Talk of The Villages Florida
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Talk of The Villages Florida (https://www.talkofthevillages.com/forums/)
-   The Villages, Florida, General Discussion (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/)
-   -   “Lady Bird Deed” (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/lady-bird-deed-332937/)

Worldseries27 06-17-2022 04:37 AM
Well,
 
Quote:
Originally Posted by rjm1cc (Post 2106896)
the deed could be a problem if you want to sell or he gets in legal difficulty. Since you do not know what you do not know i would talk to an attorney. My attorney recommended to leave the home in my will. I think it avoids probate because it is going to my children. Anyone have any comments on this?
does a bear

jedalton 06-17-2022 04:54 AM
anything in a will goes thru probate

bowlingal 06-17-2022 05:31 AM
Here in Florida you need a trust. A will does not cut it here and will not avoid probate. See an attorney for peace of mind. Do not cut corners on this very important matter.

GizmoWhiskers 06-17-2022 05:37 AM
Quote:
Originally Posted by caseycasebeer (Post 2106866)
I am not an attorney, but was interested in how to convey title to my residence in The Villages to my son (upon my death). If possible, I wanted to avoid the hassle and expense of Probate.

My online research showed me something called an “Enhanced Life Estate Deed” (aka: “Lady Bird Deed”). Florida is one of five states that offers such a deed. It can be done online, avoids Probate, gives the “Grantee” life tenancy, and all the benefits of ownership (including Homestead Exemption benefits). At $60, it sounded pretty good, but I would invite other’s opinions.

Once you complete the simple worksheet, it is emailed back to you. You then have the document notarized and signed by two witnesses, then take it to the Clerk of the Court’s office (at Morse & Hwy 466) to have it recorded ($27.70). Amazingly simple.

The site I used was:
Right of Survivorship Deed | DeedClaim
Have had one for years. If you own your house outright you are good to go. Homestead exemption is not transferred though. To claim homestead you have to reside in the home for more than one half of the year. That would only apply if your kid/kids actually move into the home. LBD is great as you still have control over your home. The day you croak it's theirs.

As far as the will goes, my will makes direct reference to the LBD to avoid any conflict as to the LBD intent, validity. No trust needed. I did use an attorney to draft original one. I have moved twice since original one.

jparsoneau@aol.com 06-17-2022 05:42 AM
Sounds like to me you have an attorney who gave you advice that you did not follow. If you don’t agree with your attorney you should get different advice from a different attorney. I would be very careful taking Legal advice from any Internet source. If you’re paying for legal advice you should probably follow it or pay somebody else for differently go advice if you’re not happy with it

GizmoWhiskers 06-17-2022 05:52 AM
Quote:
Originally Posted by caseycasebeer (Post 2106866)
I am not an attorney, but was interested in how to convey title to my residence in The Villages to my son (upon my death). If possible, I wanted to avoid the hassle and expense of Probate.

My online research showed me something called an “Enhanced Life Estate Deed” (aka: “Lady Bird Deed”). Florida is one of five states that offers such a deed. It can be done online, avoids Probate, gives the “Grantee” life tenancy, and all the benefits of ownership (including Homestead Exemption benefits). At $60, it sounded pretty good, but I would invite other’s opinions.

Once you complete the simple worksheet, it is emailed back to you. You then have the document notarized and signed by two witnesses, then take it to the Clerk of the Court’s office (at Morse & Hwy 466) to have it recorded ($27.70). Amazingly simple.

The site I used was:
Right of Survivorship Deed | DeedClaim
Forgot to mention, relative to online you would want to really check the company taking all your private info. People have ways of stealing property titles now. So watch out for that. Saw a documentary on that. Wish I could remember the name of it.

affald 06-17-2022 07:10 AM
Quote:
Originally Posted by JeanC (Post 2107160)
Call Aimee Occhetti at Law Center of Central Florida. She knows about lady bird deeds. 352-633-9791. She’s in freedom plaza on 44
Thank you. Any other recommendations on someone to prepare and file a ladybird and approximate costs?

msilagy 06-17-2022 07:16 AM
I did such a deed and had the attorneys for the villages draw it up. I believe their name is Burnsed etc and there is an office in Sumter Landing. They do a lot of these deeds. There is no ownership at all for the person/persons listed in the deed to inherit your home until you pass and protects your asset without probate. No risk on your part to have this drawn up. It cost $200 at the time but that was in 2013. In Illinois the same deed is called a TOD or transfer on death deed. Different name but same as Lady Bird deed in Fl. Spent the $200 or so to have it done right and recorded. It's a great alternative to a trust that insures no probate be involved. Good luck!

retiredguy123 06-17-2022 07:34 AM
Quote:
Originally Posted by bowlingal (Post 2107186)
Here in Florida you need a trust. A will does not cut it here and will not avoid probate. See an attorney for peace of mind. Do not cut corners on this very important matter.
I don't agree that everyone needs a trust. If you have a complicated estate with multiple heirs, then you may need a trust. But, if you only have one heir and a simple estate, then I don't think a trust will help you very much. The best way to avoid probate and problems after you die is to designate beneficiaries for your assets using "transfer on death (TOD)" provisions which work for most financial assets. Since Florida does not allow a TOD deed for real estate, a lady bird deed may be appropriate. That way, everything you own can transfer to your beneficiary automatically upon death. But, I do think everyone should have a will. Just my opinion.

JoelJohnson 06-17-2022 07:35 AM
Correct me if I'm wrong, but if you put your house in a trust, doesn't the person that gets the house have to pay taxes on the original price of the vs the selling price (if they sell it?). If they inherit it, the property gets adjusted to current value.

retiredguy123 06-17-2022 07:41 AM
Quote:
Originally Posted by JoelJohnson (Post 2107281)
Correct me if I'm wrong, but if you put your house in a trust, doesn't the person that gets the house have to pay taxes on the original price of the vs the selling price (if they sell it?). If they inherit it, the property gets adjusted to current value.
No. Typically, the house still gets the same stepped-up cost basis when it transfers to a beneficiary from a revocable living trust.

Ski Bum 06-17-2022 07:51 AM
Quote:
Originally Posted by vintageogauge (Post 2106960)
Yep and name your son the successor trustee, all neat and clean.
Agreed. And a trust solves a lot of other issues. Not a cheap alternative though.

retiredguy123 06-17-2022 07:58 AM
Quote:
Originally Posted by Ski Bum (Post 2107301)
Agreed. And a trust solves a lot of other issues. Not a cheap alternative though.
I have a simple will and no trust. When I die, all of my assets will transfer to my beneficiaries automatically. What other issues would there be?

Boomer 06-17-2022 08:45 AM
Quote:
Originally Posted by caseycasebeer (Post 2106866)
I am not an attorney, but was interested in how to convey title to my residence in The Villages to my son (upon my death). If possible, I wanted to avoid the hassle and expense of Probate.

My online research showed me something called an “Enhanced Life Estate Deed” (aka: “Lady Bird Deed”). Florida is one of five states that offers such a deed. It can be done online, avoids Probate, gives the “Grantee” life tenancy, and all the benefits of ownership (including Homestead Exemption benefits). At $60, it sounded pretty good, but I would invite other’s opinions.

Once you complete the simple worksheet, it is emailed back to you. You then have the document notarized and signed by two witnesses, then take it to the Clerk of the Court’s office (at Morse & Hwy 466) to have it recorded ($27.70). Amazingly simple.

The site I used was:
Right of Survivorship Deed | DeedClaim


EEK!

“Penny-Wise and Pound-Foolish”

If I were you, I would not trust such an important financial maneuver to an online site.

Spring for an attorney and make it one who specializes in real estate. (Also, as someone else in this thread mentioned, the sheer volume of info gathering that site is doing could mean who-knows-what kind of doors are opened.)

Too often people make snap decisions about the deed to their house because they think they are doing the “smart” thing.

(Another classic example of penny-wise and pound-foolish is when an owner puts the heirs’ names on the deed.)

Boomer

Babubhat 06-17-2022 09:15 AM
Has a Medicare benefit . Removes asset if you go into a home


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