This form is an Enhanced Life Estate Deed where the Grantor is an Individual and the Grantee is an individual. Grantor conveys the property to Grantee subject to a retained life estate. Further, the Grantor retains the right to sell, encumber, mortgage or otherwise impair the interest Grantee 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.
Palm Bay Florida Enhanced Life Estate or Lady Bird Deed — Individual to Individual is a type of legal arrangement in which a property owner transfers their real estate ownership to another individual while retaining a lifetime interest in the property. This unique form of deed provides several benefits and protections for both parties involved. In a Palm Bay Florida Enhanced Life Estate or Lady Bird Deed, the property owner, known as the granter, can designate themselves as the life tenant, allowing them to continue residing on and enjoying the property until their death. This means that the granter can still occupy, use, and maintain the property during their lifetime without any interference from the other party involved, known as the remainder man. One of the primary advantages of using a Palm Bay Florida Enhanced Life Estate or Lady Bird Deed is the avoidance of probate. Unlike a traditional life estate deed, this enhanced version allows the granter to retain full control and the ability to sell, mortgage, or even revoke the deed without obtaining the consent of the remainder man. This flexibility provides peace of mind to the granter, as they still have full authority over the property. Another benefit is the potential for Medicaid planning. By utilizing a Palm Bay Florida Enhanced Life Estate or Lady Bird Deed, the granter may protect their property from being considered as an asset for Medicaid eligibility purposes. This is especially advantageous for seniors and individuals who may require long-term care in the future. It is important to note that there are different types of Palm Bay Florida Enhanced Life Estate or Lady Bird Deeds. The Lady Bird Deed, named after former First Lady Bird Johnson, is recognized in Florida and provides additional protections compared to a conventional life estate deed. This type of deed allows the granter to maintain control and ownership until their death, after which the property automatically transfers to the remainder man without the need for probate. In conclusion, Palm Bay Florida Enhanced Life Estate or Lady Bird Deed — Individual to Individual is a specialized legal tool that enables a property owner to transfer ownership while retaining certain rights during their lifetime. This arrangement offers benefits such as probate avoidance, control over the property, and potential Medicaid planning advantages. The Lady Bird Deed is a specific type of enhanced life estate deed that provides additional protections for the granter.
