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jameshogg
Joined: 20 Dec 2005
Posts: 10460
Location: Nevada
987.57 Dollars($)
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Hi mariam,
Your mother can have a ladybird deed as well as a will. The cost of the ladybird deed will vary from state to state. You need to speak to a real estate attorney and he will let you know the cost of the property. If she used a ladybird deed to transfer the property to you, then there is no need for a will. If she wishes, she can include the names of all her children in the deed. A will comes into affect after the death of the grantor whereas a power of attorney will remain into affect as long as the person is alive. A property deed will immediately transfer the property to the grantee once it is signed and recorded.
To dtbm,
As you've a poa on your mother's behalf, you can sign a ladybird deed and get the property transferred in your name. This will help you in avoiding probate. You can contact a real estate attorney and take his help in this matter.
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social worker
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Post subject: VA |
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| Can you use a Lady Bird Deed to transfer property ownership to 3 children for purposes of transferring ownership to qualify for Aid & Attendance? The property is timberland and the spouse owns 1/3 interest in the land. The property cannot be sold because one of the owners has willed her portion to her church upon her death and the other owner has dementia. The 1/3 value of the property is the only asset which disqualifies the veteran from benefits. The family does not want to do Irrevocable Trust and were told to do LBD rather than Quit Claim Deed. |
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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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Hi Guest!
Welcome to forums!
A ladybird deed can be used to transfer property ownership to 3 children. However, it will be always better to contact a real estate attorney and check out your state laws in this regard.
Feel free to ask if you've further queries.
Sussane |
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Nancy K
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Post subject: Lady bird deeds in Michigan |
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Can you tell me if the Lady bird deeds are accepted in the State of Michigan?
Thanks. |
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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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Hi Nancy!
Welcome to forums!
As far as I know, ladybird deed is not valid in the state of Michigan. Nevertheless, you should have a word with the real estate attorney and take his opinion in this matter.
Feel free to ask if you've further queries.
Sussane |
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cvenetianer
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Post subject: Lady Bird Deed |
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Can one write their own Lady bird deed and simply have it recorded after signing and having it witnessed??
(as usual, I'm perplexed. After inserting my username, I read it's already been taken! How could that be??) |
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cvenetianer
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Post subject: Lady Bird Deed |
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| Will a Lady Bird Deed duplicate a revocable trust? |
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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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Hi cvenetianer,
It is true that one can write his/her own ladybird deed. However, it is always advised to take help of an attorney in order to get the ladybird deed drafted. As far as your second query is concerned, you should have a word with your real estate attorney.
_________________
Procrastination is the enemy of your financial success |
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damon
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Post subject: lady bird deed |
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| what if we sell one year after grantor death, for more than the stepped up rate? do we owe cap gains? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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Hi damon!
Welcome to forums!
If you receive a profit from the sale of the property, then you will be liable for paying the capital gains taxes. You can contact a CPA and he will assist you in knowing it in a better way.
Feel free to ask if you've further queries.
Sussane |
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Jrg007
Joined: 26 Aug 2011
Posts: 2
1.40 Dollars($)
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Post subject: Lady bird trust |
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| Can I rent house out to get money to pay taxes and insurance I live in Texas and house is in lady bird trust and my sister and I are the ones who get house after mother passes away she is in rest home now |
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