Transfer your family home with your Ladybird deed lawyer in Broward County.
When you purchase a house in Broward County, you’ve chosen the perfect location to experience Florida’s coastal beauty, the vibrant culture found in nearby Miami, and the bustling activity of Fort Lauderdale. A Ladybird Deed can help you secure a seamless property succession for your heirs. A Ladybird deed is an enhanced life estate deed with some legal complexity. Your attorney at The Millman Law Group has handled these estate planning documents before and can advise you on whether they are a good match.
Florida is one of several states that provide this sort of deed named after First Lady “Lady Bird” Johnson. When the Johnsons intended to leave their children ownership of their property while maintaining control throughout their lifetime, they worked with their attorney to draft the Lady Bird deed. Call Aaron D. Millman, Esq., CPA, and the rest of The Millman Law Group’s professional staff to speak with a ladybird deed lawyer in Broward County.
How Do Lady Bird Deeds Compare to Standard Life Estate Deeds?
Ladybird deeds are enhanced life estate deeds. Real estate can be sold, mortgaged, or leased using this deed without the future beneficiaries’ permission. When you utilize a standard life estate deed, you give up total control over the property even before you die. Any assets protected by a Lady Bird deed are transferred directly to your selected beneficiaries when you pass away, circumventing the probate process.
Is a Ladybird Deed Right for Your Broward County Home?
A Lady Bird deed allows families to avoid having their property legally transferred to a beneficiary through probate. Ladybird deeds offer several more tempting benefits:
- Your relatives are exempt from probate fees.
- Assets are safe from property claims filed against the recipient.
- You do not require authorization from beneficiaries to change or sell the property.
- Improve your eligibility for Medicaid benefits.
- You can avoid the federal gift tax.
- Your home remains your homestead and is shielded against judgments.
- You can revoke a deed, sell, or mortgage a property.
- Your relatives are spared the trouble, cost, and exposure that comes with probate.
How Can a Lady Bird Deed Help You Avoid Probate?
Working with a Ladybird deed lawyer in Broward County may help you guarantee that your assets are passed on to your heirs after you die. Using the Lady Bird deed for your property allows you to avoid probate. Your family will appreciate the smooth ownership transfer during this challenging time.
How Does Your Ladybird Deed Influence Medicaid Eligibility?
If you want to apply for Medicaid and long-term care, a Ladybird Deed may be the best option for your estate plan. To be eligible for Medicaid, you must meet specific requirements, such as having all of your assets under a specific amount. You may be ineligible for benefits if you use a standard Life Estate Deed to avoid probate and include the value of your property as an asset. This cannot be accomplished with a Lady Bird Deed since it is not considered a transfer.
Medicaid may file a claim against the deceased’s probate estate to recover the benefits paid. The property on the Ladybird deed is not part of the probate estate since it bypasses the probate procedure. Contact a ladybird deed lawyer in Broward County now to manage your assets and protect your property.
Contact The Millman Law Group and Your Ladybird Deed Lawyer in Broward County
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.