Tampa Lady Bird Deed Attorney
For many Tampa-area residents, their home is their most important asset. If you are looking to ensure your home remains within your family after your death, you may wish to create what is known as a Lady Bird Deed. This is a method of transferring Florida real property without the need for probate. And if structured properly, a Lady Bird Deed can preserve your homestead exemption under the Florida Constitution as well as maintain your eligibility for certain public benefit programs like Medicaid.
While the basic principles of a Lady Bird Deed are fairly easy to explain, it is not something that you should attempt on your own. A qualified Tampa Lady Bird Deed attorney can assist you in preparing the necessary paperwork. Knudsen Law is a full-service Florida estate and probate firm that advises clients on the use of Lady Bird Deeds and other non-probate methods of transferring property to their loved ones.
How Do Florida Lady Bird Deeds Work
Also known as an “enhanced life estate deed,” a Lady Bird Deed basically divides ownership of Florida real property into two separate legal interests:
- an enhanced life estate; and
- a remainder interest.
If you create a Lady Bird Deed, you are known as the grantor, i.e., the current owner of the real property subject to the deed. Under the terms of the Lady Bird Deed, you retain the enhanced life estate in the property. In simple terms, this means you can continue to live in your house just as you have always done. In this context you are the “life tenant” of the property.
Upon your passing, title to the property then passes to the person holding the remainder interest, i.e., your beneficiary. For example, you could name your spouse or child as the beneficiary. Due to the structure of the Lady Bird Deed, ownership automatically passes to the remainder beneficiary. The property itself does not go through the life estate holder’s probate estate.
At the same time, as the life estate holder, you can still sell, lease, or mortgage the property during your lifetime, without having to first seek permission from the remainder beneficiary. This is why Lady Bird Deeds are considered “enhanced” life estate deeds under Florida law. Traditional life estate deeds require the remainder beneficiary to consent to any sale or mortgage involving the property.
It is important to note, however, that you cannot use a Lady Bird Deed to disinherit a spouse or minor child, who are protected by Florida’s constitutional homestead exemption. It is also possible to use a Lady Bird Deed to transfer a non-homestead property in a way that does not trigger a potential Medicaid claim.
A Tampa Lady Bird Deed Attorney Can Help You
When done correctly, a Lady Bird Deed can offer you and your beneficiary peace of mind when it comes to transferring your home or other real property. Our Tampa Lady Bird Deed attorney will be happy to answer any questions you might have about the process. Contact Knudsen Law today at (727) 398-3600 to schedule a consultation.
