Wills and Estate Planning Areas of Practice Include:
What is a Lady Bird Deed?
Legend has it that these deeds were first established to protect Lady Bird Johnson's real estate upon her famous husband's demise. These deeds are becoming a more popular estate planning technique in Michigan which provides for transferring property to heirs. While you cannot name a beneficiary to your home, these deeds are as close as you can get. They are also known as Enhanced Life Estate Deeds.
Michigan law states the deeds allow you to transfer your existing real estate, by deed, to your beneficiaries (legally known in real estate law as "remaindermen") who will automatically take the house upon your death thereby avoiding Probate. It is a cost effective way to transfer your real estate without the necessity of a Trust. Lady Bird Deeds prevent violating the "look-back" period for Medicaid eligibility and nursing home care. However, you are not locked in as you reserve the right to sell, lease, mortgage or change your mind.
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The preceding is provided for informational purposes only. While every effort has been made to ensure accuracy, it cannot be relied upon as legal advise. Applicability of the legal principles discussed may differ substantially in individual situations. Please consult with the attorneys at Seward, Tally & Piggott, P.C. for legal aid.