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Knowing what is available to you is critically important especially as you reach an older age. Many seniors may not know the importance of a Lady Bird Deed and how it protects them and their assets. Greg McIntyre from McIntyre Elder Law has more.
A Lady Bird Deed is a transfer of property to another with a reservation of a life estate. Meaning a person can transfer property and retain ownership in that property until death, at which point it will then transfer to the other. Lady Bird Deeds protect one’s home from estate recovery. This is because they allow persons to automatically transfer property (in the case of a Medicaid recipient, their home) upon their death without it going through probate. Probate is a court process in which the property of a deceased person is transferred to their beneficiaries. If one’s home does not go through probate, Medicaid cannot try to collect reimbursement from it. This deed gives the senior full control to move their biggest asset their home to their kids without having to go through probate. Mcintyre Elder Law can help with the formulation and setting up of the Lady Bird Deed. "It can be easier than setting up a trust" says McIntyre.
To learn more about Lady Bird Deeds, and schedule a free consult log on to McElderLaw.com/lbd
To learn more about McIntyre Elder Law services as a whole, go to McElderLaw.com