This form is a Quitclaim Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantees are four individuals. It is also known as a "Lady Bird" Deed. Grantor conveys the property to Grantees subject to an enhanced retained life estate. The Grantor 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.
An Ann Arbor Michigan Enhanced Life Estate or Lady Bird Deed is a legal document that allows an individual to transfer their property to four individuals while retaining control and ownership during their lifetime. This estate planning tool offers several advantages and keywords associated with this type of deed include: 1. Enhanced Life Estate: An Enhanced Life Estate refers to the modification of a traditional life estate deed by granting the original property owner additional rights and powers, such as the ability to sell, mortgage, or lease the property without the consent of the remainder beneficiaries. 2. Lady Bird Deed: A Lady Bird Deed is a specific type of Enhanced Life Estate Deed that is named after Lady Bird Johnson, the former First Lady of the United States. It is also known as an "enhanced" or "transferred on death" deed. 3. Property Transfer: The main purpose of an Ann Arbor Michigan Enhanced Life Estate or Lady Bird Deed is to facilitate the transfer of property from an individual to four other individuals. The property owner can name the beneficiaries of the deed, usually family members or close relatives, who will inherit the property upon the owner's passing. 4. Retention of Control: One key feature of a Lady Bird Deed is that the original property owner retains complete control and ownership rights over the property during their lifetime. They can live in, use, sell, or mortgage the property without seeking permission from the remainder beneficiaries. 5. Avoidance of Probate: By utilizing an Enhanced Life Estate or Lady Bird Deed, the property can be transferred directly to the named beneficiaries upon the owner's death, bypassing the probate process. This can save time, money, and potential conflicts among heirs. 6. Medicaid Planning: Another significant benefit of an Ann Arbor Michigan Enhanced Life Estate or Lady Bird Deed is its potential to protect the property from being counted as an asset for Medicaid eligibility purposes. By retaining a life estate, the property owner can potentially qualify for Medicaid benefits while still passing the property to their chosen beneficiaries. In summary, an Ann Arbor Michigan Enhanced Life Estate or Lady Bird Deed is a valuable estate planning tool that allows an individual to transfer their property to four individuals while maintaining control and ownership during their lifetime. This type of deed offers benefits such as avoidance of probate, retention of control, and potential Medicaid planning advantages. Different variations of Enhanced Life Estate or Lady Bird Deeds may exist, but the overarching goal is to ensure a smooth and secure transfer of property to designated beneficiaries.An Ann Arbor Michigan Enhanced Life Estate or Lady Bird Deed is a legal document that allows an individual to transfer their property to four individuals while retaining control and ownership during their lifetime. This estate planning tool offers several advantages and keywords associated with this type of deed include: 1. Enhanced Life Estate: An Enhanced Life Estate refers to the modification of a traditional life estate deed by granting the original property owner additional rights and powers, such as the ability to sell, mortgage, or lease the property without the consent of the remainder beneficiaries. 2. Lady Bird Deed: A Lady Bird Deed is a specific type of Enhanced Life Estate Deed that is named after Lady Bird Johnson, the former First Lady of the United States. It is also known as an "enhanced" or "transferred on death" deed. 3. Property Transfer: The main purpose of an Ann Arbor Michigan Enhanced Life Estate or Lady Bird Deed is to facilitate the transfer of property from an individual to four other individuals. The property owner can name the beneficiaries of the deed, usually family members or close relatives, who will inherit the property upon the owner's passing. 4. Retention of Control: One key feature of a Lady Bird Deed is that the original property owner retains complete control and ownership rights over the property during their lifetime. They can live in, use, sell, or mortgage the property without seeking permission from the remainder beneficiaries. 5. Avoidance of Probate: By utilizing an Enhanced Life Estate or Lady Bird Deed, the property can be transferred directly to the named beneficiaries upon the owner's death, bypassing the probate process. This can save time, money, and potential conflicts among heirs. 6. Medicaid Planning: Another significant benefit of an Ann Arbor Michigan Enhanced Life Estate or Lady Bird Deed is its potential to protect the property from being counted as an asset for Medicaid eligibility purposes. By retaining a life estate, the property owner can potentially qualify for Medicaid benefits while still passing the property to their chosen beneficiaries. In summary, an Ann Arbor Michigan Enhanced Life Estate or Lady Bird Deed is a valuable estate planning tool that allows an individual to transfer their property to four individuals while maintaining control and ownership during their lifetime. This type of deed offers benefits such as avoidance of probate, retention of control, and potential Medicaid planning advantages. Different variations of Enhanced Life Estate or Lady Bird Deeds may exist, but the overarching goal is to ensure a smooth and secure transfer of property to designated beneficiaries.
