Lady Bird Deeds
What Are Lady Bird Deeds?
Your real estate is among your most important and valuable assets. So when planning for the future, it is critical that you consider how your real estate lives on – past your own lifetime. This involves a certain amount of estate planning knowledge, and speaking to a legal professional is the best way to get familiar with your options.
A Lady Bird Deed is a special type of deed that allows you to transfer your real estate to one or more individuals (or a trust) once you pass away. In essence, it allows you to assign a beneficiary to your estate properties. While some people do this in the form of a life estate deed, a Lady Bird Deed has special advantages that allow you to refinance, mortgage, rent, or sell the property at your discretion – and without the permission of the beneficiary.
The professionals at Mateskon Law have been dealing with both real estate and estate planning matters for years. As a qualified Lady Bird Deed lawyer, Andrew Mateskon will be your trusted advisor throughout the entire legal process.
Making an informed decision about the future of your property can feel overwhelming and stressful. At Mateskon Law, we aim to make this choice easier by offering you the support and guidance you deserve.
The Advantages Of Lady Bird Deeds
There are a variety of benefits to Lady Bird Deeds. Not only do they allow you to pass your real estate on to your beneficiaries, but they also protect your property from the probate process. This is done by directly transferring your real estate to the individual(s) you designate – or your revocable living trust. Avoiding probate helps avoid unnecessary administrative costs and protects your privacy by keeping your affairs from showing up on public records.
Lady Bird Deeds can also be used in the context of Medicaid planning. Given that these deeds avoid probate, they also avoid the possibility of estate recovery for Medicaid recipients. In Michigan, estate recovery occurs when the state aims to recover long-term care expenses when the Medicaid recipient dies. Given that estate recovery is limited to assets that are part of the probate estate, Lady Bird Deeds ensures protection against this possibility as well.
Another advantage of Lady Bird Deeds is the fact that there are no tax consequences. The property avoids capital gains taxes because it receives a “step-up in basis” at your death. Additionally, if the beneficiary is a close relative, real estate taxes will not be uncapped at the time of the owner’s death.
Mateskon Law: A Law Firm You Can Trust
We are proud to provide our comprehensive Lady Bird Deeds attorney services to residents of Sand Lake, Michigan, and beyond. At Mateskon Law, we understand the legal advantages of Lady Bird Deeds – and we want you to as well. If you’re interested in preserving the future of your property, we’re here to provide you with the legal guidance you need to make informed decisions.
Are you ready to work with a skilled Lady Bird Deeds planning attorney in Sand Lake, Michigan? Call Mateskon Law today to get started with an initial consultation!