This form is an Enhanced Life Estate Deed, also known as a Lady Bird Deed, where the Grantor is an Individual and the Grantee is an Individual. Grantor conveys and warrants the described property to the Grantee subject to a reserved enhanced life estate in Grantor. Further, the Grantor reserves the right to mortgage, sell, burden, and otherwise use the property and retain all profits without interference from Grantee during the course of the life estate. This deed complies with all state statutory laws.
A Lady Bird Deed Florida, also known as an Enhanced Life Estate Deed or an Enhanced Beneficiary Deed, is a legal document used in Florida that allows property owners to transfer ownership of real estate while still retaining certain rights and benefits during their lifetime. This type of deed provides a streamlined way to pass property to beneficiaries upon the owner's death, avoiding the need for probate. The Lady Bird Deed Florida, named after Lady Bird Johnson who popularized the concept, offers several unique advantages compared to traditional methods of property transfer. With this deed, the property owner maintains control and ownership over the property until their death while providing a clear path for the transfer of ownership to beneficiaries outside of probate. The main feature of a Lady Bird Deed Florida is the "reserved life estate" that grants the property owner several crucial rights and benefits. These include the ability to live in and use the property, receive any income generated from the property, sell or mortgage the property without approval from the beneficiaries, retain the right to make changes or improvements, and even revoke the deed entirely at any point during their lifetime. Upon the owner's death, the property automatically transfers to the named beneficiaries, known as "remainder men," without the need for probate proceedings. The transfer of ownership occurs outside the owner's estate, which means that it does not subject the property to claims from creditors or estate taxes. This aspect often simplifies the overall estate planning process and saves time and money for both the property owner and their beneficiaries. In Florida, there are two types of Lady Bird Deeds: the Basic Lady Bird Deed and the Enhanced Lady Bird Deed. The Basic Lady Bird Deed provides the owner with a life estate, allowing them to benefit from the property during their lifetime, and designates remainder men who will receive ownership automatically upon the owner's death. However, the Basic Lady Bird Deed does not have Medicaid planning advantages. On the other hand, the Enhanced Lady Bird Deed in Florida provides the same benefits as the Basic Lady Bird Deed, but it also includes Medicaid planning advantages. With the Enhanced Lady Bird Deed, the property owner can protect the property from Medicaid estate recovery after their death. This can be especially beneficial for individuals who may require long-term care and want to ensure their property remains protected. In summary, a Lady Bird Deed Florida is a powerful estate planning tool that allows property owners to retain control and benefit from their property during their lifetime while facilitating the transfer of ownership outside of probate. The Basic and Enhanced Lady Bird Deeds offer different levels of protection and planning advantages, providing individuals with flexibility in preserving their estates and ensuring their property passes to their chosen beneficiaries seamlessly.
