Call your ladybird deed lawyer in Boca Raton to successfully plan for your estate.
What is a Ladybird Deed? The Millman Law Group of Florida has extensive experience navigating this type of enhanced Life Estate Deed, as Florida is one of several states that offer this estate planning tool. This type of Life Estate Deed gets its name from its connection to First Lady “Lady Bird” Johnson. She and President Johnson wanted to transfer their property to their kids while retaining some control over it. They partnered with their lawyer to create this new Life Estate Deed. Contact The Millman Law Group today to find your Ladybird deed lawyer in Boca Raton. Our firm, led by Aaron Millman, Esq., CPA, will help you understand the benefits of this unique estate planning option.
Lady Bird Deeds vs. Traditional Life Estate Deeds
Ladybird Deeds are a type of Life Estate Deed. However, when using a Ladybird Deed, you retain the right to sell, use, mortgage, or lease a property without requiring the consent of future beneficiaries. This is the prime difference between the Lady Bird and traditional Life Estate Deeds. If you still own a property at the time of death, it passes directly to your chosen beneficiaries without passing through probate.
Why Do People Use Ladybird Deeds in Boca Raton?
The primary reason to use a Lady Bird Deed is to prevent property from going through probate before passing on to your heirs. However, a Lady Bird Deed does come with several other appealing advantages. These include:
- The ability to qualify for Medicaid benefits
- The power to sell or mortgage a property or cancel a deed
- The protection of property from claims against the grantee
- The avoidance of federal gift taxes
- Your home remains your homestead and is protected from most judgments
- You don’t need consent to change your future beneficiaries or sell the property
- Your relatives avoid probate and expenses, time, and exposure involved in that process
Lady Bird Deeds Help Your Family Avoid Probate
When you work with your Ladybird deed lawyer in Boca Raton, you can ensure that your property goes directly to your heirs after your passing. Using the Lady Bird Deed means your property can bypass probate entirely. This saves your family time and money and means they can own the property immediately, which can be hugely beneficial during this challenging time.
Can Your Ladybird Deed Impact Medicaid?
A Ladybird Deed may be right for you if you want to apply for Medicaid and long-term care. Qualifying for Medicaid involves meeting strict requirements, including that your total asset value does not exceed a certain limit. If you use a standard Life Estate Deed to avoid probate, the value of your property will be an included asset that could disqualify you from benefits. This will not happen with a Lady Bird Deed because it is not considered a transfer.
Additionally, when a Medicaid recipient dies, Medicaid may claim the individual’s probate estate to recover the benefits paid. The Ladybird deed bypasses probate, so the property on the deed is not part of the probate estate. If you want to protect your property and control its transfer to your heirs, contact your Ladybird deed lawyer in Boca Raton today.
Contact The Millman Law Group and Your Ladybird Deed Lawyer in Boca Raton
Millman Law Group, PLLC is one of the only law firms that offers life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team specializes in special needs trusts and catering to any age demographic because we know that it’s never too early to start preparing for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, LinkedIn, and Pinterest. You can also contact us at 561-463-6480.