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Lady Bird Deed
A lady bird deed is a deed that allows the grantor the inhabit a property until death when it will be transferred to a beneficiary, while retaining the right to mortgage or sell the property.
Traditional life estate deeds also lets a grantor to continue living in the property until death, and then passed to beneficiaries (grantee). But the grantor does not retain the right to sell or mortgage the property.
Lady bird deeds helps to avoid having assets go through the probate process, which can sometimes be tedious and encounter challenges.
An added advantage of ladybird deeds is that real estate under it would not be deemed as an asset under Medicaid. And therefore does not make someone ineligible due to high net worth.
So the grantor would still qualify for long term nursing care under Medicaid.
Currently only a few state authorize the use of lady bird deeds.
Those that don’t usually practices beneficiary deeds or what is called a transfer on death.