Quote:
Originally Posted by jaj523
I was told by the closing agent on my house here in The Villages that the Florida equivalent of joint tenants with rights of survivorship is a "ladybird" clause. I executed that at closing, and the deed to my house goes directly to my two children upon my death with no fees or probate required.
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Interesting. Never heard of that being so common in FL. Would you mind sharing the name of the closing agent?
Two musings: Taxes and homesteading
TAXES - The consideration for both LBD and a trust would be capital gains taxes. In either of those cases, I'm guessing that the beneficiaries named in the LBD or trust would be responsible for full capital gains when sold.
If the home is passed on through a will, there is a step up in basis, so the beneficiaries pay no capital gains taxes.
HOMESTEADING - I'm guessing that Homesteading is possible with a LBD. I know it's possible with a Revocable Living Trust, since we currently have one.