This form is an Enhanced Life Estate Deed where the Grantors are husband and wife, and the Grantees are two individuals. Grantors convey the property to Grantees subject to a retained enhanced life estate. Further, the Grantors, and each of them, retains for life the right to sell, encumber, mortgage or otherwise impair the interest Grantees might receive in the future with the exception of the right to transfer the property by will. This deed complies with all state statutory laws.
Miami-Dade Florida Enhanced Life Estate or Lady Bird Deed — Husband and Wife to Two Individuals In Miami-Dade, Florida, an Enhanced Life Estate or Lady Bird Deed is a legal instrument used to transfer property ownership from a husband and wife to two individuals while retaining certain rights and benefits for the granters (husband and wife). This type of deed allows the granters to protect their property interests during their lifetime, while avoiding probate and ensuring a seamless transfer of property upon their death. Also known as an Enhanced Life Estate Deed, Florida's Lady Bird Deed offers numerous advantages for individuals seeking to transfer real estate to their chosen beneficiaries while maintaining control and flexibility during their lifetime. Here are some key features and benefits of this unique estate planning tool: 1. Dual Ownership: The Lady Bird Deed allows a husband and wife to transfer their property to two individuals, typically their children or other loved ones, as joint tenants with rights of survivorship. This means that upon the death of either granter, the surviving granter or granters automatically become the sole owners of the property. 2. Retained Rights and Benefits: One significant advantage of a Lady Bird Deed is that the granters retain control and ownership of the property during their lifetime. They keep the ability to use, enjoy, mortgage, sell, or even change the beneficiary designation as they deem fit. They can also benefit from any income generated from the property and apply for homestead exemptions if eligible. 3. Avoidance of Probate: By utilizing a Lady Bird Deed, the property automatically transfers to the beneficiaries upon the death of both granters, bypassing the need for probate. This means the property does not become part of the granters' probate estate, simplifying and expediting the transfer process. 4. Medicaid Planning: For individuals concerned about long-term care costs and qualifying for Medicaid, a Lady Bird Deed can be a valuable asset protection tool. Since the granters retain the right to sell or mortgage the property, it does not constitute a gift or transfer for Medicaid eligibility purposes until their death. 5. Different Types of Enhanced Life Estate Deeds: While the Lady Bird Deed is the most common type used in Florida, there are other variations of Enhanced Life Estate Deeds available, such as the Grantee's Power Deed or the Transfer on Death Deed. These variations may have additional features or benefits, so consulting with an experienced real estate attorney is advisable to determine the best option for individual circumstances. In summary, a Miami-Dade Florida Enhanced Life Estate or Lady Bird Deed — Husband and Wife to Two Individuals provides an efficient and effective way to transfer property ownership while maintaining control and avoiding probate. It offers numerous advantages and can be a smart estate planning strategy for individuals looking to protect their property and ensure a seamless transfer to their chosen beneficiaries.Miami-Dade Florida Enhanced Life Estate or Lady Bird Deed — Husband and Wife to Two Individuals In Miami-Dade, Florida, an Enhanced Life Estate or Lady Bird Deed is a legal instrument used to transfer property ownership from a husband and wife to two individuals while retaining certain rights and benefits for the granters (husband and wife). This type of deed allows the granters to protect their property interests during their lifetime, while avoiding probate and ensuring a seamless transfer of property upon their death. Also known as an Enhanced Life Estate Deed, Florida's Lady Bird Deed offers numerous advantages for individuals seeking to transfer real estate to their chosen beneficiaries while maintaining control and flexibility during their lifetime. Here are some key features and benefits of this unique estate planning tool: 1. Dual Ownership: The Lady Bird Deed allows a husband and wife to transfer their property to two individuals, typically their children or other loved ones, as joint tenants with rights of survivorship. This means that upon the death of either granter, the surviving granter or granters automatically become the sole owners of the property. 2. Retained Rights and Benefits: One significant advantage of a Lady Bird Deed is that the granters retain control and ownership of the property during their lifetime. They keep the ability to use, enjoy, mortgage, sell, or even change the beneficiary designation as they deem fit. They can also benefit from any income generated from the property and apply for homestead exemptions if eligible. 3. Avoidance of Probate: By utilizing a Lady Bird Deed, the property automatically transfers to the beneficiaries upon the death of both granters, bypassing the need for probate. This means the property does not become part of the granters' probate estate, simplifying and expediting the transfer process. 4. Medicaid Planning: For individuals concerned about long-term care costs and qualifying for Medicaid, a Lady Bird Deed can be a valuable asset protection tool. Since the granters retain the right to sell or mortgage the property, it does not constitute a gift or transfer for Medicaid eligibility purposes until their death. 5. Different Types of Enhanced Life Estate Deeds: While the Lady Bird Deed is the most common type used in Florida, there are other variations of Enhanced Life Estate Deeds available, such as the Grantee's Power Deed or the Transfer on Death Deed. These variations may have additional features or benefits, so consulting with an experienced real estate attorney is advisable to determine the best option for individual circumstances. In summary, a Miami-Dade Florida Enhanced Life Estate or Lady Bird Deed — Husband and Wife to Two Individuals provides an efficient and effective way to transfer property ownership while maintaining control and avoiding probate. It offers numerous advantages and can be a smart estate planning strategy for individuals looking to protect their property and ensure a seamless transfer to their chosen beneficiaries.
