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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?

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.

Like | Dislike | Share | Posted: Thu, 09/20/2007 - 22:14 | Post subject:

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, 09/21/2007 - 03:53 | 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

Like | Dislike | Share | Posted: Thu, 01/15/2009 - 06:52 | Post subject:

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.

Like | Dislike | Share | Posted: Thu, 01/15/2009 - 23:51 | Post subject:

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

Like | Dislike | Share | Posted: Sun, 07/12/2009 - 22:22 | Post subject:

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 ?

Like | Dislike | Share | Posted: Sun, 07/12/2009 - 20:00 | Post subject:

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