This form is a Quitclaim Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantee is an individual. It is also known as a "Lady Bird" Deed. Grantor conveys the property to Grantee subject to an enhanced retained life estate. The Grantor retains the right to sell, encumber, mortgage or otherwise impair the interest Grantee might receive in the future, without joinder or notice to Grantee, with the exception of the right to transfer the property by will. This deed complies with all state statutory laws.
Lansing Michigan Enhanced Life Estate or Lady Bird Deed — Individual to Individual is a type of deed commonly used in estate planning to transfer property to another individual while retaining enhanced rights during the granter's lifetime. This unique estate planning tool offers several benefits and is frequently utilized in Lansing, Michigan, and other states. The Lady Bird Deed, also known as an Enhanced Life Estate Deed, is one variation of this type of deed. It derives its name from former First Lady, Lady Bird Johnson, as she reportedly used this method to transfer her property. By utilizing this deed, individuals can transfer their property to another individual while maintaining control and enjoying certain rights until their demise. The Lansing Michigan Enhanced Life Estate or Lady Bird Deed provides the granter with the ability to retain control over the property, including the right to live on or lease it, collect rent, and make any desired changes or improvements. This unique feature sets it apart from traditional life estate deeds, where the granter typically loses such rights. Moreover, this type of deed enables the granter to bypass probate, ensuring a smoother transfer of property to the named beneficiary upon the granter's passing. This can save both time and money for the granter's heirs. Additionally, the property transferred through a Lady Bird Deed receives a step-up in cost basis, potentially minimizing capital gains taxes for the beneficiary in the future. Other potential benefits of utilizing a Lansing Michigan Enhanced Life Estate or Lady Bird Deed include protecting the property from Medicaid recapture or liens that may arise due to long-term care costs. This makes it an attractive estate planning solution for individuals seeking to preserve their property for their loved ones while safeguarding their assets in case of unforeseen circumstances. In Lansing, Michigan, there may be variations or specific regulations pertaining to Lady Bird Deeds or Enhanced Life Estate Deeds. It is advisable to consult with an experienced estate planning attorney to ensure compliance with local laws and to fully understand the process, benefits, and implications associated with this type of deed. In conclusion, the Lansing Michigan Enhanced Life Estate or Lady Bird Deed — Individual to Individual is a powerful estate planning tool that allows individuals to transfer property while retaining control and enjoying enhanced rights during their lifetime. It offers several advantages, including the avoidance of probate, potential tax benefits, and protection against Medicaid recapture. Consulting with a knowledgeable lawyer can help navigate through any specific requirements or variations related to this type of deed in Lansing, Michigan.
