Insight

The Lady Bird Deed: A Guide for Florida Homeowners

While the Lady Bird Deed offers numerous advantages, it’s crucial to consult with an experienced estate planning attorney to ensure it aligns with your specific goals and circumstances.

Roy D. Oppenheim

Roy D. Oppenheim

January 26, 2024 03:58 PM

The Lady Bird Deed, also known as an Enhanced Life Estate Deed, is a unique legal tool in Florida’s estate planning arsenal. It allows homeowners to retain complete control and enjoyment of their property while simultaneously ensuring its seamless transfer to designated beneficiaries upon their passing, all without the hassles and delays of probate.

What is a Lady Bird Deed?

In essence, a Lady Bird Deed carves out two ownership interests in your property:

  • Life Estate: This grants you the right to live in and use the property as you see fit during your lifetime. You can rent it out, make repairs, and even sell it if you choose.
  • Remainder Interest: This designates who will inherit the property outright after your death. This can be one person, several people, or even a trust.

What Makes it Different from a Regular Life Estate Deed?

A traditional life estate deed also grants you the right to reside in the property during your lifetime. However, it comes with a crucial limitation: you cannot sell or mortgage the property without the consent of the remainder beneficiaries. This can be cumbersome and potentially lead to conflict.

The Lady Bird Deed removes this restriction. You retain complete control over the property, with the freedom to sell, mortgage, or gift it as you wish, all while the remainder interest remains secure for your designated beneficiaries.

Benefits of a Lady Bird Deed:

  • Avoids Probate: Probate can be a lengthy and expensive process. A Lady Bird Deed bypasses probate, ensuring your property passes directly to your beneficiaries, saving time and money.
  • Medicaid Planning: For those receiving Medicaid benefits, a Lady Bird Deed can help protect their home from Medicaid estate recovery programs. By transferring ownership to the beneficiaries before death, the property becomes ineligible for seizure to recoup Medicaid expenses.
  • Flexibility and Control: You retain complete control over your property during your lifetime, with the freedom to make decisions as your circumstances change.
  • Peace of Mind: Knowing your property will be seamlessly transferred to your loved ones according to your wishes can provide significant peace of mind.

Things to Consider on a Lady Bird Deed:

  • Consult with an Attorney: While the Lady Bird Deed offers numerous advantages, it’s crucial to consult with an experienced estate planning attorney to ensure it aligns with your specific goals and circumstances.
  • Not a Universal Solution: The Lady Bird Deed may not be suitable for all situations. For example, if you have minor children or a complex family dynamic, other estate planning tools might be more appropriate.
  • Potential Tax Implications: Depending on your situation, there may be tax implications associated with using a Lady Bird Deed. Your attorney can advise you on these potential consequences.

Conclusion:

The Lady Bird Deed is a powerful estate planning tool that can offer Florida homeowners significant benefits. However, it’s important to understand its nuances and potential drawbacks before making a decision. By consulting with an attorney and carefully considering your individual circumstances, you can determine if the Lady Bird Deed is the right fit for your estate planning needs. Call 954-384-6114 and speak with an attorney today.

Trending Articles

2025 Best Lawyers Awards Announced: Honoring Outstanding Legal Professionals Across the U.S.


by Jennifer Verta

Introducing the 31st edition of The Best Lawyers in America and the fifth edition of Best Lawyers: Ones to Watch in America.

Digital map of the United States illuminated by numerous bright lights

Unveiling the 2025 Best Lawyers Awards Canada: Celebrating Legal Excellence


by Jennifer Verta

Presenting the 19th edition of The Best Lawyers in Canada and the 4th edition of Best Lawyers: Ones to Watch in Canada.

Digital map of Canadathis on illuminated by numerous bright lights

Legal Distinction on Display: 15th Edition of The Best Lawyers in France™


by Best Lawyers

The industry’s best lawyers and firms working in France are revealed in the newly released, comprehensive the 15th Edition of The Best Lawyers in France™.

French flag in front of country's outline

Presenting the 2025 Best Lawyers Editions in Chile, Colombia, Peru and Puerto Rico


by Jennifer Verta

Celebrating top legal professionals in South America and the Caribbean.

Flags of Puerto Rico, Chile, Colombia, and Peru, representing countries featured in the Best Lawyers

Announcing the 13th Edition of Best Lawyers Rankings in the United Kingdom


by Best Lawyers

Best Lawyers is proud to announce the newest edition of legal rankings in the United Kingdom, marking the 13th consecutive edition of awards in the country.

British flag in front of country's outline

Unveiling the 2025 Best Lawyers Editions in Brazil, Mexico, Portugal and South Africa


by Jennifer Verta

Best Lawyers celebrates the finest in law, reaffirming its commitment to the global legal community.

Flags of Brazil, Mexico, Portugal and South Africa, representing Best Lawyers countries

Prop 36 California 2024: California’s Path to Stricter Sentencing and Criminal Justice Reform


by Jennifer Verta

Explore how Prop 36 could shape California's sentencing laws and justice reform.

Illustrated Hands Breaking Chains Against a Bright Red Background

Announcing the 16th Edition of the Best Lawyers in Germany Rankings


by Best Lawyers

Best Lawyers announces the 16th edition of The Best Lawyers in Germany™, featuring a unique set of rankings that highlights Germany's top legal talent.

German flag in front of country's outline

Celebrating Excellence in Law: 11th Edition of Best Lawyers in Italy™


by Best Lawyers

Best Lawyers announces the 11th edition of The Best Lawyers in Italy™, which features an elite list of awards showcasing Italy's current legal talent.

Italian flag in front of country's outline

Tampa Appeals Court ‘Sends Clear Message,” Ensuring School Tax Referendum Stays on Ballot


by Gregory Sirico

Hillsborough County's tax referendum is back on the 2024 ballot, promising $177 million for schools and empowering residents to decide the future of education.

Graduation cap in air surrounded by pencils and money

Find the Best Lawyers for Your Needs


by Jennifer Verta

Discover how Best Lawyers simplifies the attorney search process.

A focused woman with dark hair wearing a green top and beige blazer, working on a tablet in a dimly

Key Developments and Trends in U.S. Commercial Litigation


by Justin Smulison

Whether it's multibillion-dollar water cleanliness verdicts or college athletes vying for the right to compensation, the state of litigation remains strong.

Basketball sits in front of stacks of money

Woman on a Mission


by Rebecca Blackwell

Baker Botts partner and intellectual property chair Christa Brown-Sanford discusses how she juggles work, personal life, being a mentor and leadership duties.

Woman in green dress crossing her arms and posing for headshot

Best Lawyers Celebrates Women in the Law: Ninth Edition


by Alliccia Odeyemi

Released in both print and digital form, Best Lawyers Ninth Edition of Women in the Law features stories of inspiring leadership and timely legal issues.

Lawyer in green dress stands with hands on table and cityscape in background

The Human Cost


by Justin Smulison

2 new EU laws aim to reshape global business by enforcing ethical supply chains, focusing on human rights and sustainability

Worker wearing hat stands in field carrying equipemtn

Beyond the Billables


by Michele M. Jochner

In a recently conducted, comprehensive study, data reveals a plethora of hidden realities that parents working full-time in the legal industry face every day.

Women in business attire pushing stroller takes a phone call