Plan for your home’s future with your Ladybird deed lawyer in Parkland.
Do you own a home in Parkland, Florida? If you reside in this beautiful town, known for its lush park spaces and environmental preservation, while being within the appealing Miami metropolitan area, you want to hold on to your home. If you want to preserve your family home for generations, creating an estate plan that successfully transfers your property at little expense to your heirs is necessary. A Ladybird Deed can help you do this. This type of deed is an enhanced life estate deed, and it’s best to navigate this scenario with the help of a Ladybird Deed lawyer in Parkland. The Millman Law Group has extensive experience handling these documents and can help you decide whether they suit your needs.
One of the states that offers this kind of deed, named after First Lady “Lady Bird” Johnson, is Florida. The Johnsons collaborated with their lawyer to prepare the Lady Bird deed, with the intention of transferring the title of their property to their children while retaining control throughout their lives. To learn more, call Aaron D. Millman, Esq., CPA, and The Millman Law Group.
The Differences Between a Standard Life Estate Deed and Lady Bird Deeds
Enhanced life estate deeds are called Lady Bird deeds. This deed may be used to sell, mortgage, or lease real estate without the consent of the future beneficiaries. Using a typical life estate deed means that even before you pass away, you forfeit all ownership rights to the property. When you die, any assets covered by a Lady Bird deed are passed straight to your designated beneficiaries, avoiding the probate procedure.
Should You Use a Ladybird Deed for Your Parkland Home?
Families can avoid having their property officially transferred through probate to a beneficiary by using a Lady Bird deed. Ladybird deeds have several other alluring advantages:
- Your family can avoid probate expenses
- Assets are protected against property claims brought against the beneficiary.
- Beneficiaries do not need to give you permission to make changes to or sell the property.
- Improve your Medicaid qualifying status.
- You may avoid federal gift taxes
- You are protected from judgments, and your house stays your homestead.
- A property can be sold, mortgaged, or have a deed revoked.
- Your family avoids the potential risk, expense, and inconvenience of probate.
How Do Ladybird Deeds Help You Avoid Probate?
Ensuring that your possessions are distributed to your heirs upon your death may be achieved by working with your Ladybird deed lawyer in Parkland, FL. You can skip probate by using the Lady Bird deed for your property. During the difficult period after a family loss, your heirs will appreciate the seamless transfer of ownership.
Lady Bird Deeds May Impact Medicaid Eligibility
A Ladybird Deed can be the ideal option if you wish to apply for Medicaid and long-term care. You must fulfill certain standards to qualify for Medicaid, such as having all of your assets under a certain amount. If you utilize a conventional Life Estate Deed to avoid probate and list the value of your property as an asset, you would likely not be entitled to benefits. A Ladybird Deed cannot be used for this since it is not seen as a transfer.
Medicaid may bring a claim against the decedent’s probate estate to recoup the benefits provided. Due to its circumvention of the probate process, the property on the Ladybird deed is not included in the probate estate. To handle your assets and safeguard your property, contact a Ladybird deed lawyer in Parkland today.
Contact The Millman Law Group and Your Ladybird Deed Lawyer in Parkland
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.