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California Enhanced Life Estate or Lady Bird Grant Deed from Two...

Santa Ana California Enhanced Life Estate or Lady Bird Grant Deed from Two Individuals, or Husband and Wife, to Two Individuals, or Husband and Wife

Name: Santa Ana California Enhanced Life Estate or Lady Bird Grant Deed from Two Individuals, or Husband and Wife, to Two Individuals, or Husband and Wife
Brand: US Legal Forms
Rating: 4.73 (480 reviews)

Category:

California Real Estate - Deeds - Enhanced Life Estate or Lady Bird

State:

California

City:

Santa Ana

Control #:

CA-04-83

Format:

Instant download

Description

This form is a Grant Deed with retained Enhanced Life Estates where the Grantors are two individuals or husband and wife and the Grantees are two individuals or husband and wife. Grantors convey the property to Grantees subject to an enhanced retained life estate. The Grantors 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. Grantees are required to survive the Grantors in order to receive the real property. This deed complies with all state statutory laws.

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FAQ

Disadvantages of a Lady Bird Deed If you plan to apply for a mortgage on the property, some title insurance companies may be reluctant to provide title insurance on property subject to a Lady Bird deed. You want to leave the property to more than one grantee. There is a fairly large mortgage balance on the property.

A ?Lady Bird Deed? is a way to transfer property to someone else outside of probate while retaining a life estate in the property. This type of deed got its nickname when President Lyndon B. Johnson used it to convey the property to his wife, Lady Bird Johnson.

A Lady Bird Deed is a transfer of property to another with a reservation of a life estate. Meaning a person can transfer property and retain ownership in that property until death, at which point it will then transfer to the other. What Makes a Lady Bird Deed Different from Other Transfer on Death Deeds?

Lady bird deeds do not result in any documentary stamp taxes when you execute the deed. In Florida, you are required to pay documentary stamp taxes on the transfer of real estate for any consideration, including the amount of any mortgage on the property.

Lady Bird Deeds are commonly used in some states (including Florida and Texas), but are not used in California. The Transfer-On-Death Deed provides similar benefits to a Lady Bird Deed.

A Lady Bird Deed is a form of life estate deed that allows the owner to change his or her mind. This avoids the problems with traditional Life Estate Deeds. Lady Bird Deeds are commonly used in some states (including Florida and Texas), but are not used in California.

Revocable trusts are similar to lady bird deeds in that they both offer significant amounts of control while the original owner is still alive. However, as third parties usually manage revocable trusts, owners tend to exert less direct control over the assets.

Benefits of a Lady Bird Deed Florida. There are four (4) major benefits of a lady bird deed in Florida: 1) probate avoidance; 2) preserve homestead benefits; 3) preserve Medicaid eligibility; and 4) step-up in basis at your death.

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Santa Ana California Enhanced Life Estate or Lady Bird Grant Deed from Two Individuals, or Husband and Wife, to Two Individuals, or Husband and Wife

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