Lady Bird Deed This Deed is made on this day of _____, 20__, between the. The Grantor reserves a life estate for himself/herself during the Grantor’s lifetime coupled with an. the same as his/her voluntary act and deed, for the uses and purposes therein mentioned..
An enhanced life estate deed is a special type of deed recognized by common law in five states: Florida, Michigan, Texas, Vermont, and West Virginia. Also sometimes called "Lady Bird" deeds, they can be used to transfer ownership of real estate outside of probate to beneficiaries named in the deed.
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The Enhanced Life Estate Deed has several other benefits including: (1) bypassing probate; (2) it does not result in capital gains for the beneficiaries because they will not receive any value until my client passes away. When she passes away, her beneficiaries take the home at a "stepped-up basis" – not my client’s original basis.
According to popular folklore, U.S. president lyndon johnson once made use of this deed to transfer some property to his wife Claudia "Lady Bird" Johnson. No one can confirm this for sure, but nevertheless the colorful name stuck. It’s helpful to know that this deed is also known as an enhanced life estate deed.
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How a Lady bird deed works. These deeds are also called "enhanced life estate" deeds. With a standard life estate deed, you could name a beneficiary to inherit your property while you keep ownership of it for your lifetime, but with significant restrictions.
In conclusion, the Enhanced Life Estate Deed is an incredible tool for avoiding probate with minimal downside when compared to the alternatives. For additional information or to schedule an appointment, call Boynton Beach, Florida Elder Law & Estate Planning Attorney Martin H. Cohen at 561-880-8223.
The technical name for a lady bird deed is enhanced life estate deed. The life estate included in the lady bird deed is "enhanced" by the broad powers retained by the original owner. Lady bird deeds are sometimes called ladybird deeds (without the space between lady and bird). These terms are used interchangeably in modern Florida real estate practice.
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