Quote:
Originally Posted by Babubhat
Lady Bird Deeds | Nolo
Excerpt .
These deeds are also called "enhanced life estate" deeds. With a standard life estate deed, you could name a beneficiary to inherit your property while you keep ownership of it for your lifetime, but with significant restrictions. You wouldn't have the right to sell or mortgage the property, and you might also be liable to the beneficiary you named if you greatly decreased the value of the property—for example, let a house fall into serious disrepair.
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You left out an important part of the nolo paragraph. You CAN sell the property with a lady bird deed. Here is the entire paragraph.
How a Lady Bird Deed Works
These deeds are also called "enhanced life estate" deeds. With a standard life estate deed, you could name a beneficiary to inherit your property while you keep ownership of it for your lifetime, but with significant restrictions. You wouldn't have the right to sell or mortgage the property, and you might also be liable to the beneficiary you named if you greatly decreased the value of the property—for example, let a house fall into serious disrepair.
By contrast, an enhanced life estate deed (the Lady Bird deed), lets you:
avoid probate of the property keep the right to use and profit from the property for your lifetimekeep the right to sell the property at any time avoid making a gift that might be subject to federal gift tax avoid jeopardizing your eligibility for Medicaid in some states, prevent the property from being sold, after your death, to repay the cost of Medicaid benefits you received.