This form is a Warranty Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantee is an individual. Grantor conveys the property to Grantee subject to an enhanced retained life estate. The Grantor retains the right to sell, encumber, mortgage or otherwise impair the interest Grantee might receive in the future, without joinder or notice to Grantee, with the exception of the right to transfer the property by will. The Grantee must survive the Grantor or the conveyaqnce is null and void. This deed complies with all state statutory laws.
The purpose of a Lady Bird Deed is to provide a specific type of estate planning tool that allows individuals to have control over their real estate assets while avoiding the probate process. Also known as an Enhanced Life Estate Deed, it allows a person to transfer their property to a beneficiary while retaining certain rights and benefits during their lifetime. This legal instrument is often used for Medicaid planning and preserving the property's value for the intended beneficiaries. Lady Bird Deeds are particularly helpful when it comes to Medicaid eligibility. By retaining a life estate with a reserved power of sale or the ability to revoke the deed, the granter can maintain control over their property while potentially qualifying for Medicaid benefits. This means that they can continue living in and using the property during their lifetime, and it will not be included in their Medicaid estate, thus protecting it from potential Medicaid recovery after their passing. The Lady Bird Deed differs from a standard life estate deed because it allows the granter to retain the power to sell, mortgage, or transfer the property without the need for the beneficiary's permission. This enables flexibility in managing the property during the granter's lifetime, avoiding the need for consent from the beneficiary. There are two common types of Lady Bird Deeds: Traditional Lady Bird Deeds and Enhanced Life Estate Deeds. The Traditional Lady Bird Deed typically allows the granter to retain a life estate while also maintaining the right to sell, mortgage, or lease the property without the beneficiary's consent. On the other hand, the Enhanced Life Estate Deed goes a step further by providing Medicaid planning benefits, allowing the granter to qualify for Medicaid while preserving the property for the beneficiaries. In conclusion, the Purpose of a Lady Bird Deed is to empower individuals to retain control over their real estate assets while ensuring a smooth transfer to their intended beneficiaries upon their passing. By utilizing a Lady Bird Deed, individuals can address Medicaid planning concerns, preserve property for loved ones, and avoid the time-consuming probate process. It is important to consult with an experienced estate planning attorney to determine if a Lady Bird Deed is appropriate for your specific situation.
