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sfed
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Post subject: Lady Bird Deed |
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| If a Lady Bird Deed is in place and if the Grantor and Beneficiaries wish to sell the property prior to the Grantor's death, is this allowed and if so, is the proceeds of the sale subject to a capital gain tax, using the original purchase price as the basis or the current stepped up basis? |
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jenkin7
Joined: 04 Jun 2007
Posts: 4537
Location: Hawaii
728.43 Dollars($)
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Hi sfed,
If there's a lady bird deed in place and the property is sold after the death of the grantor, stepped up basis is taken into consideration to determine the capital gains tax. However, in this situation the grantor is still alive and I think the original purchase price of the property will be taken into account while calculating the capital gains tax. But you should consult a tax advisor as he/she would be the best person to guide you in this regard. |
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laguera37
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Post subject: confused |
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can a spouse remove a deceased spouse name from the property deed and sell the home if he does a lady bird deed? in the state of texas?  |
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jenkin7
Joined: 04 Jun 2007
Posts: 4537
Location: Hawaii
728.43 Dollars($)
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Post subject: |
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Hi laguera,
The spouse does not have to do a lady bird deed to remove the deceased spouse from the property deed. The spouse can file the death certificate of the deceased spouse and other necessary documents as required by the county recorder's office and have the deceased spouse's name removed from the title of the home. |
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cordell murry
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Post subject: daughter of man remarried to another women do the have right |
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in arkansas three daughter, their dad remarried do they have any rights to the father land and other thing the favher owned, along with the new wide  |
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| along with the new wife. |
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Post subject: |
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| made a mistake on spelling wide should have been WIFE. |
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sueswick@wideopenwest.com
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Post subject: Ladybird Deed |
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| Is this deed legal in the state of Michigan? if so, is it better than putting my daughter's name on the house? |
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Don Senecal
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Post subject: Ladybird Johnson Deed |
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| Is the LBJ Deed legal in South Carolina? |
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bigdog
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Post subject: ladybird |
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| do i have to pay inheritance tax on my mothers home that she ladybird to me |
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savior70
Joined: 25 Mar 2009
Posts: 1895
Location: Florida
261.84 Dollars($)
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Post subject: |
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To Don,
As far as I know, a lady bird deed is legal only in states like Florida, Texas, Ohio, California, and Kansas. I don’t think it’s valid in South Carolina.
To bigdog,
The ladybird deed conveys the title to the grantees, while the grantor retains the right to stay in the property. The grantees become legal owners of the property as soon as the title is transferred to them through the lady bird deed. The grantor has to pay a gift tax, if he transfers the property title to the grantees as a gift. But the grantees are not likely to be subject to any tax for this transfer. However, you can consult an accountant or a tax advisor to know if you need to pay any inheritance tax for this property transfer. |
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desperate
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Post subject: how to obtain a ladybird deed/ or what? |
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| my mother is in the nursing home. I am in charge of the will. However I understand MERP will come in to play and the will, will not be effective since she got assistance from medicaid after 2005. How can I secure that the house will not be recovered bymedicaid. my siblings cannot comprehend that since there was a will seekd out by my parents. |
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Mich
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Post subject: Does Residency Matter? |
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If my dad names me as grantee on a LBD for a condo he owns in Florida and we are both full time residents in Michigan...will that work out OK?
Does the law primarily apply to where the property is located or where you are a registered resident? Thanks! |
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jenkin7
Joined: 04 Jun 2007
Posts: 4537
Location: Hawaii
728.43 Dollars($)
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Post subject: |
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Hi desperate,
The state has the right to recover the Medicaid costs for nursing and other long-term care facilities from the estate of your mother. But as far as I know, her estate cannot be recovered as long as she is alive and has the intent to return to the property. She could have transferred the property through a lady bird deed to avoid recovery of her estate by Medicaid. However, since she is already in the nursing home, she will not be able to transfer the property. Any such transfer at this point in time can be considered invalid.
Hi Mich,
The lady bird deed has to be in compliance with the property transfer laws of Florida as the property is located there. Though you are a legal resident in Michigan, it should not affect the transfer of the property in Florida. After all, you can reside in a particular state, but own a property in a different state. |
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andy s
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Post subject: other benefactors of the will not listed on the LB deed |
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| The power of attorney set up the LB deed with with only his/her name. Is the complete possession of the property transferred to this individual alone or does the "estate" or "remaining beneficiaries of the will" still have any possession or claim to the property? In other words if at death the other beneficiaries are not on the LB deed are they screwed even though the will states to divide three ways? |
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