This form is an Enhanced Life Estate Deed where the Grantor is an individual and the Grantees are four individuals. Grantor conveys the property to Grantees subject to a retained enhanced life estate. Further, 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.
Orange Florida Enhanced Life Estate, also known as the Lady Bird Deed, is a specific type of deed commonly used in estate planning to transfer property from an individual to four individuals while retaining certain rights and benefits during the individual's lifetime. This unique legal instrument has gained popularity in Orange County, Florida, due to its advantageous features and benefits. The Orange Florida Enhanced Life Estate or Lady Bird Deed allows an individual (referred to as the granter) to transfer their property to four individuals (referred to as grantees) while maintaining exclusive rights to live on and use the property for their lifetime. This deed also provides the granter with the ability to sell or mortgage the property without the consent of the grantees. One crucial distinction of the Orange Florida Enhanced Life Estate or Lady Bird Deed is the enhanced powers it grants to the granter compared to a traditional life estate deed. With this enhanced deed, the granter has the unrestricted right to change the grantees at any time, either by amendment or revocation, without requiring the grantees' consent or knowledge. It is important to note that the Lady Bird Deed provides the granter with potential Medicaid planning benefits. By retaining the right to live in the property during their lifetime, the granter may prevent the property from being considered an available asset when evaluating their Medicaid eligibility for long-term care benefits. There are several variations and enhancements of the Orange Florida Enhanced Life Estate or Lady Bird Deed, each serving specific purposes and accommodating unique circumstances. These variations include: 1. Enhanced Life Estate Deed — an individual to four individuals: This type of Lady Bird Deed is the standard version that enhances the granter's powers, allowing unrestricted control over the property's ownership and the ability to bypass probate. 2. Trust-based Enhanced Life Estate Deed — an individual to four individuals: This variation combines the benefits of a trust with the features of an enhanced life estate deed. It allows the granter to transfer property to the trust while retaining the right to live on the property until their death. 3. Contingent Remainder Enhanced Life Estate Deed — an individual to four individuals: This version of the Orange Florida Enhanced Life Estate Deed allows the granter to designate alternative grantees or contingent remainders who will receive the property if the primary grantees are no longer alive at the granter's death. 4. Enhanced Life Estate Deed with Powers of Sale or Mortgage: In this type of Lady Bird Deed, the granter retains the power to sell or mortgage the property during their lifetime, providing additional flexibility in financial matters. The Orange Florida Enhanced Life Estate or Lady Bird Deed offers numerous advantages and flexibility to individuals seeking efficient estate planning solutions. With its unique set of features and variations, this deed has become an attractive option for residents of Orange County, Florida, looking to preserve property ownership and plan for their future.Orange Florida Enhanced Life Estate, also known as the Lady Bird Deed, is a specific type of deed commonly used in estate planning to transfer property from an individual to four individuals while retaining certain rights and benefits during the individual's lifetime. This unique legal instrument has gained popularity in Orange County, Florida, due to its advantageous features and benefits. The Orange Florida Enhanced Life Estate or Lady Bird Deed allows an individual (referred to as the granter) to transfer their property to four individuals (referred to as grantees) while maintaining exclusive rights to live on and use the property for their lifetime. This deed also provides the granter with the ability to sell or mortgage the property without the consent of the grantees. One crucial distinction of the Orange Florida Enhanced Life Estate or Lady Bird Deed is the enhanced powers it grants to the granter compared to a traditional life estate deed. With this enhanced deed, the granter has the unrestricted right to change the grantees at any time, either by amendment or revocation, without requiring the grantees' consent or knowledge. It is important to note that the Lady Bird Deed provides the granter with potential Medicaid planning benefits. By retaining the right to live in the property during their lifetime, the granter may prevent the property from being considered an available asset when evaluating their Medicaid eligibility for long-term care benefits. There are several variations and enhancements of the Orange Florida Enhanced Life Estate or Lady Bird Deed, each serving specific purposes and accommodating unique circumstances. These variations include: 1. Enhanced Life Estate Deed — an individual to four individuals: This type of Lady Bird Deed is the standard version that enhances the granter's powers, allowing unrestricted control over the property's ownership and the ability to bypass probate. 2. Trust-based Enhanced Life Estate Deed — an individual to four individuals: This variation combines the benefits of a trust with the features of an enhanced life estate deed. It allows the granter to transfer property to the trust while retaining the right to live on the property until their death. 3. Contingent Remainder Enhanced Life Estate Deed — an individual to four individuals: This version of the Orange Florida Enhanced Life Estate Deed allows the granter to designate alternative grantees or contingent remainders who will receive the property if the primary grantees are no longer alive at the granter's death. 4. Enhanced Life Estate Deed with Powers of Sale or Mortgage: In this type of Lady Bird Deed, the granter retains the power to sell or mortgage the property during their lifetime, providing additional flexibility in financial matters. The Orange Florida Enhanced Life Estate or Lady Bird Deed offers numerous advantages and flexibility to individuals seeking efficient estate planning solutions. With its unique set of features and variations, this deed has become an attractive option for residents of Orange County, Florida, looking to preserve property ownership and plan for their future.
