Lady bird deeds can also help with Medicaid recovery. When a person receives Medicaid benefits, Federal law allows the state Medicaid agency to recover assets from the deceased person’s “estate” at his or her death. States differ in how they define “estate” for purposes of Medicaid recove...
But if, during the five years before you apply for Medicaid, you use a traditional life estate deed to avoid probate, the value of your home will be an included asset and you may be disqualified from Medicaid. This does not happen if you use a Lady Bird deed, because it is not consid...
While the Lady Bird Deed will avoid Medicaid and Estate Recovery as long as you keep it as a house, what happens if you want to sell the home to help pay for assisted living or independent living? The Lady Bird deed would not protect you in that scenario because you are turning exempt ...
Then the state of Michigan places a lien on a home after that individual passes away if the real estate ends up in probate. So with the lady bird deed does is it avoids probate upon death and also to avoid the estate recovery if you were to need any type of lo...
lady bird deedstransfer on death deedsestate planningdeedsenhanced life estate deedMedicaidA carefully prepared estate plan often contains personal property which passes outside of the probate process such as beneficiary designations on bank accountsSocial Science Electronic Publishing...
Quick 15-minute attorney consultation and personalized. Avoid probate in Florida with a Lady Bird Deed and transfer real estate fast with a Quitclaim Deed.