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Lesia Fail
Guest
0.10 Dollars($)
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 Posted: Tue Oct 30, 2007 8:59 am Post subject: only 1 sibbling listed on LadyBird Deed |
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| My Parents live in Florida 65 and 71,and my sister is helping them prepare a ladybird deed. I find out now that my sister will be the only sibbling listed on this deed. Should'nt all 3 Sibblings be listed on this LadyBird Deed? |
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adonis
Joined: 22 Oct 2005
Posts: 1482
Location: ALASKA
142.76 Dollars($)
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jenkin7
Joined: 04 Jun 2007
Posts: 939
140.80 Dollars($)
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| Posted: Thu Nov 01, 2007 6:00 am Post subject: |
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Hello Lesia,
It actually depends on your parents. If they are willing to list all three siblings on the deed, then that should be done. |
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Joe Taylor
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0.10 Dollars($)
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| Posted: Mon Nov 26, 2007 3:56 pm Post subject: Lady Bird Deeds |
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| What about the IRS treatment using the analogy of a revocable trust. For estate tax purposes, a revocable trust (I think) does not remove the asset from the giver's estate because the giver retained control over the asset. Is this a concern for a Lady Bird Deed? |
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jenkin7
Joined: 04 Jun 2007
Posts: 939
140.80 Dollars($)
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| Posted: Tue Nov 27, 2007 2:02 am Post subject: |
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Hello Joe,
As far as I know, the property still remains in the owner's estate for the estate tax purposes even after it has been transferred with a ladybird deed. |
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kimjw
Guest
0.10 Dollars($)
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| Posted: Tue Mar 04, 2008 10:07 pm Post subject: lady bird deed |
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| my husband was deeded acreage that includes realestate and his mother house, she found out that she would lose the homestead on her taxes if she left it in his name. The lawyer corrected the deed with a correction warranty laby bird deed, this does not specify house and 1 acre only. Does it include all 70 acres and other improvements. |
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 732
Location: OHIO
134.80 Dollars($)
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| Posted: Wed Mar 05, 2008 2:15 am Post subject: RE: lose homestead |
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Hi Kimjw,
Welcome to our community forums.
As per the laws on homestead, when a property is transferred to someone, the current owner qualifying for homestead protection may lose it on account of change in the title.
Now if the lawyer has corrected the deed by excluding the house from it, then your husband won't get the house. Rather he will get other properties as stated on the deed. You need to check out the property description part of the deed.
Since there has been a change done on the deed, therefore the deed should be filed again to reflect the change.
| Quote: | | Does it include all 70 acres and other improvements. |
I did not get this part of your query. What exactly are you trying to say here? What does this 70 acre include?
Regards,
Jessica.
_________________
Home buying made simple with Community booklet |
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Jacksonville
Guest
0.10 Dollars($)
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| Posted: Tue Mar 11, 2008 8:15 am Post subject: LadyBirdDeed |
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| My mother is in long term care. She is under Medcaid. I have Lady Bird Deed on her house. I also have Durable POA. If necessy, Can I sell her house before her passing? |
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Sandy
Guest
0.10 Dollars($)
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| Posted: Tue Mar 11, 2008 12:18 pm Post subject: Ladybird vs. MERP (Medicaid Recovery Program) |
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| My Dad is in the nursing home in TX. We have gotten a Ladybird deed for his (only possession) his home. When applying for Medicaid - his application will be denied UNLESS we sign the paperwork acknowledging that "the state of Texas has the right to ask for some money back from your estate after you die." It is my understanding that the state cannot file against the estate if there is ladybird deed. Is this true? Are the house and properties protected from Medicaid Recovery? |
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larry
Joined: 27 Jun 2007
Posts: 3328
473.51 Dollars($)
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| Posted: Tue Mar 11, 2008 12:59 pm Post subject: |
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Hi Jacksonville,
Welcome to the forum.
I think you cannot sell the house as your mother has a Ladybird deed. But your mother can sell the house. She possesses all the rights of the house until her death.
After her death the grantor that means you will own the house. Ladybird deed is mainly used to avoid the costly and time consuming probate process.
Feel free to ask if you have any further questions.
Best of luck,
Larry |
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larry
Joined: 27 Jun 2007
Posts: 3328
473.51 Dollars($)
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| Posted: Tue Mar 11, 2008 1:21 pm Post subject: |
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Hi Sandy,
Welcome to the forum.
As you have signed the agreement, the state can ask the money back in the form of Medicaid Recovery. You have the Ladybird deed. So you can avoid the probate but you are still entitled to pay off the money for Medicaid Recovery.
Best of luck,
Larry |
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sue
Guest
0.10 Dollars($)
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| Posted: Mon Jul 07, 2008 8:31 am Post subject: quit claim or ladybird deed in south carolina |
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| my sister is listed as co owner of a home in S Carolina. It is mortgage free, and her husband is dying of cancer. They have no health or life insurances to speak of. How can she avoid losing the home because of medicaid or hospital bills. |
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Johnny1
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0.10 Dollars($)
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| Posted: Mon Jul 21, 2008 6:04 am Post subject: |
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| You sister can use a Ladybird deed. Thus she will get the property after her husband's death and also her husband can get the Medicaid benifits. but as everyone suggests, attorney's advise should be taken before using the Ladybird deed. |
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John H Pfeil
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0.10 Dollars($)
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| Posted: Sat Aug 02, 2008 11:43 am Post subject: Lady Bird Deed |
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| How Can I get A Lady Bird Deed ? Thank U |
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adonis
Joined: 22 Oct 2005
Posts: 1482
Location: ALASKA
142.76 Dollars($)
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