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Lady Bird Deeds (Enhanced Life Estate Deeds)
Satel Law understands the needs of older homeowners in Florida and is experienced in the use of Lady Bird Deeds, also known as Enhanced Life Estate Deeds, to protect their homestead real estate asset. Currently, Lady Bird Deeds are only available in five states, including Florida.
Lady Bird Deeds are a special form of life estate deed that gives the owner continued complete control over the property until his or her death. Once the owner dies, the property is transferred automatically to the beneficiaries without the need for probate.
The Lady Bird Deed lets you
- Avoid probate of the property
- Keep the right to use, profit from, and sell the property during your lifetime
- Preserve homestead benefits
- Provide your beneficiaries with a step-up in basis at your death
- Avoid making a gift that might be subject to federal gift tax
Lady Bird Deeds have other advantages as well, especially for those who may need Medicaid to help with nursing home costs in the future. This deed may help you preserve your eligibility for Medicaid and keep assets in the family that otherwise would be taken by the state to repay the cost of Medicaid benefits you receive during your life.
Satel Law is ready to help you understand your options and formulate a comprehensive plan for the handling of your real estate assets.