This form is a Quitclaim Deed with a retained Enhanced Life Estate where the Grantors are two individuals or husband and wife and the Grantees are two individuals or husband and wife. It is also known as a "Lady Bird" Deed. Grantors conveys the property to Grantees subject to a retained enhanced life estate. The Grantors retains the right to sell, encumber, mortgage or otherwise impair the interest Grantees might receive in the future, without joinder or notice to Grantees, with the exception of the right to transfer the property by will. This deed complies with all state statutory laws.
A Lansing Michigan Enhanced Life Estate or Lady Bird Deed is a specialized legal instrument that allows two individuals, typically a husband and wife, to transfer their real estate property to another set of individuals, again typically a husband and wife, while retaining the right to live in the property for the duration of their lives. This type of deed provides numerous benefits, including avoiding probate and potentially preserving Medicaid eligibility. The Lansing Michigan Enhanced Life Estate or Lady Bird Deed is specifically designed to give the original owners, known as the granters, the ability to maintain control and possession of their property during their lifetimes. It allows them to freely sell, mortgage, or transfer the property without obtaining consent from the grantees (the individuals receiving the property after the granters' passing). The grantees only receive full ownership rights upon the granters' death. This type of deed also offers certain advantages in terms of Medicaid planning. By transferring the property via a Lansing Michigan Enhanced Life Estate or Lady Bird Deed, the granters can potentially protect the property from being subject to Medicaid estate recovery. This means that if one or both of the granters require Medicaid assistance for long-term care, the property will not be counted as an asset that needs to be sold to repay the costs of care. There are additional variations and options within the Lansing Michigan Enhanced Life Estate or Lady Bird Deed framework. For example, there are "joint tenants with full rights of survivorship" and "tenants in common" options available, which offer different ways to define ownership and survivorship rights for the grantees. Overall, a Lansing Michigan Enhanced Life Estate or Lady Bird Deed is a powerful estate planning tool that allows individuals to retain control over their property while ensuring a smooth transfer of ownership after their passing. It provides peace of mind to both the granters and the grantees, all while potentially protecting assets and avoiding the costly and time-consuming probate process.
