Jerry Taylor explains the Lady Bird Deed, which lets you live in your home for life while naming who inherits it. You avoid probate, can sell anytime, and skip Medicaid's five-year look-back. It only works in Florida, Texas, Michigan, Vermont, and West Virginia.
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. One of the states where Lady Bird deeds are allowed: Florida, Texas, Michigan, Vermont, and West Virginia.
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