Lady Bird Deeds in Florida: 5 Benefits of Lady Bird Deeds
A Lady Bird Deed is also known as an Enhanced Life Estate Deed. In certain situations, these types of deeds can be an effective tool. They are becoming popular here in Naples, Florida for a variety of reasons such as the ones listed below:
Pro #1: Medicaid will not consider the Lady Bird Deed transfer as an ineligible transfer of assets; which could otherwise prevent the transferring homeowner (the “Grantor”) from getting Medicaid Benefits within the 5-years of the real property transfer.
Pro #2: The Lady Bird Deed transfers real property to your heirs without the need of Probate.
Pro #3: No permission is needed to change beneficiaries of the real property. If the homeowner changes his or her mind about beneficiaries, the Lady Bird Deed can be changed.
Pro #4: No permission is needed to sell the real property or to even mortgage the real property with a Lady Bird Deed.
Pro #5: The future beneficiaries of the Lady Bird Deed will not have issues in bankruptcy or if they have credit issues because their interest is of no value to the bankruptcy trustee or credtitors.
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