Enhanced life estate deed

5 Oct 2023 · 1 min

Watch on YouTube

0:42

In this brief video, Jerry Taylor explains the concept of a Lady Bird deed, also known as an Enhanced Life Estate Deed. He describes how the deed lets a property owner retain the right to live in the home while naming a beneficiary who will receive the property upon death. The key advantages highlighted are avoidance of probate, the ability for the owner to sell the property or change the beneficiary at any time, and immediate protection from Medicaid recovery without the usual five‑year look‑back period. Taylor notes that these deeds are only recognized in five states—Florida, Texas, Michigan, Vermont, and West Virginia—and advises viewers to consult a lawyer for detailed guidance.

Chapters

The Lady Bird Deed can keep the government out of your house, but there's a catch. They're only good in 5 states. So listen up and I'll tell you which ones. A Lady Bird Deed or an Enhanced Life Estate Deed allows the owner of a property to name who will get the property when they die, but it gives that property owner the right to live there for so long as they are alive. Big benefits are it avoids probate court. The owner can still sell the property or even change the beneficiary. It provides for immediate protection from Medicaid recovery. In other words, there is no 5-year lookback. There's more to it, so you should speak to a lawyer about it. What are the states where Lady Bird deeds are allowed? Florida, Texas, Michigan, Vermont, and West Virginia.