Reach out to our estate attorneys in Fort Worth, Allen, or Tyler to set up a free consultation. The estate planning process can be complicated, and we are here to help guide you through each step. If you or a loved one are looking to file Lady Bird Deeds, contact the Davidson Law Group today. Related Post: Four Things to Know About Estate Taxes Contact Us Today in Fort Worth, Allen, or Tyler To learn more about the pros, cons, and details of Lady Bird deeds, get in touch with our estate attorneys. When an owner is likely to leave an unpaid property lien when he passes away, it’s not a good idea to use a Lady Bird deed. Tax clearances must still be acquired when a life tenant passes, and an estate tax return may be needed. It’s best for a property owner to have title insurance to protect against potential mistakes. Standard title insurance policies do not usually cover those who receive a real property gift. The role of title insurance is another disadvantage of a Lady Bird deed. When this happens, it will require some additional legal work, such as contacting the right beneficiary to sign new deeds. Sometimes, new circumstances arise, and the property owner changes his mind about the transfer. While Lady Bird deeds can help you avoid probate and remain eligible for Medicaid, there are a few drawbacks that you should be aware of. The owner can then exploit the property tax exemptions that are accessible to Texas homestead. Because the owner who uses a Lady Bird deed controls the property during his lifetime, it reserves its Texas homestead. Texas is one of the many states with laws for property claimed as a primary residence (homestead). The deed can keep assets in the family that would, under other conditions, be taken by the state. Related Post: The Best Ways to Avoid Probate Medicaid Asset ProtectionĪ Lady Bird deed can also help you when you apply for Medicaid, as it allows you to transfer property rights and maintain control of the property. ![]() When this happens, you can avoid concerns about cost, delays, and privacy that often occur during probate. Lady Bird deeds are intended to avoid probate by automatically transferring property upon a deceased owner’s death. Texas Lady Bird deeds provide many benefits that make them an appealing option for many Texas property owners. It gives the current owner continued control over the property until his or her death. Also called an enhanced life estate deed, it can be used to transfer property to beneficiaries outside of probate. What Are Lady Bird Deeds?Ī Lady Bird deed is a special kind of deed that is commonly recognized by Texas law. Our attorneys are here to explain some of the advantages and disadvantages of Texas Lady Bird deeds, and when to use them. But you may not know how they can benefit you or limit you, depending on your situation. When a property owner wants to transfer property title to any family member, such as a parent, child, brother, sister, aunt, uncle, niece, nephew, or spouse, the property owner simply needs to sign a Warranty Deed to transfer the property. Whether you’re a property owner or a beneficiary, you’ve probably heard of Lady Bird deeds. ![]() ![]() What Are the Benefits and Drawbacks of Lady Bird Deeds?Ī “Lady Bird” Deeds can be an important strategy for estate planning with Davidson Law Group.
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