This form is a Quitclaim Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantees are two individuals or husband and wife. 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 Grantee, with the exception of the right to transfer the property by will. This deed complies with all state statutory laws.
A Bexar Texas Enhanced Life Estate or Lady Bird Quitclaim Deed is a legal document executed by an individual property owner to transfer their property to two individuals, usually a husband and wife, while maintaining certain rights and control over the property during their lifetime. This type of deed provides added flexibility and benefits to the granter, commonly referred to as the "life tenant." The Bexar Texas Enhanced Life Estate, also known as the "Lady Bird Deed," is named after Lady Bird Johnson, former First Lady of the United States, who popularized this type of estate planning tool. This enhanced life estate deed offers unique advantages and protections not typically found in traditional life estate deeds. In this deed, the granter transfers the property to the two individuals (husband and wife), referred to as the "remainder partners" or "remainder men." However, the granter reserves the rights to control, manage, and benefit from the property during their lifetime. The granter can freely sell, mortgage, or even decide to revoke the deed without the consent of the remainder men. The Bexar Texas Enhanced Life Estate or Lady Bird Quitclaim Deed provides specific benefits to the granter, including: 1. Medicaid Planning: Since the granter retains the right to sell or mortgage the property, it helps to protect the property from being counted as an asset for Medicaid qualification purposes. 2. Capital Gains Tax Exemption: The transfer of property through this deed may potentially provide a step-up in cost basis for the remainder men upon the granter's passing, thus minimizing or eliminating capital gains taxes on any appreciation. 3. Probate Avoidance: Upon the granter's death, the property automatically passes to the remainder men, bypassing the need for probate proceedings. It is important to note that the Bexar Texas Enhanced Life Estate or Lady Bird Quitclaim Deed has variations and different terms depending on the specific circumstances. Some of these variations may include: — Bexar Texas Enhanced Life Estate with Power of Sale: This variation allows the granter to sell the property during their lifetime, providing additional flexibility and control. — Bexar Texas Enhanced Life Estate with Right of Revocation: This variation grants the granter the ability to revoke the deed and regain full ownership of the property at any time before their death. — Bexar Texas Enhanced Life Estatremainderer Mann's Approval: In this variation, the granter requires the consent or approval of the remainder men before selling or mortgaging the property. Overall, the Bexar Texas Enhanced Life Estate or Lady Bird Quitclaim Deeds provide a useful estate planning tool for individuals who wish to transfer property while maintaining control and benefits during their lifetime. It is advisable to consult with a qualified attorney to understand the specific legal implications and tailor the deed to individual needs.A Bexar Texas Enhanced Life Estate or Lady Bird Quitclaim Deed is a legal document executed by an individual property owner to transfer their property to two individuals, usually a husband and wife, while maintaining certain rights and control over the property during their lifetime. This type of deed provides added flexibility and benefits to the granter, commonly referred to as the "life tenant." The Bexar Texas Enhanced Life Estate, also known as the "Lady Bird Deed," is named after Lady Bird Johnson, former First Lady of the United States, who popularized this type of estate planning tool. This enhanced life estate deed offers unique advantages and protections not typically found in traditional life estate deeds. In this deed, the granter transfers the property to the two individuals (husband and wife), referred to as the "remainder partners" or "remainder men." However, the granter reserves the rights to control, manage, and benefit from the property during their lifetime. The granter can freely sell, mortgage, or even decide to revoke the deed without the consent of the remainder men. The Bexar Texas Enhanced Life Estate or Lady Bird Quitclaim Deed provides specific benefits to the granter, including: 1. Medicaid Planning: Since the granter retains the right to sell or mortgage the property, it helps to protect the property from being counted as an asset for Medicaid qualification purposes. 2. Capital Gains Tax Exemption: The transfer of property through this deed may potentially provide a step-up in cost basis for the remainder men upon the granter's passing, thus minimizing or eliminating capital gains taxes on any appreciation. 3. Probate Avoidance: Upon the granter's death, the property automatically passes to the remainder men, bypassing the need for probate proceedings. It is important to note that the Bexar Texas Enhanced Life Estate or Lady Bird Quitclaim Deed has variations and different terms depending on the specific circumstances. Some of these variations may include: — Bexar Texas Enhanced Life Estate with Power of Sale: This variation allows the granter to sell the property during their lifetime, providing additional flexibility and control. — Bexar Texas Enhanced Life Estate with Right of Revocation: This variation grants the granter the ability to revoke the deed and regain full ownership of the property at any time before their death. — Bexar Texas Enhanced Life Estatremainderer Mann's Approval: In this variation, the granter requires the consent or approval of the remainder men before selling or mortgaging the property. Overall, the Bexar Texas Enhanced Life Estate or Lady Bird Quitclaim Deeds provide a useful estate planning tool for individuals who wish to transfer property while maintaining control and benefits during their lifetime. It is advisable to consult with a qualified attorney to understand the specific legal implications and tailor the deed to individual needs.
