This form is a Quitclaim Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantee is a Trust. It is also known as a "Lady Bird" Deed. Grantor conveys the property to Grantee subject to a retained enhanced 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.
The Detroit Michigan Enhanced Life Estate or Lady Bird Deed — Individual to a Trust is a legal document used in estate planning that allows individuals to transfer ownership of their property to a trust while retaining certain rights and benefits during their lifetime. This type of deed is named after former First Lady Bird Johnson, who utilized a similar document to transfer property to her children while maintaining control and use of the property. A Lady Bird Deed provides a unique advantage by allowing the granter (property owner) to avoid probate upon their death, while still benefiting from the property during their lifetime. It is commonly used for real estate or residential property transfers in the state of Michigan. The enhanced life estate aspect of the Lady Bird Deed grants the granter the right to occupy and use the property for the duration of their life. They have the capability to sell, mortgage, or even transfer the property without seeking permission from the beneficiaries or the trust. However, if the granter decides to sell the property, the proceeds will be subject to claims by Medicaid. The Lady Bird Deed can also be considered a Medicaid planning tool, as the property will not face a Medicaid lien during the granter's lifetime. By transferring the property to a trust, the granter can protect the property from being used to pay off long-term care costs, thereby preserving it for their chosen beneficiaries. There are no specific variations or types of the Detroit Michigan Enhanced Life Estate or Lady Bird Deed — Individual to a Trust. However, it is important to consult with an attorney experienced in estate planning to ensure that the deed is properly executed, meets the specific requirements in the state of Michigan, and aligns with the granter's wishes and goals for their property and assets.The Detroit Michigan Enhanced Life Estate or Lady Bird Deed — Individual to a Trust is a legal document used in estate planning that allows individuals to transfer ownership of their property to a trust while retaining certain rights and benefits during their lifetime. This type of deed is named after former First Lady Bird Johnson, who utilized a similar document to transfer property to her children while maintaining control and use of the property. A Lady Bird Deed provides a unique advantage by allowing the granter (property owner) to avoid probate upon their death, while still benefiting from the property during their lifetime. It is commonly used for real estate or residential property transfers in the state of Michigan. The enhanced life estate aspect of the Lady Bird Deed grants the granter the right to occupy and use the property for the duration of their life. They have the capability to sell, mortgage, or even transfer the property without seeking permission from the beneficiaries or the trust. However, if the granter decides to sell the property, the proceeds will be subject to claims by Medicaid. The Lady Bird Deed can also be considered a Medicaid planning tool, as the property will not face a Medicaid lien during the granter's lifetime. By transferring the property to a trust, the granter can protect the property from being used to pay off long-term care costs, thereby preserving it for their chosen beneficiaries. There are no specific variations or types of the Detroit Michigan Enhanced Life Estate or Lady Bird Deed — Individual to a Trust. However, it is important to consult with an attorney experienced in estate planning to ensure that the deed is properly executed, meets the specific requirements in the state of Michigan, and aligns with the granter's wishes and goals for their property and assets.
