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troubled
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Post subject: deeds |
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| if my parents have a quitclaim deed already oo we need a ladybird deed |
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jenkin7
Joined: 04 Jun 2007
Posts: 3430
Location: Hawaii
514.35 Dollars($)
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Post subject: |
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Hi troubled,
If the property has already been transferred through a quitclaim deed, then there is no need for a lady bird deed. However, the grantor will not have any rights to the property if he quitclaims it to the grantee. On the contrary, through a lady bird deed the grantor can transfer the property while retaining his/her rights to it. |
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Carouselady
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Post subject: life estates |
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| My brother states he has a life estate on my parents property and showed us a copy of the deed but in the life estate clause it states Mother owns it until her death. My Dad died in '99 so this made my Mother sole owner and she has made a new will and has given my other brother a deed and a life estate for said property. Will the brother my Mom gave the property be the one to legally have the homestead? |
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savior70
Joined: 25 Mar 2009
Posts: 1422
Location: Florida
168.75 Dollars($)
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Hi Carouselady,
Has your mother signed any deed to your other brother? Has it been notarized and recorded? If yes, then I think your other brother now owns the house. A lady bird deed gives the grantor not only the right to stay on the property till death, but also gives him/her the right to sell or make changes to the property without notifying the beneficiaries. Thus, I think, your mother does have the right to make changes to the title and give it to your other brother. However, you should discuss this with a real estate attorney, if you have any doubts. |
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JJ
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Post subject: lady bird deed |
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| My mother may be heading towards a nursing home in MI and applying for medicaid. Spouse has passed. I have a quit claim to her home and named trustee. Her lawyer is telling me to have a lady bird deed done and naming me again as trustee. This way she will be eligible for medicaid. Is this the correct thing to do and will it contine to keep property out of probate as before? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1679
Location: New Brunswick, New Jersey
315.07 Dollars($)
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Hi JJ,
I think your lawyer has said the right thing. A lady bird deed will help you in keeping the property out of probate. You should remember that medicaid has a look back period of 5 years. Any transfer of property within these 5 years will make your mother ineligible for medicaid.
However, it is not the same case with ladybird deed. It will not make your mother ineligible for Medicaid as long as she expresses her intent to return from the nursing home. Even if she does not return, the property will be considered exempt asset for Medicaid if her spouse or relative occupies it.
Take Care. |
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MelaineT
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Post subject: Quitclaim Deeds |
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| Are quitclaim deeds still legal? Are they valid in Alabama? |
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Sherry in OHIO
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Post subject: Selling property Out of State before Aunt in Nursing Home |
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| Please help! My aunt who resides in Ohio is terminally ill and about to be placed in a Nursing home. She rents an apartment in Ohio. She also owns a home in Tennesse that is willed to me. She has no life insurance, and no money to speak of. I need to know if I can save the home from being taken by the nursing home, what do I do. Should I sell it? Please help... |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Welcome,
To Melaine,
Yes, quitclaim deeds are still considered as legal documents for transferring property. As far as I know, they are legal in Alabama.
To Sherry,
Though the property is willed to you, presently, you are not the owner of the property. So the medicaid will have the right to recover it. You can ask your aunt to file a lady bird deed and transfer the property to you. This may help you in saving the property. To know more about it, check out the following link:
http://www.mortgagefit.com/texas/ladybirddeed-medicaid.html
However, before transferring the property in your name with a ladybird deed, consult an attorney. He will be the best person to guide you in this regard. |
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Brent
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Post subject: transfer of title |
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In a family trust, my father has passed away and my brother is the trustee. He needs to transfer title of the family home from my father's name into our three names as the heirs. Does he use a quit claim deed or a Ladybird deed?
Thank you for your help. |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1778
Location: MICHIGAN
266.03 Dollars($)
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Post subject: |
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Hi Brent,
In the absence of your father, your brother is responsible for the estate as he is the trustee of the trust. In order to transfer the title to all three of you, your brother needs to sign a quitclaim deed where the three of you would be the grantees. A lady bird deed is not required in this case. It is used when a grantor transfers ownership in the property to someone else and at the same time wants to retain a right to stay in the property until death.
Thanks,
Jerry |
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gina
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Post subject: sneaky heir |
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| when my grandfather passed away we discovered that his daughter, who had always paid his bills had him sign several deeds that she drew up herself giving her everything. He still has a daughter, that is mentally ill, living on the prop.. Are these deeds legal? There are several mistakes in them. The property really never had a clear deed on it. My grandparents paid cash for it and built the house with cash. |
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isabela
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Post subject: transfer of ownership |
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| My father transferred ownership of a property to me before he died. He had taken out a line of credit on this property. I don't think that with the economy the way it is and my credit history I can qualify for a loan to pay off the loan. Will the bank care who the house belongs to as long as the loan is being paid every month? And for taxes can I claim the payments of the loan that is not in my name? |
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unknown
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Post subject: Homestead Exemption |
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| Currently we have a 2nd home that we have put our children's names on for estate purposes as well as this has allowed our son to file homestead on it. If we change to a Ladybird deed can he still claim homestead? |
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savior70
Joined: 25 Mar 2009
Posts: 1422
Location: Florida
168.75 Dollars($)
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Post subject: |
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To Gina,
It's difficult to say whether the deeds are legal. Were they notarized? I think if possible, you should get the deeds reviewed by an attorney as he would be the right person to determine if the deeds are legally valid.
To Isabela,
As long as you make the loan payments every month, the lender would not mind who the house belongs to. All that matters to them is the timely payments towards the loan. As for the taxes, I don't think you can claim the payments of the loan. In order to do so, you need to refinance in your name.
To unknown,
If you use a lady bird deed, your son would still be able to claim homestead. Deeds do not generally affect the eligibility of a property for homestead. However, your son needs to be on the title, if he wants to claim the homestead. If the property is transferred to someone else through a lady bird deed, it could affect the homestead status of the property. |
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