Sarasota Attorneys Prepare Deeds Efficiently Transferring Real Property
There are a number of different deeds relative to the sale and purchase of real estate and transfer of ownership that can be used to meet specific needs. A Traditional Life Estate Deed is one that may work for you. A deed that is available in Florida and only a few other states is called an “Enhanced Life Estate Deed” or “Lady Bird Deed.”
Advantages of an Enhanced Life Estate Deed
The way the deed works is that:
- You sign a deed in which you retain the right to use your property however you want as well as the right to sell it, but you transfer title to your named beneficiary or beneficiaries, called “Remaindermen.”
- You do not need the permission of the Remaindermen if you decide to sell the property.
- When you die, all the remaindermen need to do is file your death certificate with the clerk of the court in the county where the property is situated and the property is theirs.
- Since the property is transferred outside of probate but only at your death, there is no Federal Gift Tax on the transfer.
When a person qualifies for Medicaid benefits for long-term nursing or assisted living care and then dies, the state may make a claim for reimbursement of the cost of that care against the estate of the decedent. Since, with an Enhanced Life Estate Deed, the property is transferred outside of probate and is not included as part of the decedent’s estate, it cannot be used for Medicaid reimbursement.
At our Wills, Trusts, Probate and Elder Law Firm, PLLC, in Sarasota, Florida, we prepare and file the deeds you need to protect your property from creditors, allow you to apply for Medicaid long-term care benefits without depleting your assets and transferring your property to a designated beneficiary at your death. Call us for a free 30 minute consultation so we can explore with you the different deeds that are available and help you select the one that works best for your particular situation.