Also known as a "Lady Bird" Deed, this form is a Warranty Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantees are two individuals or husband and wife. 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.
San Angelo Texas Lady Bird or Enhanced Life Estate Warranty Deed from Individual to Two Individuals or Husband and Wife refers to a specific type of real estate transfer document that allows an individual to transfer their property to two people, specifically a husband and wife, while maintaining certain rights and benefits during their lifetime. This type of deed is commonly used in estate planning and offers unique advantages such as protection, control, and flexibility. In San Angelo, Texas, there are two main variations of this deed: the Lady Bird Deed and the Enhanced Life Estate Warranty Deed. Let's delve into each type and explore their key characteristics and benefits. 1. Lady Bird Deed: The Lady Bird Deed, named after former First Lady, Lady Bird Johnson, is a popular and flexible option for property transfer in San Angelo, Texas. This deed allows an individual, commonly the granter or current property owner, to convey their property to two individuals, often a husband and wife, while also retaining certain rights and control during their lifetime. Key features and benefits of the Lady Bird Deed include: a) Retained Rights: The granter retains certain rights, such as the ability to sell, mortgage, or lease the property without consent from the new owners. b) Homestead Exemption: The property remains eligible for homestead exemption, meaning the granter can enjoy property tax benefits available to primary residents. c) Medicaid Planning: The Lady Bird Deed can help protect the property from Medicaid estate recovery, allowing granters to potentially qualify for Medicaid benefits in the future. d) Probate Avoidance: Upon the granter's death, the property transfers directly to the named individuals, bypassing the probate process. 2. Enhanced Life Estate Warranty Deed: The Enhanced Life Estate Warranty Deed, also known as the "Lady Bird Plus" Deed, is a modified version of the Lady Bird Deed. This type of deed offers similar benefits and features, with an additional protection measure to prevent creditors' claims against the property during the granter's lifetime. Key features and benefits of the Enhanced Life Estate Warranty Deed include: a) Retained Rights: Like the Lady Bird Deed, the granter retains various rights over the property during their lifetime. b) Homestead Exemption: The property remains eligible for homestead exemption, providing property tax benefits to the granter. c) Medicaid Planning: The Enhanced Life Estate Warranty Deed shields the property from Medicaid estate recovery, enabling the granter to potentially qualify for Medicaid benefits. d) Creditor Protection: This deed includes a provision that shields the property from creditors' claims during the granter's lifetime. In conclusion, these San Angelo Texas Lady Bird or Enhanced Life Estate Warranty Deeds offer property owners the opportunity to transfer their property to two individuals, typically a husband and wife, while retaining specific rights and benefits during their lifetime. Whether one chooses the Lady Bird Deed or the Enhanced Life Estate Warranty Deed, both options provide advantages such as probate avoidance, Medicaid planning, homestead exemption, and retained control. These deeds are highly regarded for their flexibility and protective measures, making them essential tools for estate planning in San Angelo, Texas.San Angelo Texas Lady Bird or Enhanced Life Estate Warranty Deed from Individual to Two Individuals or Husband and Wife refers to a specific type of real estate transfer document that allows an individual to transfer their property to two people, specifically a husband and wife, while maintaining certain rights and benefits during their lifetime. This type of deed is commonly used in estate planning and offers unique advantages such as protection, control, and flexibility. In San Angelo, Texas, there are two main variations of this deed: the Lady Bird Deed and the Enhanced Life Estate Warranty Deed. Let's delve into each type and explore their key characteristics and benefits. 1. Lady Bird Deed: The Lady Bird Deed, named after former First Lady, Lady Bird Johnson, is a popular and flexible option for property transfer in San Angelo, Texas. This deed allows an individual, commonly the granter or current property owner, to convey their property to two individuals, often a husband and wife, while also retaining certain rights and control during their lifetime. Key features and benefits of the Lady Bird Deed include: a) Retained Rights: The granter retains certain rights, such as the ability to sell, mortgage, or lease the property without consent from the new owners. b) Homestead Exemption: The property remains eligible for homestead exemption, meaning the granter can enjoy property tax benefits available to primary residents. c) Medicaid Planning: The Lady Bird Deed can help protect the property from Medicaid estate recovery, allowing granters to potentially qualify for Medicaid benefits in the future. d) Probate Avoidance: Upon the granter's death, the property transfers directly to the named individuals, bypassing the probate process. 2. Enhanced Life Estate Warranty Deed: The Enhanced Life Estate Warranty Deed, also known as the "Lady Bird Plus" Deed, is a modified version of the Lady Bird Deed. This type of deed offers similar benefits and features, with an additional protection measure to prevent creditors' claims against the property during the granter's lifetime. Key features and benefits of the Enhanced Life Estate Warranty Deed include: a) Retained Rights: Like the Lady Bird Deed, the granter retains various rights over the property during their lifetime. b) Homestead Exemption: The property remains eligible for homestead exemption, providing property tax benefits to the granter. c) Medicaid Planning: The Enhanced Life Estate Warranty Deed shields the property from Medicaid estate recovery, enabling the granter to potentially qualify for Medicaid benefits. d) Creditor Protection: This deed includes a provision that shields the property from creditors' claims during the granter's lifetime. In conclusion, these San Angelo Texas Lady Bird or Enhanced Life Estate Warranty Deeds offer property owners the opportunity to transfer their property to two individuals, typically a husband and wife, while retaining specific rights and benefits during their lifetime. Whether one chooses the Lady Bird Deed or the Enhanced Life Estate Warranty Deed, both options provide advantages such as probate avoidance, Medicaid planning, homestead exemption, and retained control. These deeds are highly regarded for their flexibility and protective measures, making them essential tools for estate planning in San Angelo, Texas.
