Posted: Thu Sep 20, 2007 10:14 pm Post subject: RE:
Welcome Vallygirl,
A ladybird deed is a document which helps to transfer your property to your heirs or any one else but give you the chance to have a life estate on it. However, unlike life estate in other deed, you will retain the liability to sell your property. Know more about ladybird deed.
A revocable living trust is a written agreement by which someone can manage a property for the benefit of others who are called the beneficiaries. The term revocable implies that the person who has created the trust can change or end it any time as long as he is mentally fit. _________________ Procrastination is the enemy of your financial sucess
Posted: Fri Sep 21, 2007 3:53 am Post subject: RE: how ladybird and revocable trust differ
Hi Vallygirl,
If there is homestead protection on your property which is transferred into a revocable living trust, it will affect your Medicaid eligibility for long term care. But a ladybird deed can still be used and you can retain your eligibility for Medicaid.
Now, if you transfer your house into revocable trust:
Pros: You have the full control on your property during your lifetime and can pass it on to your children after your death.
Cons: You may find it difficult to refinance your home.
On the other hand, if there is a ladybird deed:
Pros: The property will automatically pass on to your children after your death.
Cons: It may be difficult to sell or refinance because some lenders and title companies do not find this set up easy to deal with.
I hope this is now clear to you.
Thanks.
maxine weingarden Guest
Posted: Thu Jan 15, 2009 7:52 am Post subject: ladybird deed
what is the benefit of a trust as opposed to a lady bird deed
As far as I know, if you transfer a property to a revocable trust, then you will have the total control on your property during your lifetime. Later on, after your death, the property can pass on to your children. _________________ Procrastination is the enemy of your financial sucess
sam wilson Guest
Posted: Sun Jul 12, 2009 8:00 pm Post subject: lady bird deed / durable power of attorney
can dpoa use lady bird to transfer property to himself ?
As far as I know, with a durable power of attorney, a person can transfer property into trust. As far as transferring property to oneself with the help of a ladybird deed is concerned, you need to consult an attorney and take his opinion in this regard.
Thanks
denise Guest
Posted: Tue Sep 15, 2009 10:58 am Post subject: living trust verses lady bird deed
Moms estate or property in san antonio tx. need to know what would be the best way to protect my moms estate in the future to be passed on to her children or if she may need to quilify for long term care
vallygrl2000
