Fl Enhanced Life With Mak
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
Florida Lady Bird deeds are a type of life estate deed. Whereas both types of deeds are typically used for probate avoidance, traditional life estate deeds prohibit the life estate holder from selling, transferring or encumbering the subject property without the explicit consent of the remainder beneficiaries.
The difference in a life estate deed versus the enhanced life estate deed (aka Lady Bird Deed) is that unlike a regular life estate deed, with an enhanced life estate deed you retain the ability to sell or mortgage your interests in the property during your lifetime.
A Florida Enhanced Life Estate Deed can help avoid probate, speed up the transfer of a property upon death, maintain the ability to use the fair market value of the property at the time of death as a cost basis (lowers income taxes upon sale), and maintain Medicaid eligibility.
The Lady Bird Deed, also known as a Florida Enhanced Life Estate Deed, is a specialized life estate deed designed to seamlessly transfer property ownership upon the death of the owner(s) without the need for probate.
In Florida, a property owner technically can prepare their own Lady Bird deed (also known as an Enhanced Life Estate Deed).