Contact your Ladybird deed lawyer in Palm Beach County for estate planning assistance.
When you own a home in historical and beautiful Palm Beach County, you have a spot ideal for enjoying the natural environment and unique community that Florida’s second-largest county has to offer. If you want to ensure that your heirs inherit your family home without any challenges, a Ladybird Deed can help you guarantee a smooth property transition. A Ladybird deed is an enhanced life estate deed with several legal complexities. Your attorney at The Millman Law Group has experience handling these estate planning tools and can help you determine whether it’s the right fit.
Florida is one of several states that provide this type of deed, named after First Lady “Lady Bird” Johnson. When the Johnsons wanted to give their children ownership of their property while retaining their control over it during their lives, they created the Lady Bird deed with their attorney. Call Aaron D. Millman, Esq., CPA, and the rest of our skilled staff at The Millman Law Group to talk with your ladybird deed lawyer in Palm Beach County.
Comparing Lady Bird Deeds with Standard Life Estate Deeds
A Ladybird deed is an enhanced life estate deed. Real estate may be sold, used, mortgaged, or leased utilizing this type of deed without the future beneficiaries’ approval. When you use a standard life estate deed, you relinquish complete control over a property even before your death. When you pass away, any assets covered by a Lady Bird deed go straight to your chosen beneficiaries, bypassing the probate procedure.
Can a Ladybird Deed Suit Your Palm Beach County Property?
Families can avoid having property formally transferred to a beneficiary through probate by using a Lady Bird deed. However, ladybird deeds also provide certain appealing benefits:
- Your relatives are spared probate expenses.
- Assets are protected from property claims made against the grantee
- You don’t need permission from beneficiaries to modify or sell the property
- Improve your eligibility for Medicaid assistance
- You can avoid federal gift taxes
- Your home stays your homestead and is protected from judgments
- You retain the right to revoke a deed, sell, or mortgage a property
- Your relatives are spared the inconvenience, expenses, and exposure that come with probate
How Lady Bird Deed Helps You Avoid Probate
By working with your Ladybird deed lawyer in Palm Beach County, you can ensure that your belongings are passed to your heirs upon your death. By using the Lady Bird deed for your property, you can avoid going through probate. The simple ownership transfer will be appreciated by your family in a trying time.
Ladybird Deeds Can Impact Medicaid Eligibility
If you want to apply for Medicaid and long-term care, a Ladybird Deed can be the best option for your estate plan. You must fulfill certain standards to be eligible for Medicaid, such as having all your assets below a certain level. You might not be eligible for benefits if you use a regular Life Estate Deed to avoid probate and list the value of your property as an asset. A Lady Bird Deed won’t result in this as it isn’t seen as a transfer.
Medicaid may make a claim against the 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. Get in contact with a ladybird deed lawyer in Palm Beach County today if you want to manage your assets and safeguard your property.
Contact The Millman Law Group and Your Ladybird Deed Lawyer in Palm Beach 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.