Estate Lady Deed With Life
Description
How to fill out Florida Enhanced Life Estate Or Lady Bird Deed - Two Individual / Husband And Wife To Individual?
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FAQ
In addition, life estates allow the owner to control the property in all respects, except that they cannot sell or mortgage the property without the consent of their heirs. If created in a timely manner, a life estate can even help its creator qualify for Medicaid assistance.
There is no simple way to reverse a life estate because a life estate deed is a legal transfer of the title of a property. This is legally binding and the transaction is complete when the life estate is executed. Essentially, in order to reverse a life estate both parties would need to agree to make it happen.
One disadvantage of using a Lady Bird deed alone is that it's not the most flexible solution. The document may need additional work if you wish to leave your assets to multiple beneficiaries. New circumstances may make you change your mind about your initially chosen beneficiary or the transfer.
An additional potential problem with a Life Estate is that it does not offer creditor protection to the beneficiary, so if the heir has a debt or is sued, the creditor or court can come after the house. As you can see, a traditional Life Estate has the potential to create major conflict within a family.
Disadvantages. The downside is that property transferred via a lady bird deed will be subject to a new tax assessment that could (and often does) result in higher property taxes generally.