Mi Lady Bird Deed With Michigan
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FAQ
A Lady Bird did will not uncap or affect your property tax and does not increase your property's taxable value. The Lady Bird deed does not transfer until the owner's death and therefore, since there is no transfer until death, the property tax is not uncapped.
In Michigan, a Lady Bird Deed is very easy to use. You sign a deed giving your property to your chosen heirs, but you retain the right to use the property during your lifetime. You also retain the right to sell, give away, or mortgage the property.
Yes! In fact, lady bird deeds are considered an important estate planning resource and are very often an important part of a Michigan families estate plan.
Using a Lady Bird Deed in Michigan allows you to retain control of your property during your lifetime, meaning that you can still sell or mortgage your property at any time if you want. A Lady Bird Deed can also offer some protection from the creditors of your beneficiaries.
One of the significant benefits of a Lady Bird Deed is the low cost it attracts in creating it and helping your beneficiaries avoid probate court. Counties charge a recording fee, typically $30, in Michigan. You will also incur legal fees. While the cost varies, it's typically less than $500.