How does lady bird deed differ from revocable living trust?

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Icon Mini Profile vallygrl2000





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Post Posted: Thu Sep 20, 2007 9:01 am    Post subject: How does lady bird deed differ from revocable living trust?
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Difference between Ladybird Deed and Revocable Living Trust can someone please explain the difference between the two in the Sate of Florida?
Icon Mini Profile adonis
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Post Posted: Thu Sep 20, 2007 10:14 pm    Post subject: RE:
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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.

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Post Posted: Fri Sep 21, 2007 3:53 am    Post subject: RE: how ladybird and revocable trust differ
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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

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Post Posted: Thu Jan 15, 2009 7:52 am    Post subject: ladybird deed
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what is the benefit of a trust as opposed to a lady bird deed
Icon Mini Profile adonis
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Post Posted: Fri Jan 16, 2009 12:51 am    Post subject:
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Hi maxine,

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.

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sam wilson

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Post Posted: Sun Jul 12, 2009 8:00 pm    Post subject: lady bird deed / durable power of attorney
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can dpoa use lady bird to transfer property to himself ?
Icon Mini Profile jameshogg
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Post Posted: Sun Jul 12, 2009 10:22 pm    Post subject:
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Hi sam,

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.

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denise

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Post Posted: Tue Sep 15, 2009 10:58 am    Post subject: living trust verses lady bird deed
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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
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Post Posted: Tue Sep 15, 2009 7:55 pm    Post subject:
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[System detected duplicate content, converted into image. Thanks.]
Brevard

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Post Posted: Fri May 14, 2010 11:43 am    Post subject: cost/necessity of atty
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1. is an atty required to set this up?
2. what is the cost to do this?
3. does the doc need to be recorded when it is drawn up?
thnx
Icon Mini Profile adonis
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Post Posted: Sun May 16, 2010 10:21 pm    Post subject:
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Hi Brevard,

I guess you are speaking about the ladybird deed. It is always better to take the help of an attorney in order to draft the ladybird deed. The attorney fees will vary from person to person. After the deed has been drafted filled out and signed, you will have to record the deed at the county recorder's office.

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Post Posted: Sat Jun 26, 2010 8:09 am    Post subject: Ladybird Deed
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Does the Ladybird Deed only apply to a house or would it also apply to a plot of land with no house? BJF
Icon Mini Profile jameshogg
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Post Posted: Sun Jun 27, 2010 11:51 pm    Post subject:
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Hi BJF,

As far as I know, a ladybird deed can be used to transfer a plot of land from one person to another.

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BFB

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Post Posted: Tue Oct 26, 2010 7:36 am    Post subject: Best Choice
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Are either of these options good for the state of Kentucky? Would either one protect my property in case I need long term care in the future?

Thank you!
Icon Mini Profile jameshogg
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Post Posted: Tue Oct 26, 2010 11:07 pm    Post subject:
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Hi BFB,

As far as I know, a ladybird deed is not valid in the state of Kentucky. Thus, you won't be able to take advantage of the deed in transferring your property.

Thanks
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