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Recall that a Lady Bird Deed is an Enhanced Life Estate Deed. The clearest understanding of the Lady Bird Deed can be gained by examining the underlying .
Enhanced Life Estate Deed. The Florida Enhanced Life Estate Deed (sometimes called "The Lady-Bird Deed") is a tool designed to preserve the homestead for the benefit of the family at the last to die of the husband and wife, or upon the death of a single person.
A "Lady Bird deed" (also known as an enhanced life estate deed) is a way to transfer property to someone else outside of probate while retaining a life estate in the property. But unlike a regular life estate, a Lady Bird deed gives you the power to retain control of the property during your life, including the right to use the property for profit or to sell the property.
The attorneys at The Law Office of David Goldman PLLC have created a Florida Enhanced Life Estate Deed, which is also known informally as Florida "Lady Bird" deed. The Florida Enhanced Life Estate Deed is a great estate planning tool because it allows a person to qualify for Medicaid and keep the homestead.
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A lady bird deed (also called a ladybird deed or an enhanced life estate deed) is a special form of life estate deed that gives the owner continued control over the property until his or her death. Once the owner dies, the property is transferred automatically to new owners without the need for probate.
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The technical name for a lady bird deed is enhanced life estate deed. The life estate included in the lady bird deed is "enhanced" by the broad powers retained by the original owner. Lady bird deeds are sometimes called ladybird deeds (without the space between lady and bird). These terms are used interchangeably in modern Florida real estate practice.