This form is an Enhanced Life Estate Deed where the Grantors are two individuals, or husband and wife, and the Grantees are four individuals. Grantors convey the property to Grantees subject to retained enhanced life estates. Further, the Grantors 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.
A Fort Lauderdale Florida Enhanced Life Estate or Lady Bird Deed is a type of quitclaim deed that allows two individuals, specifically a husband and wife, to transfer ownership of their property to four individuals while retaining a life estate for themselves. This legal instrument provides various benefits and flexibility for estate planning purposes. Here are some relevant keywords to describe this type of deed: 1. Enhanced Life Estate: The enhanced life estate component of the deed means that the granters (husband and wife) can retain the right to stay in the property for the rest of their lives. They maintain full control, including the ability to sell or mortgage the property during their lifetimes. 2. Lady Bird Deed: Sometimes referred to as an "enhanced" or "enhanced life estate" deed, a Lady Bird Deed is a particular type of enhanced life estate deed. The term originated due to its use by President Lyndon B. Johnson to transfer property to his wife, Lady Bird Johnson. 3. Quitclaim Deed: By using a quitclaim deed, the granters transfer their interest in the property to the grantees without providing any warranties or guarantees. It effectively releases any claim they have to the property. 4. Estate Planning: This type of deed facilitates efficient estate planning by allowing the granters to transfer assets to the intended inheritors without the need for probate court involvement. It can help preserve family wealth while minimizing taxation and potential disputes between beneficiaries. 5. Property Ownership Transfer: The two individuals (husband and wife) transfer ownership of the property to four individuals who are typically their chosen heirs or family members. The granters' life estate ensures they have the right to occupy and enjoy the property until their passing. 6. Beneficiaries: The four individuals who receive ownership through the deed are the beneficiaries. They will obtain full ownership rights to the property once the granters pass away. This can include the right to sell, rent, or occupy the property. 7. Avoiding Medicaid Recovery: In certain circumstances, this type of deed can be used to protect the property from Medicaid recovery. By retaining a life estate, the granters may be able to shield the property from being used to reimburse the government for Medicaid expenses. Other variations or types of Enhanced Life Estate or Lady Bird Deeds may include different grantor-grantee configurations, such as transferring property from an individual to a trust or corporation, or from several individuals to one. However, the primary concept of retaining a life estate and granting ownership to designated individuals remains consistent.A Fort Lauderdale Florida Enhanced Life Estate or Lady Bird Deed is a type of quitclaim deed that allows two individuals, specifically a husband and wife, to transfer ownership of their property to four individuals while retaining a life estate for themselves. This legal instrument provides various benefits and flexibility for estate planning purposes. Here are some relevant keywords to describe this type of deed: 1. Enhanced Life Estate: The enhanced life estate component of the deed means that the granters (husband and wife) can retain the right to stay in the property for the rest of their lives. They maintain full control, including the ability to sell or mortgage the property during their lifetimes. 2. Lady Bird Deed: Sometimes referred to as an "enhanced" or "enhanced life estate" deed, a Lady Bird Deed is a particular type of enhanced life estate deed. The term originated due to its use by President Lyndon B. Johnson to transfer property to his wife, Lady Bird Johnson. 3. Quitclaim Deed: By using a quitclaim deed, the granters transfer their interest in the property to the grantees without providing any warranties or guarantees. It effectively releases any claim they have to the property. 4. Estate Planning: This type of deed facilitates efficient estate planning by allowing the granters to transfer assets to the intended inheritors without the need for probate court involvement. It can help preserve family wealth while minimizing taxation and potential disputes between beneficiaries. 5. Property Ownership Transfer: The two individuals (husband and wife) transfer ownership of the property to four individuals who are typically their chosen heirs or family members. The granters' life estate ensures they have the right to occupy and enjoy the property until their passing. 6. Beneficiaries: The four individuals who receive ownership through the deed are the beneficiaries. They will obtain full ownership rights to the property once the granters pass away. This can include the right to sell, rent, or occupy the property. 7. Avoiding Medicaid Recovery: In certain circumstances, this type of deed can be used to protect the property from Medicaid recovery. By retaining a life estate, the granters may be able to shield the property from being used to reimburse the government for Medicaid expenses. Other variations or types of Enhanced Life Estate or Lady Bird Deeds may include different grantor-grantee configurations, such as transferring property from an individual to a trust or corporation, or from several individuals to one. However, the primary concept of retaining a life estate and granting ownership to designated individuals remains consistent.
