Life Estate Deed In Florida
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Why Should You Have A Life Estate Deed In Florida?
One of the best legal options available to Florida residents is the life estate deed. This is a special type of deed that allows you to have greater control and flexibility over the future of your estate. A Florida life estate deed allows the automatic transfer of your estate to one or more people after your death. The recipient or recipients of the transfer of your estate is known as the remaindermen. Many people choose having a life estate deed put in place while completing an estate plan.
Benefits Of A Florida Life Estate Deed
It’s important to understand what a life estate deed all entails and the benefits it can provide. Here are some examples of the benefits of a life estate deed Florida:
- Peace of mind
- Probate avoidance
- Tax Savings
- Medicaid asset protection
- Saving on legal fees
- Keeping of the homestead exemption
Florida Enhanced Life Estate Deed
The enhanced life estate deed or Lady-Bird Deed is a special type of deed recognized in Florida. The enhanced life estate deed differs from the life estate deed in one key factor. By having a Florida enhanced life estate deed, the tenant maintains complete control over the estate for their entire lifetime. Therefore, the life estate holder can mortgage, lease, rent or even sell the property without needing the consent of the remaindermen named on the deed. Just like the life estate deed, under current Florida law, your homestead will be considered exempt if a spouse or dependent is still in the home with an enhanced life estate deed. In most cases, your estate will not affect Medicaid eligibility. The Florida enhanced life estate deed provides the ability to bypass the probate process and creditors just like the life estate deed.
Contact A Weinstein & Scharf Attorney For Your Life Estate Deed
You worked very hard to create your legacy for both you and your family. Unfortunately, death is something that needs to be planned for, as unpleasant as it may be. By choosing to have an attorney help you with a life estate deed or enhanced life estate deed, you can have peace of mind that your estate and legacy will be left in good hands upon death.