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Florida Enhanced Life Estate Deed, is a form of deed that is used to automatically transfer ownership of real estate in FL to others upon the death of the owner.
A Ladybird Deed A.K.A. Enhanced Life Estate Deed, or even Lady Bird Deed coined after Claudia Alta Johnson, essentially allows you to avoid probate and pass your property to your family and leave an inheritance while allowing you to have full title rights during your life. It is a good & fast way to avoid probate in the state of Florida
A few states like California use what is known as a Transfer on Death Deeds (T.O.D.D.), this essential achieves the same goal.
Once the owner passes, the property is transferred automatically to new owners without going into probate. Lady-Bird Deeds are only available in a few states, like Michigan, Vermont, West Virginia, and…Florida fortunately is one of them!
LBJ used this loophole to transfer property to his spouse, Claudia Alta “Lady Bird” Johnson. Hence the “Lady Bird Deed” was coined.
Lady-Bird Deeds are only available in a few states, like Michigan, Vermont, West Virginia, and…Florida fortunately is one of them!
A lady bird deed can be utilized in Florida for people on Spend-down Medicaid as in Florida homestead residence can’t be used as collateral. Additional Features that make the ladybird deed desirable are:
The Owner/current title holder remains in full control while alive
Seamless transfer of ownership upon death. The beneficiaries don't need to sign anything, and you can designate up to 4 of them
As with all "Deeds of Transport' (Warranty, Quit-Claim, Special Warranty) two witnesses are required to sign the document.
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