Why A Bird In Your Deed Can Be A Good Thing


 A Florida Enhanced Life Estate Deed, AKA "Lady Bird Deed" is a great estate planning tool that can help keep your real estate out of Probate, retain Homestead protections, and may allow you to qualify for Medicaid. All great ways to help you SAVE MONEY!!!.

The Florida Enhanced Life Estate allows you to transfer the ownership of your real estate to family or loved ones upon your death without the need for Probate. As the Life Tenant, through an Enhanced Life Estate, you retain all the same rights as if you owned the home in Fee Simple Absolute. This means you have full power and authority to sell, convey, mortgage, lease or otherwise manage and dispose of the property with or without consideration and retain any and all proceeds generated from thereby. Yet, once you pass away, the ownership in your property automatically passed to a person or people of your choosing, without the need to probate lawyers and courts to get involved. During the life of the Life Tenant they may retain Homestead protection on the property as well as allow the Life Tenant to qualify for Medicaid in Florida and avoid Probate.

Unlike a "regular" Life Estate, an Enhanced Life Estate allows the Life Tenant to convey or mortgage the property without approval from the remainderman. This is a big distinction that gives the Life Tenant more flexibility to decide what is best for them during their life time without the need to get approval from the Remainderman. 

A Florida Enhanced Life Estate Deen can help avoid probate, speed up the transfer of property upon the Life Tenant's death and maintain Medicaid eligibility in Florida. Under the right facts a circumstances surrounding your situation, a Florida Enhanced Life Estate may be a very good estate planning tool.

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