Michigan Life Estate With Powers
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How to fill out Michigan Enhanced Life Estate Or Lady Bird Deed - Individual To Four Individuals?
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FAQ
However it also has distinct drawbacks. The person who creates the life estate (the grantor) and the beneficiary share an ownership interest in the property, so once a life estate has been established it can't be changed without both of their consent.
What are the pros and cons of life estates? Avoid probate. Possible tax breaks for the life tenant. Reduced capital gains taxes for remainderman after death of life tenant. Capital gains taxes for remainderman if property sold while life tenant still alive. Remainderman's financial problems can affect the life tenant.
A life tenant does not have complete control over the property because they do not own the whole bundle of rights. The life tenant cannot sell, mortgage or in any way transfer or encumber the property. If either party wants to sell the property, both the life tenant and remainderman must agree.
Disadvantages. The downside is that property transferred via a lady bird deed will be subject to a new tax assessment that could (and often does) result in higher property taxes generally.
A life estate deed is a legal document that changes the ownership of a property while allowing you to live there until death. It might be useful for those wanting to avoid the probate process in Michigan, ensure the future ownership of their property, or even qualify for Medicaid.