Life in Florida is appealing to many folks of all ages. Whether you want to be close to Walt Disney World in Orlando or near the Latin-America culture of Miami, you can have countless experiences in this state. The natural beauty of hundreds of beaches can be enjoyed here, as well as an afternoon at the golf course. Visit the Atlantic Ocean or Gulf of Mexico for a swim or go shopping in upscale South Beach. Life in Florida always has something to offer. If you live in Florida and want to make sure your lifestyle there and your family’s future happiness can be maintained in old age and after you’re gone, it’s essential to plan your estate with an experienced lawyer. The Millman Law Group, founded by Aaron D. Millman, Esq., CPA, can help you navigate the estate planning process in Florida. We can recommend numerous tools that make the process easier, including a life estate deed. Our team always takes care to understand your unique situation and how we can help. Contact The Millman Law Group today to learn more about creating a life estate deed in Florida. 

How Can You Benefit From a Life Estate Deed in Florida? 

As part of your overall estate planning approach, you should think about a life estate deed. Homeowners give a portion of their property ownership to the designated recipient when they sign this deed. While the original owner is still alive, this can be used to “pregift” a house to an heir while keeping shared ownership. Although they can also be used to transfer ownership of land included in your estate, life estate deeds are most frequently used to transfer ownership of family property. 

How a Life Estate Deed Works 

Shared property ownership is defined via life estate documents. If a parent wants to leave their home to their adult child after they pass away, they can use this. A life estate deed in Florida can guarantee a seamless transfer of ownership.

In this case, the parent would establish a life estate in which their heir would be a beneficiary, and they would be the “life tenant.” The parent is responsible for paying the property taxes and insurance while residing in the home. 

However, the parent’s control over the property is restricted when using a life estate deed. The parent must get the beneficiary’s consent before making big changes like selling the house or getting a mortgage. All parties must agree on how the property will be used before the life estate deed is created because the original owner cannot revoke it without the heir’s consent. 

Explore an Alternative: The Lady Bird Life Estate Deed

For Florida families, an alternative to the life estate deed is the “Lady Bird Deed,” often known as an improved life estate deed.

The grantor retains title of the property while they are still living when a Lady Bird Deed is used. The homeowner does not need the beneficiary’s consent to mortgage, sell, or use their property. A Lady Bird Deed has no bearing on taxes due or potential Medicaid benefits since it is not regarded as a gift or a transfer of ownership. 

Why Do Individuals Choose Life Estate Deeds? 

A life estate deed in Florida could make estate planning easier for your family. The following are common reasons why homeowners use this deed: 

• Avoid Gift Tax: Avoid taxes when you transfer your property as a gift. 
• Emotional Relief: The homeowner can enjoy peace of mind knowing that their home will be transferred to their selected heir. 
• Avoid Probate: After the parent’s death, the heir immediately becomes the new property owner without a probate court proceeding. 
• No Will Changes Required: The property does not need to be listed in your Will. 
• Retain Home Ownership: A life estate deed retains ownership of a home for someone as long as they are alive. They do not need to move out and make way for the new owner, and the property is automatically transferred upon their death. 

If a life estate deed seems like the perfect addition to your estate plan, contact The Millman Law Group. 

Read A Few of Our Client Reviews

Read some of our client testimonials to find out more about the help and support we provide to our clients in Florida: 

• “Aaron Millman is the best estate lawyer to set up and amend your revocable trust. My experience has been perfect. He finds solutions tailored to your individual situation, and explains everything clearly. Don’t go anywhere else. You found the best!” – Genevieve Tastet
• “Would absolutely recommend Millman Law Group.  Worked with them on Estate and Trust work and right from the outset impressed by their ability to understand the issues and provide creative thinking & solutions.” – Gary Stromberg
• “Aaron Millman and Kelly Forest are both highly professional and caring empathic attorneys.  They are responsive to your questions and forthwith with their advice and recommendations.  I would recommend them highly for your Estate Planning and Trust Administrative needs.” – Wendy Goodman

Contact The Millman Law Group to Draft Your Life Estate Deed in Florida

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.