Pass down your property with help from your ladybird deed lawyer in Hillsboro Beach.
If you own a family home in Hillsboro Beach, Florida, you will want to preserve it for future generations. Hillsboro Beach, with its small-town feel and proximity to larger cities like Palm Beach and Miami, is a charming place to live and ideal for families. Fortunately, when you work with your estate planning lawyer at The Millman Law Group, you can discover the best methods for passing down your property and assets to your family. A Lady Bird Deed is one of the best ways to pass down property. These enhanced life estate deeds allow you to continue to have primary ownership of your home while the property transfers seamlessly to your beneficiary after your death.
Florida is just one of several states that offer this type of deed. It is named after “Lady Bird” Johnson, who created this type of deed with President Johnson and their lawyer when they wanted a way to transfer property while retaining control during their lifetime. If you are looking for your own Ladybird deed lawyer in Hillsboro Beach, contact Aaron D. Millman, Esq., CPA, at The Millman Law Group today.
Comparing Lady Bird Deeds and Traditional Life Estate Deeds
Enhanced life estate deeds are called Lady Bird deeds. This deed allows you to sell, mortgage, or lease real estate without the consent of the future beneficiaries. You give up all ownership rights to the property even before you pass away when you use a typical life estate deed. When you die, any assets covered by a Lady Bird deed are passed straight to your designated beneficiaries, bypassing the probate process.
Should You Use a Ladybird Deed for Your Hillsboro Beach Home?
When you use a Lady Bird Deed, you can help your family avoid probate. Typically, a property must move through probate before it can be legally transferred to a beneficiary. Besides bypassing probate, ladybird deeds provide additional benefits:
- Your family can save money by avoiding probate expenses.
- Boost your eligibility for Medicaid.
- Property claims lodged against a beneficiary cannot seize assets.
- You are protected from judgments, and your house stays your homestead.
- You can sell or make changes to your property without requiring permission from the beneficiary.
- You might not be subject to federal gift taxes going forward.
- You help your family avoid probate and all of the associated risks, expenses, and inconveniences.
- It’s possible to sell or mortgage the property.
Bypass Probate When You Use a Ladybird Deed
Partnering with your Ladybird deed lawyer in Hillsboro Beach can help you feel confident that your possessions are correctly distributed to your heirs after your death. You can sidestep the probate process by using the Lady Bird deed for your property. Your heirs would be grateful for the seamless ownership transfer during the difficult period following a family death.
Improve Medicaid Eligibility with a Lady Bird Deed
You might wish to apply for Medicaid and long-term care. You must fulfill specific standards to qualify for Medicaid, such as having all your assets under a particular amount. If you regard your property as an asset using a standard Life Estate Deed, you most likely wouldn’t be eligible for benefits. Because the property transfer is not handled the same way when using a Ladybird Deed, you wouldn’t run into the same issue.
Medicaid may make a claim against the decedent’s probate estate to recoup the benefits provided. Due to its circumvention of the probate process, the property on the Ladybird deed is not included in the probate estate. Speak with your Ladybird deed lawyer in Hillsboro Beach today to safeguard and manage your assets.
Contact The Millman Law Group and Your Ladybird Deed Lawyer in Hillsboro Beach
Millman Law Group, PLLC is one of the only law firms that offers life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team specializes in special needs trusts and catering to any age demographic because we know that it’s never too early to start preparing for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, LinkedIn, and Pinterest. You can also contact us at 561-463-6480.