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Lady Bird Deeds: Protecting Your Estate and Property in Florida

Where real estate and estate planning overlap, Lady Bird Deeds have emerged as a potent tool for individuals seeking to safeguard their assets and ensure a smooth property transition after their passing. A Lady Bird Deed is also known as an enhanced life estate deed. It is a legal document that enables property owners, (grantors), to retain full control over their home as life tenants. Additionally, it facilitates a seamless transfer of ownership to their designated beneficiaries, known as remainder beneficiaries, upon their death. 

A Lady Bird Deed Offers a Range of Benefits such as:

  • Flexibility and Control: Grantors retain the power to revoke or modify the deed at any time during their lifetime without the knowledge or consent of the beneficiaries. It ensures the grantor maintains full control over the property, including the ability to sell, lease, or otherwise gain interest without restriction.
  • Probate Avoidance: By designating beneficiaries in the deed, Lady Bird Deeds bypass the probate process entirely. It saves the beneficiaries time and money and maintains privacy, as probate proceedings are public records. Avoiding probate simplifies the transfer of property, ensuring a smooth transition.
  • Retain Homestead Rights: Lady Bird Deeds protect the property from potential creditors and Medicaid recovery efforts. Since the property does not technically transfer ownership until the grantor’s death, it may be shielded from certain claims and liens that could arise during the owner’s lifetime.
  • Tax Benefits: Lady Bird Deeds provides tax advantages, including a stepped-up tax basis. If the beneficiaries decide to sell the property, they would only be liable for capital gains taxes on the appreciation amount that occurred after the grantor died. Additionally, Lady Bird Deeds do not typically result in gift taxes, further reducing potential tax burdens for the beneficiaries. 

Legacy Law Associates: Guidance in Lay Bird Deeds and Estate Planning

Navigating the legal intricacies of Lady Bird Deeds and ensuring your estate plan aligns with your goals and circumstances can be complex. At Legacy Law Associates, we want to ensure your estate plan perfectly aligns with your unique plans for the future. Our legal team has in-depth knowledge and decades of experience in real estate and estate planning matters. When you entrust us to draft and execute your Lady Bird Deed, you can rest assured that it adheres to all relevant Florida Laws and precisely meets your needs. 

Secure Your Future with Legacy Law Associates

At Legacy Law Associates, our seasoned attorneys are ready to assess your overall estate plan, identify areas for enhancement, and offer tailored solutions to protect your assets and provide for your loved ones. Whether you want to initiate an estate plan or update your current one, we can help you achieve peace of mind and confidence in the security of your estate and property. 

Contact Legacy Law Associates at (386) 252-2531 to arrange an appointment with our skilled estate planning attorneys in Daytona Beach, Florida. Let us guide you toward a future where your assets are protected, your loved ones are provided for, and your legacy endures for future generations.