Preserve your home for your heirs with help from your Ladybird deed lawyer in Lake Worth.
Do you own a beautiful family home in Lake Worth, Florida? This town is highly appealing to countless families of all sizes due to its excellent beaches, historic buildings, and eclectic downtown. Its proximity to Delray and West Palm Beach means you’re never out of options for excitement and fun. If you want to ensure that your family holds on to your family home after you’re gone, you must carefully plan with your Millman Law Group attorney. A ladybird deed can help you preserve your home for future generations. This enhanced life estate deed can be created with the help of your ladybird deed lawyer in Lake Worth. The Millman Law Group has extensive experience with these documents and can help you navigate the process.
Florida is one of several states that offer this deed, named after First Lady “Lady Bird” Johnson. Lady Bird and LBJ collaborated with their lawyer to create the Lady Bird deed that ensures they could transfer the title of their property to their children while retaining control during their lifetime. Call Aaron D. Millman, Esq., CPA at the Millman Law Group, to learn more.
How Lady Bird Deeds Compare to Standard Life Estate Deeds
Lady Bird deeds are enhanced life estate deeds. Without the future beneficiaries’ approval, real estate may be sold, mortgaged, or leased using this deed. When you use a standard life estate deed, you give up 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 Suitable for Your Lake Worth Home?
Using a Lady Bird deed means families can avoid having their property moved through probate before legally transferring to a beneficiary. Other enticing benefits of ladybird acts are as follows:
- Probate costs can be avoided for your family.
- Assets are shielded from claims of property made against the recipient.
- You can sell or change the property without the beneficiaries’ consent.
- Improve your Medicaid eligibility.
- Federal gift taxes might not apply to you.
- Your home remains your homeland, and you are shielded from judgments.
- The property can be sold or mortgaged
- Probate spares your family the possible risk, cost, and hassle of probate
How Ladybird Deeds Help You Bypass Probate
Working with your Ladybird deed lawyer in Lake Worth, FL, may help ensure your belongings are given to your heirs following your passing. By using the Lady Bird deed for your property, you can avoid going through probate. Your heirs will appreciate the smooth ownership transfer at the trying time following a death in the family.
Use Lady Bird Deeds to Impact Your Medicaid Eligibility
A Ladybird Deed could be the best choice if you want to apply for Medicaid and long-term care. To be eligible for Medicaid, you must meet specific requirements, such as having all your assets under a specific sum. You probably wouldn’t qualify for benefits if you use a traditional Life Estate Deed to avoid probate and identify the value of your property as an asset. This cannot be accomplished with a Ladybird Deed since it is not seen as a transfer.
To recover the benefits given, Medicaid may 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. Speak with a Ladybird deed attorney in Lake Worth today to manage your assets and protect your property.
Contact The Millman Law Group and Your Ladybird Deed Lawyer in Lake Worth
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.