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How does lady bird deed differ from revocable living trust?

Difference between Ladybird Deed and Revocable Living Trust can someone please explain the difference between the two in the Sate of Florida?

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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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helping_user's picture
helping_user | Joined: March 31, 2006 03:39 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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:

[b:da40f0d669]Pros:[/b:da40f0d669] You have the full control on your property during your lifetime and can pass it on to your children after your death.
[b:da40f0d669]Cons:[/b:da40f0d669] You may find it difficult to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] your home.

On the other hand, if there is a ladybird deed:

[b:da40f0d669]Pros:[/b:da40f0d669] The property will automatically pass on to your children after your death.
[b:da40f0d669]Cons:[/b:da40f0d669] 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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:32 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

what is the benefit of a trust as opposed to a lady bird deed

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

can dpoa use lady bird to transfer property to himself ?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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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pettybob1's picture
pettybob1 | Joined: September 7, 2009 09:43 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

[size=9:f4630edfbe][color=Red:f4630edfbe][System detected duplicate content, converted into image. Thanks.][/color:f4630edfbe][/size:f4630edfbe]

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Does the Ladybird Deed only apply to a house or would it also apply to a plot of land with no house? BJF

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi BJF,

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

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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!

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Is there a problem getting a loan on your property when you have a Lady bird deed?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome rfk,

If the ladybird deed mentions you as the owner of the property, then you will be able to get a mortgage on that property. You won't face any problems in getting a loan.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We have our home in a revocable trust - can we take this out of the trust and put it into a Lady Bird deed without a lot of trouble?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Bert,

You will be able to remove your property from a revocable trust and use a ladybird deed to transfer the property to someone else. You should contact an attorney and he will assist you in removing your property from a revocable trust.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I just want to know if the Lady Bird Deed is good in Alaska

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Patti!

Welcome to forums!

As far as I know, you cannot use a ladybird deed in Alaska.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

after granting a ladybird, can one revoke it???

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi SAM,

A query similar to yours has been answered in the given page:
http://www.mortgagefit.com/propertytransfer/about55333.html

Please take a look at it. I hope it will help you.

Thanks

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