This form is an Enhanced Life Estate Deed where the Grantor is an Individual and the Grantees are two individuals or husband and wife. Grantor conveys the property to Grantees subject to a retained enhanced life estate. The Grantor 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.
Fort Lauderdale Florida Enhanced Life Estate or Lady Bird Deed — Individual to Two Individuals / Husband and Wife A Fort Lauderdale Florida Enhanced Life Estate or Lady Bird Deed — Individual to Two Individuals / Husband and Wife is a legal document that allows an individual to transfer their property to a married couple. This type of deed is often sought after by individuals who want to ensure that the surviving spouse retains full control over the property upon the death of the first spouse. The Enhanced Life Estate or Lady Bird Deed essentially acts as a form of joint ownership with rights of survivorship. It allows the property owner, referred to as the "granter," to retain a life estate in the property, which means they have the right to live in and use the property for the duration of their life. However, unlike a traditional life estate, the granter in a Lady Bird Deed has the ability to retain full control and ownership rights over the property during their lifetime. Upon the death of the granter, the property automatically passes to the two individuals named in the deed, who are typically the husband and wife. This transfer takes place without the need for probate, which can save time and money for the surviving spouse. The surviving spouse becomes the full owner of the property, with the power to sell or mortgage it, as well as the ability to designate their own beneficiaries upon their death. The Fort Lauderdale Florida Enhanced Life Estate or Lady Bird Deed — Individual to Two Individuals / Husband and Wife provides several benefits, making it a popular estate planning tool. These benefits include: 1. Avoiding probate: By utilizing this deed, the transfer of the property upon the granter's death does not require the involvement of the probate court. This saves the surviving spouse from the burdensome probate process, which can be time-consuming and costly. 2. Flexibility and control: The granter retains the ability to sell, mortgage, or even revoke the deed during their lifetime, giving them complete control over the property. 3. Medicaid planning: If long-term care becomes necessary, a Lady Bird Deed can help protect the property from Medicaid estate recovery. Since the granter still retains control and ownership rights, the property is not considered a countable asset for Medicaid eligibility purposes. 4. Preservation of the step-up in basis: The property receives a step-up in basis upon the death of the granter, which can potentially reduce capital gains tax obligations for the surviving spouse and beneficiaries. While the Fort Lauderdale Florida Enhanced Life Estate or Lady Bird Deed — Individual to Two Individuals / Husband and Wife is the most common type, there are variations available. Some variations may include different combinations of granters and grantees, such as Individual to Individual or Individual to Child. However, the purpose of all these variations remains the same — to ensure a seamless transfer of property and the preservation of the surviving spouse's rights and control over the asset. Overall, a Fort Lauderdale Florida Enhanced Life Estate or Lady Bird Deed — Individual to Two Individuals / Husband and Wife provides an efficient and cost-effective way for property owners to plan for the future and protect their assets. It is recommended to consult with an experienced estate planning attorney to determine the most suitable option based on individual circumstances and legal requirements.Fort Lauderdale Florida Enhanced Life Estate or Lady Bird Deed — Individual to Two Individuals / Husband and Wife A Fort Lauderdale Florida Enhanced Life Estate or Lady Bird Deed — Individual to Two Individuals / Husband and Wife is a legal document that allows an individual to transfer their property to a married couple. This type of deed is often sought after by individuals who want to ensure that the surviving spouse retains full control over the property upon the death of the first spouse. The Enhanced Life Estate or Lady Bird Deed essentially acts as a form of joint ownership with rights of survivorship. It allows the property owner, referred to as the "granter," to retain a life estate in the property, which means they have the right to live in and use the property for the duration of their life. However, unlike a traditional life estate, the granter in a Lady Bird Deed has the ability to retain full control and ownership rights over the property during their lifetime. Upon the death of the granter, the property automatically passes to the two individuals named in the deed, who are typically the husband and wife. This transfer takes place without the need for probate, which can save time and money for the surviving spouse. The surviving spouse becomes the full owner of the property, with the power to sell or mortgage it, as well as the ability to designate their own beneficiaries upon their death. The Fort Lauderdale Florida Enhanced Life Estate or Lady Bird Deed — Individual to Two Individuals / Husband and Wife provides several benefits, making it a popular estate planning tool. These benefits include: 1. Avoiding probate: By utilizing this deed, the transfer of the property upon the granter's death does not require the involvement of the probate court. This saves the surviving spouse from the burdensome probate process, which can be time-consuming and costly. 2. Flexibility and control: The granter retains the ability to sell, mortgage, or even revoke the deed during their lifetime, giving them complete control over the property. 3. Medicaid planning: If long-term care becomes necessary, a Lady Bird Deed can help protect the property from Medicaid estate recovery. Since the granter still retains control and ownership rights, the property is not considered a countable asset for Medicaid eligibility purposes. 4. Preservation of the step-up in basis: The property receives a step-up in basis upon the death of the granter, which can potentially reduce capital gains tax obligations for the surviving spouse and beneficiaries. While the Fort Lauderdale Florida Enhanced Life Estate or Lady Bird Deed — Individual to Two Individuals / Husband and Wife is the most common type, there are variations available. Some variations may include different combinations of granters and grantees, such as Individual to Individual or Individual to Child. However, the purpose of all these variations remains the same — to ensure a seamless transfer of property and the preservation of the surviving spouse's rights and control over the asset. Overall, a Fort Lauderdale Florida Enhanced Life Estate or Lady Bird Deed — Individual to Two Individuals / Husband and Wife provides an efficient and cost-effective way for property owners to plan for the future and protect their assets. It is recommended to consult with an experienced estate planning attorney to determine the most suitable option based on individual circumstances and legal requirements.
