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How does lady bird deed differ from revocable living trust?

Posted on: 20th Sep, 2007 09:01 am
Difference between Ladybird Deed and Revocable Living Trust can someone please explain the difference between the two in the Sate of Florida?
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.
Posted on: 20th Sep, 2007 10:14 pm
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.
Posted on: 21st Sep, 2007 03:53 am
what is the benefit of a trust as opposed to a lady bird deed
Posted on: 15th Jan, 2009 06:52 am
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.
Posted on: 15th Jan, 2009 11:51 pm
can dpoa use lady bird to transfer property to himself ?
Posted on: 12th Jul, 2009 08:00 pm
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
Posted on: 12th Jul, 2009 10:22 pm
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
Posted on: 15th Sep, 2009 10:58 am


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Posted on: 15th Sep, 2009 07:55 pm
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
Posted on: 14th May, 2010 11:43 am
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.
Posted on: 16th May, 2010 10:21 pm
Does the Ladybird Deed only apply to a house or would it also apply to a plot of land with no house? BJF
Posted on: 26th Jun, 2010 08:09 am
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
Posted on: 27th Jun, 2010 11:51 pm
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!
Posted on: 26th Oct, 2010 07:36 am
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
Posted on: 26th Oct, 2010 11:07 pm
Is there a problem getting a loan on your property when you have a Lady bird deed?
Posted on: 02nd Mar, 2011 03:23 pm
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