Mi Lady Bird Deed With Trust
Description
How to fill out Michigan Enhanced Life Estate Or Lady Bird Deed - Individual To Four Individuals?
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FAQ
Disadvantages of a lady bird deed Available in only five states. Lady bird deeds are currently used only in Florida, Texas, Michigan, Vermont and West Virginia. ... Property taxes may be higher for the beneficiary. States may increase the taxable value of a property when it transfers to your beneficiary when you die.
A Lady Bird Deed is an estate planning tool that enables a Medicaid beneficiary to protect their home as an inheritance from their state's Medicaid Estate Recovery Program. A Lady Bird (Ladybird) Deed goes by a variety of names, including an Enhanced Life Estate Deed, Lady Bird Trust, and a Transfer on Death Deed.
Like a Lady Bird Deed, a trust avoids probate. Unlike a Lady Bird Deed, however, the assets that can be in a trust are more than just the family home. So, for those who have extensive assets or want to protect more than just the family home, a trust can be a good estate planning tool to use.
The Ladybird deed should be recorded at the Register of Deeds office in the county in which the property is located. The Ladybird deed only becomes active once the grantor(s) passes away and his/her death certificate is recorded with the register of deeds.
After the death of the life estate holder, the lady bird deed automatically transfers ownership of the property to the remainder beneficiaries. The remainder beneficiaries should record a copy of the death certificate in the county where the property is located.