This form is a Quitclaim Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantees are four 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.
A Bird deed statement with trust, also known as an enhanced life estate deed or an enhanced lady bird deed, is a legal document commonly used in real estate planning. It serves as a means for property owners to transfer their property while retaining certain rights and benefits during their lifetime. This type of deed provides added flexibility and control to the property owner, allowing for the avoidance of probate and the potential to secure Medicaid eligibility. A Bird deed statement with trust works by conveying a property to a named beneficiary while allowing the property owner (granter) to retain control and benefits during their lifetime. Unlike traditional deeds, this type of deed allows the granter to remain on the property title as a life tenant, which means they can continue to live on the property, make modifications, and enjoy proceeds from any potential sale. One important feature of the Bird deed statement with trust is the ability to designate a remainder beneficiary. The remainder beneficiary, typically a family member, will automatically gain ownership of the property upon the granter's death without going through probate. This feature bypasses the need for a will or trust to distribute the property, saving time and money. Another significant advantage of a Bird deed statement with trust is its potential impact on Medicaid eligibility. In certain cases, when structured correctly, the property transferred through this type of deed may be excluded from Medicaid asset calculations. This exemption can be especially important for individuals who may require long-term care and want to preserve their eligibility for government assistance. It is worth noting that the specific name "Bird deed statement with trust" may vary from state to state. While some states use the term "Bird deed," others may refer to it as an "enhanced life estate deed" or "enhanced lady bird deed." Despite the different names, these types of deeds typically serve the same purpose of allowing property owners to transfer their property while maintaining control and benefits during their lifetime. In conclusion, a Bird deed statement with trust is a powerful estate planning tool that enables property owners to convey their property to a beneficiary while retaining certain rights and benefits. Its flexible nature, avoidance of probate, and potential impact on Medicaid eligibility make it an attractive option for individuals looking to secure their assets and provide for their loved ones.
