[retiredguy123]

Originally Posted by barneco

I talked with Pittman Law Office a couple of weeks ago. They do not recommend or do Lady Bird Deeds.

They told me the same thing a few years ago, but they did not provide a good reason for their recommendation. Did they give you a reason?

[Keninches]

Absolutely a Trust. Protects your heirs. No hassles.

[retiredguy123]

Originally Posted by Keninches

Absolutely a Trust. Protects your heirs. No hassles.

If your house is your only non-financial asset, and you only have one heir, why do you need a trust? A ladybird deed will allow immediate transfer of ownership to your heir upon your death. All of your financial assets can be set up as POD (payable on death). I don't see why a trust is required.

[vintageogauge]

If you trust your son just put everything in his name now and the deal is done.

[Cliff Fr]

Originally Posted by FredMitchell

In 2020, a lawyer in Sarasota did the following work for a client.

Preparation and execution of Lady Bird Deed for $250.

Preparation and execution of Last Will and Testament, Separate Writings, Living Will, Health Care Advanced Directive, Durable Power of Attorney, Preneed Guardian and instructions for the Living Will and Health Care Advanced Directive for $300.

Unfortunately, the client did not follow the instructions. So the doctors and the person in charge at the end of life were unaware of all of the important details.

The only thing known, was the Lady Bird Deed. Even the existence of the other documents was not known to the person who needed to know them. The law firm could not even disclose that the work was done to anyone but the client, even though the person with the responsibily was named in the will and all of the other documents! The only reason the law firm was known was the firm name was on the Lady Bird Deed, a public record. Also, the client did not set up the pay on death (dependency distribution instructions) for her bank account.

If you do the legal work yourself, you won't know whether you got it right, unless you get an attorney to check it for you.

Sometimes it is just not right to do it yourself.

Sounds like the person that passed on failed to give copies to the person who she wanted to have the house and bank accounts.

[JanRoberts]

Originally Posted by ElDiabloJoe

Things this important involving this kind of money (home values) should be handled by an expert, preferably a local expert. I would suggest Pittman Law Office. Start with watching some of their free videos on their YouTube Chanel. All it costs you is time and some bandwidth. Be informed, be educated, be smart.

I agree 100%. If you're with Fisher they have attorneys who will advise you for free and they've vetted a local attorney or two who they recommend and that's who we're using. That free hour and a half on the phone will save us a bundle with the attorney. Call your Fisher
rep!

[retiredguy123]

Originally Posted by vintageogauge

If you trust your son just put everything in his name now and the deal is done.

I agree, except that, if the son gets sued, you could lose your house. With a ladybird deed, you maintain full ownership and control of the house, and you don't even need to notify the son that he is named as a beneficiary on the deed. And, you can change the deed anytime you want. Also, won't you lose your homestead exemption?

[retiredguy123]

Originally Posted by JanRoberts

I agree 100%. If you're with Fisher they have attorneys who will advise you for free and they've vetted a local attorney or two who they recommend and that's who we're using. That free hour and a half on the phone will save us a bundle with the attorney. Call your Fisher
rep!

Aren't you paying Fisher more than one percent of your assets as an AUM (assets under management) fee?

[Haggar]

Originally Posted by vintageogauge

If you trust your son just put everything in his name now and the deal is done.

That would be considered a gift if you deed it to him now. Requiring a gift tax return - no tax - just an information return informing the IRS you are using up part of your lifetime exclusion. No step up in basis.

If it passes to him upon death he gets step up basis to market value.

Add to that you don't get Section 121 on gain non-taxability on the first $250,000/$500,000 since you don't own the home if you sell it. He will pay Capital Gains based upon the tax basis of the house since gifts get no step up.

All in all a very bad idea.

[RoadToad]

Originally Posted by vintageogauge

If you trust your son just put everything in his name now and the deal is done.

Problem is, if the Son dies/is killed/accident then you have issues.

[ElDiabloJoe]

Originally Posted by vintageogauge

If you trust your son just put everything in his name now and the deal is done.

Absolutely not! Nuances and established case law rulings are why you need matters this important handled by professionals. If your son inherits when you die, not only is there ZERO tax due for the income received, the stepped up basis eliminates capital gains to him.

Putting things in his name while you are alive will cost him A LOT of money when you are gone.

[Topspinmo]

Originally Posted by barneco

I talked with Pittman Law Office a couple of weeks ago. They do not recommend or do Lady Bird Deeds.

Why? ??? They want paid my guess? Lawyer don’t want something simple, simple don’t run up bill. Ladybird deeds are for use poor folks than don’t have millions were family members will fight over. It’s legal.

Now if someone would post that actually took possession from ladybird deed list problems or no problems then we have facts, not lawyers wanting to get paid for something simple.

[KAM+6]

Originally Posted by retiredguy123

I agree, except that, if the son gets sued, you could lose your house. With a ladybird deed, you maintain full ownership and control of the house, and you don't even need to notify the son that he is named as a beneficiary on the deed. And, you can change the deed anytime you want. Also, won't you lose your homestead exemption?

Also, if he gets a divorce you'll lose your house.

[Spartan86]

Originally Posted by Topspinmo

Why? ??? They want paid my guess? Lawyer don’t want something simple, simple don’t run up bill. Ladybird deeds are for use poor folks than don’t millions were family members will fight over. It’s legal.

Now if someone would post that actually took possession from ladybird deed list problems or no problems then we have facts, not lawyers wanting to get paid for something simple.

Tend to agree. With that said, here is Copilot’s answer:

Estate attorneys tend to have mixed views on Ladybird deeds—also known as enhanced life estate deeds—especially in states like Florida where they’re legally recognized. Here’s how their opinions generally break down:

������ Why Some Attorneys Recommend Them

• Avoids Probate: Property passes directly to beneficiaries without court involvement A.
• Retains Control: You can sell, mortgage, or revoke the deed during your lifetime A.
• Medicaid Planning Tool: It can help protect property from Medicaid estate recovery B.
• Cost-Effective: Often cheaper and faster to set up than a revocable trust A.


������ Why Others Advise Caution

• Limited Flexibility: No backup beneficiaries or contingency planning if heirs predecease you C.
• Potential Title Issues: Poorly drafted deeds can complicate future sales or refinancing C.
• Medicaid Risks: If not done correctly, it could affect eligibility or trigger penalties D.
• Creditor Exposure: Beneficiaries may face liens or claims after your death E.


⚖️ The Verdict

Most estate attorneys agree Ladybird deeds can be useful in simple scenarios, especially for transferring a homestead. But for more complex estates—like those involving multiple heirs, special needs planning, or asset protection—they often recommend revocable trusts as a more robust solution C.

[retiredguy123]

Originally Posted by bagboy

We are ready to do a ladybird deed. Please let us know what you find out from title company.

I have called a few title companies, and apparently some of them do not prepare the ladybird deed. They have referred me to some real estate attorneys, but I have not yet found a reasonable fee. I will update this post when I get some more definitive information.