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.
Pompano Beach Florida Enhanced Life Estate or Lady Bird Deed — Individual to Individual: A Comprehensive Guide In Pompano Beach, Florida, the Enhanced Life Estate or Lady Bird Deed is a legal tool utilized in real estate transactions for estate planning purposes. It allows property owners to transfer their property to an individual beneficiary while retaining certain rights and control over the property during their lifetime. This type of deed can offer various benefits for both the property owner and the intended beneficiaries. Key Features and Benefits: 1. Retained Control: With this type of deed, the property owner, also known as the granter or life tenant, maintains complete control over the property during their lifetime. They can sell, mortgage, or otherwise dispose of the property without requiring consent from the beneficiary. 2. Avoidance of Probate: One of the primary advantages of using an Enhanced Life Estate or Lady Bird Deed is the potential to bypass probate. Upon the property owner's death, the property automatically transfers to the designated beneficiary without the need for probate court involvement. 3. Medicaid Planning: Individuals seeking long-term care benefits like Medicaid may benefit from this deed type. The Lady Bird Deed exempts the property from being counted as an asset for Medicaid eligibility purposes, allowing the granter to continue residing in the property while still qualifying for Medicaid assistance. 4. Property Tax Savings: By utilizing this deed, the property owner can potentially receive property tax exemptions or benefits, such as the homestead exemption, as they retain legal ownership until their death. 5. Potential Capital Gains Tax Benefits: Upon the property owner's death, the property receives a stepped-up basis for tax purposes. This means that if the beneficiary decides to sell the property after the granter's passing, they may only have to pay capital gains tax on the appreciated value from the original purchase price. While the Enhanced Life Estate or Lady Bird Deed typically refers to one specific type of property transfer, there may be variations or different names used in the legal community. Some common alternative names for this type of deed include: 1. Enhanced Life Estate Deed with Powers 2. Transfer-on-Death Deed (TOD) 3. Beneficiary Deed It is crucial to consult with a qualified real estate attorney or estate planner to ensure the legality and effectiveness of the specific deed type used in Pompano Beach, Florida. Each situation is unique, and expert guidance will ensure that the deed aligns with individual needs and goals while complying with Florida state laws. In conclusion, the Enhanced Life Estate or Lady Bird Deed in Pompano Beach, Florida, offers a powerful estate planning tool that allows individuals to transfer property to a beneficiary while retaining control and specific rights during their lifetime. It can help avoid probate, assist with Medicaid eligibility, provide tax benefits, and simplify the transfer of property.
