Understanding the Florida Lady Bird Deed
The Lady Bird Deed, also known as a Florida Enhanced Life Estate Deed, is a specialized life estate deed designed to seamlessly transfer property ownership upon the death of the owner(s) without the need for probate. This deed is popular because it ensures peace of mind and helps alleviate stress on loved ones during difficult times.
Moreover, executing an enhanced life estate deed does not compromise the owner’s control over their property during their lifetime. The owner(s) can still sell or mortgage the property without involving the remainder beneficiaries. This “retained control” implies that your remainder beneficiaries hold no decision-making power over your property while you are alive. Property owners can freely alter their remainder beneficiaries and register a new Lady Bird Deed without the current beneficiaries’ consent.
Origin of the Name
The term “Lady Bird Deed” became popular when President Lyndon B. Johnson used this deed type to transfer property to his wife, Lady Bird Johnson, giving the Florida enhanced life estate deed its widely recognized nickname.
Additional Benefits of a Lady Bird Deed
The Florida Lady Bird Deed is not just a tool for seamless property transfer. It provides financial and legal benefits that make it a wise choice for estate planning and asset protection.
Estate and Medicaid Planning
Another significant advantage of the Lady Bird Deed is its impact on estate and Medicaid planning. Since the transfer of property only occurs upon the death of the owner(s), it is not considered a present gift or asset transfer. Therefore, property owners can utilize this deed without risking Medicaid ineligibility, which is crucial for those who may require long-term care and don’t want their assets counted against them.
Tax Benefits
The Lady Bird Deed offers potential tax benefits. In the event of the property owner’s demise, the beneficiary acquires the property with a stepped-up basis in value. This means that if they decide to sell the property soon after inheriting it, they might have reduced capital gains tax obligations compared to if the property had been gifted to them during the owner’s lifetime.
Protection Against Creditors
Moreover, the Lady Bird Deed offers a layer of protection against creditors. Since the beneficiary does not have any legal ownership or claim to the property until the death of the current owner, creditors of the beneficiary cannot place a lien on the property or claim it to settle debts.
All-Inclusive, Flat-Fee Solutions for Preparing, Notarizing, and Recording Florida Enhanced Life Estate (Lady Bird) Deeds
Choose the Service That Best Fits Your Needs
For only $149, our committed document expert will create your Lady Bird Deed. After you approve the final version, we'll provide you with a print-ready PDF. Additionally, we can laser print the deed and mail it to you at no further charge if you prefer. Please note that you will be responsible for signing and recording the deed independently.
For a flat fee of $285, your committed document technician will draft your Lady Bird Deed, enabling you to smoothly sign and notarize it from the comfort of your home using our highly rated online notaries. We'll also provide the necessary witnesses. After signing, we will eRecord the deed in the proper Florida county and take care of the recording fees for you. Once the deed is recorded, we'll email you a copy of the instrument, including county recording markings.
Unlock deep savings by bundling Lady Bird Deed with the creation of a basic will, durable power of attorney, advance directive (including living will and designation of a healthcare surrogate), and a HIPAA waiver.
Exclusive discounts for married couples.
Frequently Asked Questions (FAQ)
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What is the primary purpose of a Florida Lady Bird Deed?
The main purpose of a Florida Lady Bird Deed is to transfer real property to designated beneficiaries without going through the probate process, making it a simple and efficient estate planning tool.
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Can you electronically record (eRecord) my Florida Lady Bird Deed with the county?
Yes! We can e-Record Lady Bird deeds in most Florida counties.
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How do I record a Lady Bird Deed?
If you decide against having us electronically record your Enhanced Life Estate Deed (Lady Bird) on your behalf, you will need to bring the deed to the county clerk's office in the county where the property is situated. Provide the deed to the clerk, along with the required recording fee.
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Is there a way to sign and notarize my Florida Lady Bird Deed without leaving home?
Remote Online Notarization, often referred to as "RON," is a fully online notary system that allows documents to be signed and notarized via the internet using a webcam and microphone. Florida Document Specialists is a certified remote notary service in the State of Florida. By combining our online notarization service with e-Recording, you can prepare, sign, notarize, and record your Enhanced Life Estate (Lady Bird) deed without leaving your home.
If you cannot visit our Daytona Beach office and are not interested in online notarization and/or e-Recording, we can send your completed deed through email and US mail, accompanied by instructions on how to sign and record the deed independently.
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How will I know that my Lady Bird Deed has been recorded if you eFile it for me?
Our e-recording platform will automatically provide you with a copy of the recorded deed, which includes the recording information stamped at the top. Additionally, you can visit the website of your county clerk of court and search for your deed in the official records. All deeds are part of the public domain.
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Can I change my mind after I record a Lady Bird Deed?
Yes. Because the life estate retained by the owner(s) is “enhanced”, you can record a new deed without the consent or involvement of the remainder beneficiaries.
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How does the title to my property pass to the remainder beneficiaries when the owners pass away?
With a Lady Bird Deed, the property is automatically transferred to your remainder beneficiaries by operation of law, bypassing the probate process. In simpler terms, "it occurs naturally." One of the main reasons a Florida Enhanced Life Estate (Lady Bird) Deed is so popular is that it eliminates the need for probate for the property outlined in the deed. This advantage allows you to convey the title of your home or property to your loved ones without imposing the burden of probate on them.
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I have legal questions about Lady Bird Deeds. Can you help?
Regrettably, we cannot help with your legal questions about Lady Bird Deeds. As a non-attorney document preparation company, we are not a law firm, and none of our team members are lawyers. Consequently, we are not qualified to provide legal advice regarding your decision to create an Enhanced Life Estate (Lady Bird) Deed. If you have questions that cannot be answered using the publicly accessible information provided here, we recommend consulting an attorney experienced in probate and estate planning matters. However, if you have determined that an Enhanced Life Estate Deed is suitable for your needs after conducting thorough research and due diligence, we can assist in preparing, executing, and recording the deed for you. You may also find helpful information by visiting this well-known website.
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There are other websites advertising deeds. Why is your company better?
The main difference is that you will be working personally with a document specialist, not a computer.
Numerous out-of-state websites provide automated deed preparation and downloads, typically offering downloadable forms for wills, trusts, divorces, and other commonly used documents. Each month, we assist dozens of clients who initially opted for these services, only to have us retype the unworkable results they received.
These websites often lack a contact phone number. Keep Benjamin Franklin’s words in mind: “The bitterness of poor quality remains long after the sweetness of low price is forgotten.”
Discover more about what sets us apart as a distinct kind of company.