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.
A Palm Beach Florida Enhanced Life Estate or Lady Bird Deed — An Individual to Four Individuals is a legal tool used in estate planning that allows an individual (the "granter") to transfer their real estate property to four individuals (the "grantees") while retaining control and ownership rights during their lifetime. This type of deed is commonly used to ensure smooth transfer of property ownership, avoid probate, and protect the property from potential Medicaid recovery. The Palm Beach Florida Enhanced Life Estate or Lady Bird Deed is named after Lady Bird Johnson, the former First Lady of the United States, who first popularized the use of this type of deed in Texas. It provides the granter with several benefits, including the ability to retain complete control over the property, the right to sell or mortgage the property without the grantees' consent, and the right to change or revoke the deed at any time. There are also different types of Palm Beach Florida Enhanced Life Estate or Lady Bird Deed variations that may cater to specific needs or circumstances. These include: 1. Traditional Palm Beach Florida Lady Bird Deed: This is the standard form of the deed, allowing the granter to transfer the property to four individuals while preserving their rights to live in and use the property for their lifetime. 2. Palm Beach Florida Enhanced Life Estate with Powers: This type of deed provides the granter with additional powers and control over the property, such as the ability to rent out the property and retain any rental income. 3. Conditional Palm Beach Florida Enhanced Life Estate: In this version of the deed, certain conditions can be imposed on the grantees, such as limiting their right to sell or transfer the property until a specific event occurs or a specific time has passed. 4. Palm Beach Florida Enhanced Life Estate with Transfer-on-Death Beneficiary: This variation allows the granter to name a beneficiary who will automatically receive ownership of the property upon the granter's death, bypassing the need for probate. 5. Palm Beach Florida Enhanced Life Estate with Medicaid Planning Provisions: This type of deed includes specific provisions that aim to protect the property from being subject to Medicaid recovery, ensuring that the property can be passed down to the grantees without being used to cover long-term care expenses. When considering a Palm Beach Florida Enhanced Life Estate or Lady Bird Deed, it is crucial to consult with an experienced attorney to understand the legal implications and determine the most appropriate type of deed for your unique circumstances. By utilizing this powerful estate planning tool, individuals in Palm Beach, Florida can ensure the smooth and efficient transfer of real estate property to their chosen beneficiaries while maintaining control and flexibility during their lifetime.
