This form is an Enhanced Life Estate Deed where the Grantors are two individuals, or husband and wife, and the Grantees are three individuals. Grantors convey the property to Grantees subject to a retained enhanced life estates in each Grantor. Further, the Grantors each retain 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.
Miami-Dade Florida Enhanced Life Estate or Lady Bird Deed — Two Individuals / Husband and Wife to Three Individuals In Miami-Dade, Florida, an Enhanced Life Estate Deed, also known as a Lady Bird Deed, is a legal document that allows individuals, specifically a husband and wife, to transfer their property to three other individuals while retaining certain rights and control over the property during their lifetime. This type of deed offers unique benefits and safeguards for both parties involved. With an Enhanced Life Estate Deed, the husband and wife (granters) can transfer the property to the three individuals (grantees), often their children or other heirs, without giving up their right to live in or use the property. This deed allows the granters to maintain full control over the property, including the ability to sell or mortgage it, and can even cancel or revoke the transfer if desired. Some key features and benefits of the Miami-Dade Florida Enhanced Life Estate or Lady Bird Deed are: 1. Retention of Control and Ownership: The granters hold a life estate, allowing them to live in the property, use it, and modify it as they wish during their lifetime. This ensures they retain full control and ownership rights until they pass away. 2. Avoidance of Probate: Unlike traditional deeds, an Enhanced Life Estate Deed avoids probate, which is the legal process of distributing the assets of a deceased individual. Upon the granters' passing, the property automatically transfers to the three individuals, bypassing the need for probate. 3. Medicaid Planning: This type of deed is often used as part of Medicaid planning, as the property does not count as a marital or individual asset for eligibility purposes. This means that Medicaid benefits may be protected, allowing the granters to receive necessary medical care without compromising their property rights. 4. Protection from Creditors: The Enhanced Life Estate Deed provides asset protection since the property technically transfers to the three individuals upon the granters' passing. This helps safeguard the property from the granters' creditors, potentially preserving it for their heirs. It's important to note that there are variations of the Miami-Dade Florida Enhanced Life Estate or Lady Bird Deed involving different numbers of individuals. For example: 1. Enhanced Life Estate Deed — Husband and Wife to One Individual: In this variation, the property is transferred solely to one individual instead of three. The granters may choose a single beneficiary who will receive the property upon their passing. 2. Enhanced Life Estate Deed — Husband and Wife to Multiple Individuals: This type of deed allows the granters to transfer their property to more than three individuals. It provides flexibility in distributing the property among multiple beneficiaries, such as children, grandchildren, or other loved ones. In conclusion, the Miami-Dade Florida Enhanced Life Estate or Lady Bird Deed — Two Individuals / Husband and Wife to Three Individuals offers a unique way for granters to transfer their property while maintaining certain rights and protection. It allows them to retain control, avoid probate, engage in Medicaid planning, and protect their assets. Considering the various types of deed variations available, individuals should consult with legal professionals to determine the most suitable option for their specific circumstances.Miami-Dade Florida Enhanced Life Estate or Lady Bird Deed — Two Individuals / Husband and Wife to Three Individuals In Miami-Dade, Florida, an Enhanced Life Estate Deed, also known as a Lady Bird Deed, is a legal document that allows individuals, specifically a husband and wife, to transfer their property to three other individuals while retaining certain rights and control over the property during their lifetime. This type of deed offers unique benefits and safeguards for both parties involved. With an Enhanced Life Estate Deed, the husband and wife (granters) can transfer the property to the three individuals (grantees), often their children or other heirs, without giving up their right to live in or use the property. This deed allows the granters to maintain full control over the property, including the ability to sell or mortgage it, and can even cancel or revoke the transfer if desired. Some key features and benefits of the Miami-Dade Florida Enhanced Life Estate or Lady Bird Deed are: 1. Retention of Control and Ownership: The granters hold a life estate, allowing them to live in the property, use it, and modify it as they wish during their lifetime. This ensures they retain full control and ownership rights until they pass away. 2. Avoidance of Probate: Unlike traditional deeds, an Enhanced Life Estate Deed avoids probate, which is the legal process of distributing the assets of a deceased individual. Upon the granters' passing, the property automatically transfers to the three individuals, bypassing the need for probate. 3. Medicaid Planning: This type of deed is often used as part of Medicaid planning, as the property does not count as a marital or individual asset for eligibility purposes. This means that Medicaid benefits may be protected, allowing the granters to receive necessary medical care without compromising their property rights. 4. Protection from Creditors: The Enhanced Life Estate Deed provides asset protection since the property technically transfers to the three individuals upon the granters' passing. This helps safeguard the property from the granters' creditors, potentially preserving it for their heirs. It's important to note that there are variations of the Miami-Dade Florida Enhanced Life Estate or Lady Bird Deed involving different numbers of individuals. For example: 1. Enhanced Life Estate Deed — Husband and Wife to One Individual: In this variation, the property is transferred solely to one individual instead of three. The granters may choose a single beneficiary who will receive the property upon their passing. 2. Enhanced Life Estate Deed — Husband and Wife to Multiple Individuals: This type of deed allows the granters to transfer their property to more than three individuals. It provides flexibility in distributing the property among multiple beneficiaries, such as children, grandchildren, or other loved ones. In conclusion, the Miami-Dade Florida Enhanced Life Estate or Lady Bird Deed — Two Individuals / Husband and Wife to Three Individuals offers a unique way for granters to transfer their property while maintaining certain rights and protection. It allows them to retain control, avoid probate, engage in Medicaid planning, and protect their assets. Considering the various types of deed variations available, individuals should consult with legal professionals to determine the most suitable option for their specific circumstances.
