This form is a Enhanced Life Estate Deed, a.k.a. a Lady Bird Deed, where the Grantors are two individuals, or husband and wife, and the Grantee is a Trust. This transfer is revocable by either Grantor until their death and effective only upon the death of the last surviving Grantor. This deed complies with all state statutory laws.
Michigan Enhanced Life Estate or Lady Bird Warranty Deed from Two Individuals / Husband & Wife to a Trust
State:
Michigan
Control #:
MI-09-83
Format:
Word;
Rich Text
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FAQ
Beneficiary designations, Totten trusts or TOD designations and the right of survivorship all supersede any mention of associated property in a will.
A lady bird deed is an estate planning tool that enables a Medicaid beneficiary to protect their home as an inheritance from their state's Medicaid Estate Recovery Program. A lady bird (ladybird) deed (also called an enhanced life estate deed, lady bird trust or a transfer on death deed) is a type of life estate deed.
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.
A Lady Bird deed avoids probate, so the home is not part of the probate estate and Medicaid cannot go after it.
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.
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.
A Lady Bird Deed (LBD) is a deed which in which the grantor retains a life estate and makes an inter vivos transfer of the remainder interest while also retaining the ability to revoke or alter the deed without consent of the remainder beneficiary.