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Lady Bird deeds, also known as enhanced life estate deeds, are recognized in a few states in the United States. Lady Bird's gained popularity in states like Florida, Michigan, Texas, Vermont, and West Virginia because they offer a way to avoid probate, reduce estate administration costs, and protect the property from Medicaid estate recovery. This type of deed provides a simple, cost-effective means of managing real estate succession, allowing property owners to retain flexibility and control while planning for the future.
A Lady Bird deed, named after Lady Bird Johnson, wife of President Lyndon B. Johnson, originated as a tool for simplifying estate planning and ensuring a smooth property transfer upon the owner's death. The deed allows the grantor to retain control over the property during their lifetime, including the ability to sell, mortgage, or change beneficiaries without their consent.
It's important to consult with a real estate attorney in your state to determine whether a Lady Bird deed is recognized and whether it suits your estate planning needs.
Published: Jul 9, 2024
Updated: Sep 11, 2024
This FAQ is for informational purposes only and does not constitute legal advice. We make no representations or warranties about this FAQ's completeness, accuracy, reliability, or suitability. Each legal situation is unique; consult an attorney for personalized guidance.
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