Prepare for the future with your ladybird deed lawyer in Deerfield Beach.
Do you own a family home in Deerfield Beach, Florida? This Southern Florida town is close to Boca Raton and contains such appealing sites as Quiet Waters Park and the International Fishing Pier. If you love living in Deerfield Beach and want to preserve your home for future generations of your family, your estate planning lawyer can help you plan for that. Aaron D. Millman, Esq., CPA, and the rest of the Millman Law Group team can help you navigate estate planning and decide whether a Ladybird deed is right for you.
Florida is one of only several states that offer this enhanced life estate deed. Named after First Lady “Lady Bird” Johnson, this deed was created by the First Family and their lawyer when they wanted a way to transfer the title of their property to their heirs while retaining control of the home during their lifetime. Call your Ladybird deed lawyer in Deerfield Beach to discuss whether this tool is right for you.
How Do Lady Bird Deeds Compare to Traditional Life Estate Deeds?
Lady Bird deeds are elevated life estate deeds. Without the future beneficiaries’ approval, real estate may be sold, mortgaged, or leased using this deed. By using a standard life estate deed, you cede all ownership rights to the property even before you die. Any assets protected by a Lady Bird deed are transferred directly to your chosen beneficiaries upon your passing, bypassing the probate process.
Is a Ladybird Deed Right for Your Deerfield Beach Property?
By using a Lady Bird deed, families can avoid having their property go through probate before it is legally transferred to a beneficiary. Some more enticing benefits of ladybird deeds are as follows:
- Probate costs can be avoided, saving your family money.
- Assets are protected from property claims made against a beneficiary
- It is possible to sell or make other changes to the property without the beneficiaries’ consent.
- Improve your Medicaid eligibility.
- You may no longer be subject to federal gift taxes
- Your home remains your homestead, and you are shielded from judgments.
- The property may be sold or mortgaged.
- You help your family avoid probate and the risk, cost, and inconvenience that may accompany it.
Avoid Probate By Using a Ladybird Deed
Working with a Ladybird deed lawyer in Deerfield Beach may help ensure that your assets are passed on to your heirs upon your passing. By using the Lady Bird deed for your property, you can avoid going through the probate procedure. The smooth ownership transfer would be appreciated by your heirs at the trying time after a family death.
Achieve Medicaid Eligibility with a Lady Bird Deed
You may want to apply for long-term care and Medicaid. To be eligible for Medicaid, you must meet certain requirements, such as having all your assets under a specific sum. You probably wouldn’t qualify for benefits if you used a regular Life Estate Deed to identify the value of your property as an asset. You wouldn’t experience the same problem if you used a Ladybird Deed because the property transfer is not treated the same.
To recover the benefits given, Medicaid may potentially file a claim against the decedent’s probate estate. The property on the Ladybird deed is not included in the probate estate since it has circumvented the probate procedure. To protect and manage your assets, get in touch with your Ladybird deed lawyer in Deerfield Beach today.
Contact The Millman Law Group and Your Ladybird Deed Lawyer in Deerfield Beach
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.