This form is an Enhanced Life Estate Deed where the Grantors are two individuals or husband and wife and the Grantee is an individual. Grantors convey the property to Grantee subject to a retained enhanced life estate. Further, the Grantors retain for life 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.
A Fort Lauderdale Florida Enhanced Life Estate, also known as a Lady Bird Deed, is a legal instrument commonly used in estate planning that allows property owners to transfer their property to named individuals while retaining certain benefits during their lifetime. This type of deed provides specific advantages for a married couple who wishes to transfer their property to an individual. One type of Fort Lauderdale Florida Enhanced Life Estate or Lady Bird Deed is the "Husband and Wife to Individual" variation. This deed allows a married couple to transfer their property to a single individual (either an heir or a third party) while reserving rights for themselves until their death. The key features and benefits of a Fort Lauderdale Florida Enhanced Life Estate or Lady Bird Deed include: 1. Non-Probate Transfer: A Lady Bird Deed allows property to be transferred directly to the named individual(s) without going through the probate process. This helps to save time and avoid unnecessary expenses. 2. Retention of Rights: The property owners retain various rights during their lifetime, including the ability to live on the property, mortgage or sell it, or even change their designated beneficiaries. 3. Homestead Protection: In Florida, a primary residence is considered a "homestead" and is protected from certain creditors. With a Lady Bird Deed, the property retains its homestead status during the owner's lifetime, even after the transfer. 4. Medicaid Planning: By utilizing a Lady Bird Deed, property owners may preserve their eligibility for Medicaid benefits, as the transferred property is not considered a countable asset for Medicaid purposes. 5. Step-up in Tax Basis: Upon the death of the property owners, the named individual(s) receive the property with a stepped-up tax basis, potentially reducing capital gains taxes upon its subsequent sale. It is important to mention that while the "Husband and Wife to Individual" variation is common, there may be other types of Fort Lauderdale Florida Enhanced Life Estate or Lady Bird Deed arrangements available. It is advisable to consult with a qualified attorney specializing in estate planning to determine the best option for your unique circumstances.A Fort Lauderdale Florida Enhanced Life Estate, also known as a Lady Bird Deed, is a legal instrument commonly used in estate planning that allows property owners to transfer their property to named individuals while retaining certain benefits during their lifetime. This type of deed provides specific advantages for a married couple who wishes to transfer their property to an individual. One type of Fort Lauderdale Florida Enhanced Life Estate or Lady Bird Deed is the "Husband and Wife to Individual" variation. This deed allows a married couple to transfer their property to a single individual (either an heir or a third party) while reserving rights for themselves until their death. The key features and benefits of a Fort Lauderdale Florida Enhanced Life Estate or Lady Bird Deed include: 1. Non-Probate Transfer: A Lady Bird Deed allows property to be transferred directly to the named individual(s) without going through the probate process. This helps to save time and avoid unnecessary expenses. 2. Retention of Rights: The property owners retain various rights during their lifetime, including the ability to live on the property, mortgage or sell it, or even change their designated beneficiaries. 3. Homestead Protection: In Florida, a primary residence is considered a "homestead" and is protected from certain creditors. With a Lady Bird Deed, the property retains its homestead status during the owner's lifetime, even after the transfer. 4. Medicaid Planning: By utilizing a Lady Bird Deed, property owners may preserve their eligibility for Medicaid benefits, as the transferred property is not considered a countable asset for Medicaid purposes. 5. Step-up in Tax Basis: Upon the death of the property owners, the named individual(s) receive the property with a stepped-up tax basis, potentially reducing capital gains taxes upon its subsequent sale. It is important to mention that while the "Husband and Wife to Individual" variation is common, there may be other types of Fort Lauderdale Florida Enhanced Life Estate or Lady Bird Deed arrangements available. It is advisable to consult with a qualified attorney specializing in estate planning to determine the best option for your unique circumstances.
