This form is a Grant Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantee is an individual. Grantor conveys the property to Grantee subject to an enhanced retained life estate. The Grantor retains the right to sell, encumber, mortgage or otherwise impair the interest Grantee might receive in the future, without joinder or notice to Grantee, with the exception of the right to transfer the property by will. The Grantee must survive the Grantor or the conveyaqnce is null and void. This deed complies with all state statutory laws.
Orange California Enhanced Life or Lady Bird Estate Grant Deed is a legal document used for the transfer of real estate property from one individual to another in Orange, California. This type of deed provides specific rights and benefits to the granter (original owner) while allowing the property to be transferred to the grantee (new owner) upon the death of the granter. It offers additional protections and flexibility compared to a traditional grant deed. The Orange California Enhanced Life or Lady Bird Estate Grant Deed is named after the former First Lady, Mrs. Bird Johnson, who used this estate planning technique in Texas to transfer property without going through the probate process. It is often referred to as a "Lady Bird Deed" in honor of her contributions. This type of grant deed allows the granter to retain control over the property during their lifetime and provides them with the right to sell, mortgage, or even revoke the deed without obtaining the consent of the grantee. This flexibility makes it an attractive option for individuals who want to ensure their property is efficiently transferred while maintaining control and financial security. Some key features of the Orange California Enhanced Life or Lady Bird Estate Grant Deed include: 1. Life Estate: The granter retains a life estate, meaning they can live in or use the property for as long as they live. This ensures the granter's right to occupy and enjoy the property during their lifetime. 2. Avoiding Probate: Upon the granter's death, the property automatically transfers to the grantee, bypassing the need for probate. This saves time and money for the granter's heirs and allows for a quicker transfer of ownership. 3. Medicaid Planning: The use of a Lady Bird Deed can help preserve the granter's eligibility for Medicaid benefits. By retaining the life estate, the property is not considered an available asset for Medicaid purposes. 4. Exemption from Capital Gains Tax: The grantee receives a stepped-up basis in the property, potentially reducing the capital gains tax liability when the property is sold in the future. It is important to note that variations of the Orange California Enhanced Life or Lady Bird Estate Grant Deed may exist, tailored to specific needs and requirements in California. It is advisable to consult with a legal professional specializing in estate planning to determine the most appropriate type of grant deed for a specific situation.
