This form is an Enhanced Life Estate Deed where the Grantor is an Individual and the Grantees are two individuals or husband and wife. Grantor conveys the property to Grantees subject to a retained enhanced life estate. The Grantor retains for life the right to sell, encumber, mortgage or otherwise impair the interest Grantees 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.
Miramar Florida Enhanced Life Estate or Lady Bird Deed — Individual to Two Individuals / Husband and Wife is a type of property ownership transfer that offers various advantages and protections for individuals and couples in estate planning. This legal document allows an individual (granter) to transfer ownership of their property to themselves and two other individuals, typically spouses, while retaining the right to live on the property for the duration of their lifetime. The term "enhanced life estate" refers to the enhanced rights and benefits granted to the granter through this deed type. It is often referred to as the Lady Bird Deed, named after President Lyndon B. Johnson's wife, who used a similar deed for estate planning purposes. This type of deed is particularly beneficial for individuals who want to preserve their property rights during their lifetime while ensuring a streamlined transfer of ownership after their death, avoiding probate and simplifying the process for their heirs. Some key features and benefits of the Miramar Florida Enhanced Life Estate or Lady Bird Deed — Individual to Two Individuals / Husband and Wife include: 1. Retention of control: The granter retains full control and ownership rights to the property during their lifetime, including the ability to sell, mortgage, or make any modifications without the consent of the remainder beneficiaries (the two individuals named in the deed). 2. Avoidance of probate: Upon the granter's death, the property automatically passes to the named beneficiaries without the need for probate court proceedings, which can be time-consuming and costly. 3. Medicaid benefits: By utilizing this deed, the granter can effectively transfer the property without it being counted as a disqualifying asset for Medicaid eligibility purposes. This can be of significant importance for long-term care planning or Medicaid planning. 4. Stepped-up tax basis: When the property passes to the remainder beneficiaries, the value is stepped up to the market value at the time of the granter's death. This can minimize capital gains taxes if the beneficiaries decide to sell the property. While there are no distinct variations of the Miramar Florida Enhanced Life Estate or Lady Bird Deed for individual-to-two-individuals or husband-and-wife situations, these deeds can be customized to suit specific circumstances and estate planning goals. It is important to consult with an experienced estate planning attorney to ensure the deed is tailored accurately and meets all legal requirements. Overall, the Miramar Florida Enhanced Life Estate or Lady Bird Deed is a powerful tool for individuals or couples seeking to retain control and flexibility over their property during their lifetime while facilitating a smooth transfer of ownership to their desired beneficiaries.Miramar Florida Enhanced Life Estate or Lady Bird Deed — Individual to Two Individuals / Husband and Wife is a type of property ownership transfer that offers various advantages and protections for individuals and couples in estate planning. This legal document allows an individual (granter) to transfer ownership of their property to themselves and two other individuals, typically spouses, while retaining the right to live on the property for the duration of their lifetime. The term "enhanced life estate" refers to the enhanced rights and benefits granted to the granter through this deed type. It is often referred to as the Lady Bird Deed, named after President Lyndon B. Johnson's wife, who used a similar deed for estate planning purposes. This type of deed is particularly beneficial for individuals who want to preserve their property rights during their lifetime while ensuring a streamlined transfer of ownership after their death, avoiding probate and simplifying the process for their heirs. Some key features and benefits of the Miramar Florida Enhanced Life Estate or Lady Bird Deed — Individual to Two Individuals / Husband and Wife include: 1. Retention of control: The granter retains full control and ownership rights to the property during their lifetime, including the ability to sell, mortgage, or make any modifications without the consent of the remainder beneficiaries (the two individuals named in the deed). 2. Avoidance of probate: Upon the granter's death, the property automatically passes to the named beneficiaries without the need for probate court proceedings, which can be time-consuming and costly. 3. Medicaid benefits: By utilizing this deed, the granter can effectively transfer the property without it being counted as a disqualifying asset for Medicaid eligibility purposes. This can be of significant importance for long-term care planning or Medicaid planning. 4. Stepped-up tax basis: When the property passes to the remainder beneficiaries, the value is stepped up to the market value at the time of the granter's death. This can minimize capital gains taxes if the beneficiaries decide to sell the property. While there are no distinct variations of the Miramar Florida Enhanced Life Estate or Lady Bird Deed for individual-to-two-individuals or husband-and-wife situations, these deeds can be customized to suit specific circumstances and estate planning goals. It is important to consult with an experienced estate planning attorney to ensure the deed is tailored accurately and meets all legal requirements. Overall, the Miramar Florida Enhanced Life Estate or Lady Bird Deed is a powerful tool for individuals or couples seeking to retain control and flexibility over their property during their lifetime while facilitating a smooth transfer of ownership to their desired beneficiaries.
