This form is an Enhanced Life Estate Deed where the Grantors are two individuals or husband and wife and the Grantee is an individual. Grantors convey the property to Grantee subject to a retained enhanced life estate. Further, the Grantors retain for life 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.
Miami-Dade Florida Enhanced Life Estate or Lady Bird Deed — Two Individual / Husband and Wife to Individual is a legal instrument commonly used in estate planning to transfer real estate property while maintaining certain benefits for the original property owners. This type of deed is popular among couples and individuals residing in Miami-Dade County, Florida, and it allows them to retain control and ownership of their property during their lifetime, with the option to transfer it seamlessly to an individual beneficiary upon their death. The primary advantage of the Miami-Dade Florida Enhanced Life Estate or Lady Bird Deed is the ability to bypass probate, which is the legal process of distributing assets upon a person's death. By utilizing this deed, individuals and couples can avoid the time-consuming and costly probate process, ensuring a smooth transfer of property to their intended beneficiary. Key Features of the Miami-Dade Florida Enhanced Life Estate or Lady Bird Deed: 1. Enhanced Life Estate: The original property owners retain a life estate in the property, which means they retain exclusive rights to occupy, use, and change the property during their lifetime. This allows them to maintain control and enjoy the property without any interruption. 2. Right to Sell or Mortgage: The property owners have the ability to sell, mortgage, or otherwise dispose of the property without obtaining the consent of the remainder beneficiary. This provision provides flexibility to the original property owners to manage their property as they see fit during their lifetime. 3. Avoiding Property Reassessment: In Miami-Dade County, the use of an Enhanced Life Estate or Lady Bird Deed allows individuals to transfer real estate without triggering a reassessment of property taxes. This can result in significant tax savings for both the original property owners and the beneficiary. 4. Medicaid Planning: Utilizing this deed can help protect the property from being subject to Medicaid estate recovery claims. In the event that the original property owners require Medicaid assistance for long-term care, the property transferred through this deed may be protected from Medicaid estate recovery efforts. Types of Miami-Dade Florida Enhanced Life Estate or Lady Bird Deed: 1. Enhanced Life Estate Deed — Two Individual / Husband and Wife to Individual: This deed is used when a property is jointly owned by a husband and wife, and they want to transfer the property to an individual beneficiary upon their death while retaining the rights of a life estate during their lifetime. This type of deed ensures a smooth transfer of the property while enjoying the benefits of a joint property during the owners' lifetime. 2. Lady Bird Deed — Two Individual / Husband and Wife to Individual: Similar to the Enhanced Life Estate Deed, this type of deed allows a husband and wife to retain a life estate in the property and transfer it to an individual beneficiary upon their death. The Lady Bird Deed is named after former First Lady Bird Johnson, who implemented this estate planning strategy to transfer her property in Texas. In conclusion, the Miami-Dade Florida Enhanced Life Estate or Lady Bird Deed — Two Individual / Husband and Wife to Individual is a valuable estate planning tool that provides individuals and couples the flexibility to transfer their property efficiently while retaining control and various benefits during their lifetime. This type of deed protects assets, avoids probate, and can result in tax savings.Miami-Dade Florida Enhanced Life Estate or Lady Bird Deed — Two Individual / Husband and Wife to Individual is a legal instrument commonly used in estate planning to transfer real estate property while maintaining certain benefits for the original property owners. This type of deed is popular among couples and individuals residing in Miami-Dade County, Florida, and it allows them to retain control and ownership of their property during their lifetime, with the option to transfer it seamlessly to an individual beneficiary upon their death. The primary advantage of the Miami-Dade Florida Enhanced Life Estate or Lady Bird Deed is the ability to bypass probate, which is the legal process of distributing assets upon a person's death. By utilizing this deed, individuals and couples can avoid the time-consuming and costly probate process, ensuring a smooth transfer of property to their intended beneficiary. Key Features of the Miami-Dade Florida Enhanced Life Estate or Lady Bird Deed: 1. Enhanced Life Estate: The original property owners retain a life estate in the property, which means they retain exclusive rights to occupy, use, and change the property during their lifetime. This allows them to maintain control and enjoy the property without any interruption. 2. Right to Sell or Mortgage: The property owners have the ability to sell, mortgage, or otherwise dispose of the property without obtaining the consent of the remainder beneficiary. This provision provides flexibility to the original property owners to manage their property as they see fit during their lifetime. 3. Avoiding Property Reassessment: In Miami-Dade County, the use of an Enhanced Life Estate or Lady Bird Deed allows individuals to transfer real estate without triggering a reassessment of property taxes. This can result in significant tax savings for both the original property owners and the beneficiary. 4. Medicaid Planning: Utilizing this deed can help protect the property from being subject to Medicaid estate recovery claims. In the event that the original property owners require Medicaid assistance for long-term care, the property transferred through this deed may be protected from Medicaid estate recovery efforts. Types of Miami-Dade Florida Enhanced Life Estate or Lady Bird Deed: 1. Enhanced Life Estate Deed — Two Individual / Husband and Wife to Individual: This deed is used when a property is jointly owned by a husband and wife, and they want to transfer the property to an individual beneficiary upon their death while retaining the rights of a life estate during their lifetime. This type of deed ensures a smooth transfer of the property while enjoying the benefits of a joint property during the owners' lifetime. 2. Lady Bird Deed — Two Individual / Husband and Wife to Individual: Similar to the Enhanced Life Estate Deed, this type of deed allows a husband and wife to retain a life estate in the property and transfer it to an individual beneficiary upon their death. The Lady Bird Deed is named after former First Lady Bird Johnson, who implemented this estate planning strategy to transfer her property in Texas. In conclusion, the Miami-Dade Florida Enhanced Life Estate or Lady Bird Deed — Two Individual / Husband and Wife to Individual is a valuable estate planning tool that provides individuals and couples the flexibility to transfer their property efficiently while retaining control and various benefits during their lifetime. This type of deed protects assets, avoids probate, and can result in tax savings.
