This form is a Quitclaim Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantees are four individuals. It is also known as a "Lady Bird" Deed. Grantor conveys the property to Grantees subject to an enhanced retained life estate. The Grantor retains the right to sell, encumber, mortgage or otherwise impair the interest Grantees might receive in the future, without joinder or notice to Grantees, with the exception of the right to transfer the property by will. This deed complies with all state statutory laws.
Michigan Enhanced Life Estate or Lady Bird Deed - Individual to Four Individuals
State:
Michigan
Control #:
MI-06-82
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Michigan Enhanced Life Estate Or Lady Bird Deed - Individual To Four Individuals?
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FAQ
Avoid probate of the property. keep the right to use and profit from the property for your lifetime. keep the right to sell the property at any time. avoid making a gift that might be subject to federal gift tax. avoid jeopardizing your eligibility for Medicaid.
A "Lady Bird deed" (also known as an enhanced life estate deed) is a way to transfer property to someone else outside of probate while retaining a life estate in the property.After a Medicaid recipient dies, the state can make a claim for repayment of benefits from the recipient's estate.
Using a Lady Bird Deed in Michigan allows you to retain control of your property during your lifetime, meaning that you can still sell or mortgage your property at any time if you want.Once you pass, your tax basis in the property will step up to its value at death.
Important: Lady bird deeds are an estate planning tool, not a planning strategy to become Medicaid eligible. These life estate deeds allow Medicaid recipients to protect their homes as an inheritance for loved ones without jeopardizing Medicaid eligibility.
While you can draft a Ladybird Deed on your own, it is always best to have something like this done by an experienced attorney. These are documents that need to be done correctly, or it can create additional issues for your loved ones.
A Lady Bird deed avoids probate, so the home is not part of the probate estate and Medicaid cannot go after it.
This right to rescind is what distinguishes a Lady Bird Deed from a standard Life Estate Deed.A properly written, signed and filed Enhanced Life Estate Deed does supersede the terms of the owner's Will, so long as the grantor has not exercised the retained right to reclaim ownership while living.