Avoiding Probate With Enhanced Life Estate Deeds
When considering estate planning, a Lady Bird Deed (also known as an enhanced life estate deed) can be used as an effective tool to allow a homeowner to live in their home for the rest of their life and automatically pass ownership onto whoever is designated in the recorded lady bird deed after the life estate holder is deceased. The lady bird deed in Florida allows you to avoid probate, reserve powers to yourself, maintain Medicaid eligibility, and maintain Homestead exemption.
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Real Property Tenancies
When purchasing real property, it is extremely important to know which type of ownership will be best for you and your situation. Whether purchasing as an individual or together with other persons or entities, the type of ownership you elect will affect the transferability and inheritability of the property. The fact is that most people are not aware of the type of ownership interests.
When a single individual purchases real estate in “fee simple,” they hold a 100% ownership interest in the land. The sole owner is free to do anything with the property that is [...]
A Florida Land Trust is a great instrument when it comes to Estate Planning and Asset Protection. The Florida Land Trust, also known as the Florida Land Trust Act under Fla. Stat. §689.071 is a private agreement among several people to operate, manage, and hold legal title to Florida real property for the benefit of the trustee or beneficiaries. The real property is conveyed to a trustee under an arrangement reserving for the beneficiaries the management and control of the property. The beneficiaries may collect rent, improve, operate, use and sell the property without holding legal title. [...]
