Talk of The Villages Florida - View Single Post - Trust or 'Ladybird Deed'?
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Old 03-13-2013, 06:46 AM
NECHFalcon68 NECHFalcon68 is offline
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Quote:
Originally Posted by jimbo2012 View Post
A Lady Bird deed may be a good idea if you think you might need Medicaid, the joint state-federal program that helps many Americans with nursing home costs. It may help preserve your eligibility for Medicaid and keep assets in the family that otherwise would be taken by the state to repay the cost of Medicaid benefits you receive during your life.

These deeds have some drawbacks, however, and they are used only in a few states.
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.



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Not sure of this...we have a ladybird deed and our "beneficiary" has no rights to the property while we are both alive, nor can they inhibit any actions on the property such as refinance, sale, etc. Absolutely no restrictions on our power to own the property.