This form is a Enhanced Life Estate Deed, a.k.a. a Lady Bird Deed, where the Grantors are two individuals, or husband and wife, and the Grantee is a Trust. This transfer is revocable by either Grantor until their death and effective only upon the death of the last surviving Grantor. This deed complies with all state statutory laws.
The Sterling Heights Michigan Enhanced Life Estate or Lady Bird Warranty Deed from Two Individuals/Husband & Wife to a Trust is a legal document that allows couples to transfer their property to a trust while retaining certain rights and control during their lifetime. This type of deed offers enhanced flexibility, asset protection, and the ability to avoid probate. In Sterling Heights, Michigan, there are different variations of this deed, each serving a different purpose or including specific provisions. Some commonly known types include: 1. Enhanced Life Estate Deed: This type of deed allows individuals to transfer their property to a trust while preserving their right to use and live in the property during their lifetime. The individual retains full control and has the right to sell, mortgage, or modify the property without seeking permission from the trust. 2. Lady Bird Warranty Deed: Often referred to as an Enhanced Life Estate Deed with Retained Powers, the Lady Bird Warranty Deed enables individuals to transfer their property to a trust while reserving certain powers such as the right to sell, lease, or even revoke the trust entirely. This type of deed provides maximum flexibility and control for the granters. 3. Enhanced Life Estate Deed with Medicaid Planning: Designed specifically for individuals concerned about long-term care costs and becoming eligible for Medicaid, this type of deed enables granters to transfer their property to a trust while potentially safeguarding their assets from Medicaid recovery. It allows the granters to retain the right to use and occupy the property, potentially protecting it from being counted as an available asset in Medicaid eligibility calculations. The Sterling Heights Michigan Enhanced Life Estate or Lady Bird Warranty Deed from Two Individuals/Husband & Wife to a Trust is an invaluable tool for estate planning, providing individuals with the ability to maintain control and enjoyment of their property while seamlessly transferring it to their trust. This ensures smooth asset management, distribution, and potential asset protection for future generations.The Sterling Heights Michigan Enhanced Life Estate or Lady Bird Warranty Deed from Two Individuals/Husband & Wife to a Trust is a legal document that allows couples to transfer their property to a trust while retaining certain rights and control during their lifetime. This type of deed offers enhanced flexibility, asset protection, and the ability to avoid probate. In Sterling Heights, Michigan, there are different variations of this deed, each serving a different purpose or including specific provisions. Some commonly known types include: 1. Enhanced Life Estate Deed: This type of deed allows individuals to transfer their property to a trust while preserving their right to use and live in the property during their lifetime. The individual retains full control and has the right to sell, mortgage, or modify the property without seeking permission from the trust. 2. Lady Bird Warranty Deed: Often referred to as an Enhanced Life Estate Deed with Retained Powers, the Lady Bird Warranty Deed enables individuals to transfer their property to a trust while reserving certain powers such as the right to sell, lease, or even revoke the trust entirely. This type of deed provides maximum flexibility and control for the granters. 3. Enhanced Life Estate Deed with Medicaid Planning: Designed specifically for individuals concerned about long-term care costs and becoming eligible for Medicaid, this type of deed enables granters to transfer their property to a trust while potentially safeguarding their assets from Medicaid recovery. It allows the granters to retain the right to use and occupy the property, potentially protecting it from being counted as an available asset in Medicaid eligibility calculations. The Sterling Heights Michigan Enhanced Life Estate or Lady Bird Warranty Deed from Two Individuals/Husband & Wife to a Trust is an invaluable tool for estate planning, providing individuals with the ability to maintain control and enjoyment of their property while seamlessly transferring it to their trust. This ensures smooth asset management, distribution, and potential asset protection for future generations.
