Call The Millman Law Group for your Ladybird deed lawyer in Delray Beach.
If you have a family home in Delray Beach, Florida, you appreciate the beautiful weather, thriving arts scene, and small-town feel. If you want to make sure that your family can stay in your Delray Beach home when you’re gone, a Ladybird Deed can help you guarantee a smooth transfer of ownership. What is a Ladybird deed? The Millman Law Group has extensive experience navigating these enhanced life estate deeds. Florida is one of several states to offer this deed, named after First Lady “Lady Bird” Johnson. The Johnsons wanted to transfer their property to their kids while retaining some control over it during their lifetime. They worked with their lawyer to create this new life estate deed. Contact The Millman Law Group to find your Ladybird deed lawyer in Delray Beach, Florida. Aaron Millman, Esq., CPA, and our skilled team are ready to assist you.
Comparing Lady Bird Deeds to Standard Life Estate Deeds
A Ladybird deed is an enhanced life estate deed. When using this type of deed, you do not need the future beneficiaries’ approval to sell, use, mortgage, or lease a property. When you use a standard life estate deed, you lose control over the property even before death. After using a Lady Bird deed, any property you still possess at your time of death goes straight to your chosen beneficiaries, bypassing the probate process.
What Ladybird Deeds Can Do for Your Delray Beach Family
Families often choose to use a Lady Bird deed to avoid the passage of property through probate before official transfer to a beneficiary. Besides this, however, ladybird deeds provide a few appealing benefits:
- Improved eligibility for Medicaid assistance
- The authority to revoke a deed, sell, or mortgage a property
- The defense of assets against property claims made against the grantee
- Avoiding federal gift taxes
- Your home remains your homestead and is protected from judgments
- You don’t need permission to sell or modify the property
- Your relatives are spared the costs, inconveniences, and exposure that come with probate.
Avoid Probate with Lady Bird Deeds
Working with your Ladybird deed lawyer in Delray Beach can help you make sure that your assets transfer to your heirs upon your death. By using the Lady Bird deed, you can avoid probate for your property. Your family will appreciate the smooth transfer of ownership during this challenging time.
How Do Ladybird Deeds Impact Medicaid?
If you want to apply for Medicaid and long-term care, a Ladybird Deed might be the best option for your plans. Medicaid eligibility entails fulfilling stringent criteria, such as keeping your entire asset value below a certain threshold. You may not be eligible for benefits if you use a regular Life Estate Deed to avoid probate and the value of your property is mentioned as an asset. Since a Lady Bird Deed is not seen as a transfer, this issue will not occur.
Medicaid may also make a claim against a deceased person’s probate estate to recoup the benefits provided. The property on the Ladybird deed is not included in the probate estate since it avoids the probate process. Speak with your Ladybird deed lawyer in Delray Beach today if you wish to safeguard your assets and manage your inheritance.
Contact The Millman Law Group and Your Ladybird Deed Lawyer in Delray 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.