A Lady Bird Deed is recognized in Florida, also called an Enhanced Life Estate Deed. It is a valuable estate planning tool for property owners who want to transfer their property to a designated recipient upon their death while retaining certain rights and interests during their lifetime.
In Florida, the Lady Bird Deed functions like a traditional life estate, with the grantor retaining ownership of the property during their lifetime, with the right to use and control the property, as well as the ability to sell, mortgage, or otherwise dispose of it without the grantee's consent.
However, unlike a traditional life estate, a Lady Bird Deed allows the grantor to retain the ability to change the designated recipient or even revoke the deed altogether. Additionally, the Lady Bird Deed provides the grantee with a step-up in the tax basis of the property to its fair market value at the time of the grantor's death, which can result in significant tax savings.
One of the significant benefits of a Lady Bird Deed in Florida is that it allows the grantor to maintain the right to reside on the property and use it as their primary residence without affecting their eligibility for Medicaid benefits. This can be an important consideration for individuals who may need long-term care.
It's important to note that Lady Bird Deeds in Florida must meet specific legal requirements to be valid, and it's essential to consult with a qualified attorney knowledgeable about Florida real estate law to ensure that the deed is properly executed and recorded.
At QuickDeeds.com, our real estate attorneys offer a quick 15-minute consultation and then will prepare the Lady Bird Deed at no additional charge.
Published: Mar 21, 2023
Updated: Mar 29, 2023
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