This form is an Enhanced Life Estate Deed where the Grantors are two individuals, or husband and wife, and the Grantees are three individuals. Grantors convey the property to Grantees subject to a retained enhanced life estates in each Grantor. Further, the Grantors each retain 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 Lakeland Florida Enhanced Life Estate or Lady Bird Deed — Two Individuals / Husband and Wife to Three Individuals is a legal document that allows a married couple to transfer property ownership to three individuals while retaining certain rights and benefits during their lifetime. This type of deed provides flexibility and control over the property, specifically in estate planning and Medicaid eligibility. With a Lakeland Florida Enhanced Life Estate or Lady Bird Deed, the couple, as granters, transfer the ownership of the property to three individuals, known as grantees, while reserving the right to live in and use the property for the rest of their lives. This deed also includes several added advantages such as avoiding probate, potential capital gains tax savings, and protecting the property from creditor claims. There are several types of Lakeland Florida Enhanced Life Estate or Lady Bird Deeds — Two Individuals / Husband and Wife to Three Individuals, which include: 1. General Lakeland Florida Enhanced Life Estate or Lady Bird Deed: This type of deed grants the grantees a 100% ownership interest in the property upon the death of the granters. The granters have the right to exclude or add additional grantees during their lifetime. 2. Specific Lakeland Florida Enhanced Life Estate or Lady Bird Deed: This specific deed involves transferring a specific piece or multiple pieces of property to the grantees. The granters also reserve the right to sell, mortgage, or dispose of the property without obtaining the consent of the grantees. 3. Survivorship Lakeland Florida Enhanced Life Estate or Lady Bird Deed: In this deed, the property is initially transferred to the grantees with the granters' continued interest. However, if one of the granters passes away, their interest in the property automatically passes on to the surviving granter. After the death of both granters, the property ownership transfers to the grantees. 4. Joint Tenancy Lakeland Florida Enhanced Life Estate or Lady Bird Deed: This type of deed establishes joint ownership of the property between the granters and grantees. The granters retain a life estate interest in the property, and upon their death, the property automatically passes on to the surviving grantees. Overall, a Lakeland Florida Enhanced Life Estate or Lady Bird Deed — Two Individuals / Husband and Wife to Three Individuals offers numerous benefits for estate planning, asset protection, and peace of mind. It is crucial to consult with an experienced attorney to understand the specific legal requirements and implications of using such a deed in Lakeland, Florida.
