long-term care and benefits from Medicaid, after their demise, the property would not be considered an asset eligible for Medicaid recovery. 4. Vesting of Full Ownership: Upon the granter's death, the property seamlessly transfers to the grantee, without the need for probate or any involvement of the granter's heirs or other potential beneficiaries. This makes the transfer process smooth and efficient. In conclusion, Hollywood Florida Enhanced Life Estate or Lady Bird Deed — Individual to Individual is a type of real estate arrangement that allows property owners in Hollywood, Florida, to transfer their property interests while retaining certain rights and benefits during their lifetime. The key benefits include maintaining control over the property, avoiding probate, and potentially protecting the property from Medicaid recovery. This deed arrangement brings convenience and peace of mind to both the granter and the grantee involved.
