This form is a Quitclaim Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantees are three individuals. It is also known as a "Lady Bird" Deed. 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 Grantees, with the exception of the right to transfer the property by will. This deed complies with all state statutory laws.
Lady Bird Deed Michigan Pros And Cons
State:
Michigan
Control #:
MI-05-82
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Word;
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How to fill out Michigan Enhanced Life Estate Or Lady Bird Deed - Individual To Three Individuals?
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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.