Estate Planning's Best Kept Secret is a LADY BIRD DEED
A Lady Bird Deed will……
- Keep you in control of your home.
- Name beneficiaries on your home title/deed.
- Avoid Probate Court.
- Protect against Medicaid Recovery, for nursing care.
- Avoid Capital Gains Tax.
- Preserve Medicaid eligibility.
- Does not uncap the taxable value of your home.
- Does not affect your Homestead exemption.
- Can be used with or without a Revocable Living Trust.
Do not let the title of your home lapse into Probate Court!
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What is a Lady Bird Deed?
A Lady Bird deed is one type of an estate planning document that can help ensure peace of mind, preserve your estate, and pass along your legacy. This deed is a written document necessary for legal transfer of ownership in real estate. A Lady Bird deed allows the owner of real estate to appoint a beneficiary of the real estate upon the owner(s) death.
What makes the Lady Bird deed unique is that the owner retains lifetime ownership and control of the property, and can sell or borrow against the property during their lifetime. Upon the owner(s) death, title to the property automatically passes to the beneficiaries appointed by the owner in the Lady Bird deed.
This arrangement prevents the title of the property from lapsing upon the owner’s death, and avoids the need for Probate, as well as several other benefits.
How does a Lady Bird deed work in Michigan?
In Michigan, a Lady Bird deed allows a person(s) to retain control over real estate during their lifetime and then have title transfer automatically to beneficiaries, upon the death of the owner – it is like putting a beneficiary on the property! Specifically, a Michigan Lady Bird deed allows a person to use the deed to transfer the property back to themselves (for their lifetime) and then name beneficiaries called remainderman, who will receive the property after the owner’s death.
Do you have more questions?
Sumner PC & Associates
Lady bird Deed Attorneys In Michigan
Our firm has attorneys with over 40 years of experience in creating lady bird deeds and estate plans. We have successfully assisted hundreds of clients with their lady bird deeds. Now may be the time to contact our Michigan Estate Planning lawyer if you’re looking to update your estate plan, will or trust.
Sumner & Associates,
Lady Bird Deed Estate Planning Experts
Excellence in Service
Scott Sumner, J.D.
Attorney & Counselor At Law
Scott J. Sumner, J.D. was born in Macomb County, Michigan and attended Utica Community Schools before graduating from Michigan State University (1986) and Michigan State College of Law (1989), previously Detroit College of Law (DCL).
Meghan Schuler Todd, J.D.
Attorney
Meghan Schuler Todd, J.D. is a native of Rochester Hills and currently lives there with her husband, Jack, and their two cats, Fitz and Fredo. In her free time, she enjoys spending time with family and friends, volunteering, reading, and traveling.
