What Is a Lady Bird Deed?
Denton Lady Bird deed Laywer
Why Choose a Lady Bird Deed?
Medicaid Estate Recovery Program
Is a Lady Bird Deed Right for You?
Advantages of a Lady Bird Deed
- The right to continue to use and profit from the property during their lifetime.
- The ability to revoke the deed at any time.
- The property is not included in the estate upon their death, but transferred automatically to the designated beneficiary.
- It avoids federal gift tax because it offers no present value to the grantee when the deed is created.
- If the grantor needs Medicaid assistance, a lady bird deed helps preserve assets.
Disadvantages of a Lady Bird Deed
Lady Bird Deeds FAQ
Can I prepare my own lady bird deed? You can find many legal forms online, including the Texas lady bird deed form. However, unless you have estate planning expertise, we wouldn’t recommend preparing it by yourself. When your family’s financial future is on the line, it’s smarter to work with a professional. How much does it cost to file a lady bird deed? If you prepare the lady bird deed by yourself, it could cost you as little as $30. However, you run the risk of making critical mistakes that end up costing your family much more than the couple hundred dollars it would have cost you to hire a lawyer.
Can a lady bird deed be revoked? A lady bird deed can be revoked at any time by the grantor. It can also be overturned if the grantor lacked the mental capacity to execute the deed.
Why is it called a lady bird deed? Technically, this deed’s name is the enhanced life estate deed. It got its nickname when President Lyndon B. Johnson used it to pass property to his wife, Lady Bird Johnson.
How can a lady bird deed attorney help me? A lady bird deed attorney does a lot more than just fill out paperwork. They ensure accuracy, expediency and efficiency. Their expertise allows them to determine whether a lady bird deed is truly right for you, or whether you’d benefit more from a different estate planning tool.