[ijusluvit]

Does anyone have one?

I'm impressed by the recommendation of my attorney that this is a completely effective way of passing property to heirs without going through probate and lengthy delays. There are also other advantages to the deed in Florida with respect to the homestead exemption and protection from creditors. Best of all, the deed costs about one tenth of the cost of a trust, which many folks down here seem to think you have to have to protect your estate.

[Cantwaittoarrive]

If you are talking about a Florida Enhanced Life Estate Deed ? My wife and I do. i think it's a great tool for estate planning and tax planning plus the benefits you mentioned

xxx

Yes. My sister's son, a lawyer, recommended this for my Mom so we don't have to go through probate. Since I live with my Mom my name is on her checking account (I have my own) and we had the savings bonds changed to both our names since my dad passed away so the only asset left is the house. When Mom passes away I'll be able to sell the house right away and split the proceeds with my sisters as Mom wanted. I think it cost $250, maybe more. We used a lawyer who specializes in elder law.

[NECHFalcon68]

Originally Posted by ijusluvit

Does anyone have one?

I'm impressed by the recommendation of my attorney that this is a completely effective way of passing property to heirs without going through probate and lengthy delays. There are also other advantages to the deed in Florida with respect to the homestead exemption and protection from creditors. Best of all, the deed costs about one tenth of the cost of a trust, which many folks down here seem to think you have to have to protect your estate.

On advice of our attorney, while updating our wills, we went with a ladybird deed. Cost was $150.

[Pturner]

Would someone kindly explain what a ladybird deed is.

[NECHFalcon68]

Originally Posted by Pturner

Would someone kindly explain what a ladybird deed is.

In our case, the house is jointly owned. If both of us die, then the house goes to our daughter without going thru probate because her name is on the deed, essentially as a "contingent" owner, but has no rights of ownership while either of us are alive.

At least that is how it was explained to us....

http://www.probate-estate-planner.com/lady-bird.html

[ijusluvit]

Originally Posted by Pturner

Would someone kindly explain what a ladybird deed is.

I'm waiting for my attorney to send me the exact wording, but it is a property deed, legal in Florida and some other states, which is worded in such a way that the property does not have to go to probate when passing to one's heir(s). It was made famous by Lyndon Johnson, who used it to transfer ownership of property to Ladybird and her heirs.

Two things absolutely amaze me:

1) With it's many advantages over a regular deed, Why don't banks and mortgage companies here use this type of deed routinely? Instead, it's almost like a well-kept secret.

2) Why do so many people insist that establishing a trust, generally costing at least $1500, is the only way folks can keep transfer of their property out of probate?

[pooh]

We had something similar with Mom and Dad. There were 5 names on the deed. When our parents were gone, the house belonged to my sister, brother and myself. Brother wanted the house so he just bought out my sister and me. Easy peasy, at least when we did this, probably 15 or more years ago.

[pooh]

Originally Posted by ijusluvit

I'm waiting for my attorney to send me the exact wording, but it is a property deed, legal in Florida and some other states, which is worded in such a way that the property does not have to go to probate when passing to one's heir(s). It was made famous by Lyndon Johnson, who used it to transfer ownership of property to Ladybird and her heirs.

Two things absolutely amaze me:

1) With it's many advantages over a regular deed, Why don't banks and mortgage companies here use this type of deed routinely? Instead, it's almost like a well-kept secret.

2) Why do so many people insist that establishing a trust, generally costing at least $1500, is the only way folks can keep transfer of their property out of probate?

A house could be the only asset or just part of an estate. It could be the largest asset, but not always. Trusts work for other assets, right?