Lady Bird Deed Michigan Pros And Cons
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FAQ
Pros and cons of a lady bird deed Avoid probate. ... Maintain rights to use, sell and profit from the property during your lifetime. ... Maintain Medicaid eligibility. ... Prevent property from being used to repay Medicaid benefit costs. ... Avoid federal gift tax.
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.
Disadvantages of a Lady Bird deed If you plan to apply for a mortgage on the property, some title insurance companies may be reluctant to provide title insurance on property subject to a Lady Bird deed. You want to leave the property to more than one grantee. There is a fairly large mortgage balance on the property.
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.