Enhanced Life Estate Deeds Attorney in Boca Raton, Florida
When a person dies, the surviving family members must trudge through the probate process to settle the decedent's final affairs and distribute assets to rightful inheritors. An enhanced life estate deed is a vital estate planning tool that allows you to transfer real estate property to beneficiaries without probate after your passing. If you need help drafting an enhanced life estate deed or want to understand how it works, consulting with an experienced Florida estate planning attorney is crucial for proper guidance.
At Peter J. Snyder, P.A., Attorney Snyder is committed to providing knowledgeable legal guidance and reliable advocacy to individuals and families in the legal matters of estate planning. He is available to discuss your unique circumstances, explore your possible options to bypass probate, and help you understand how enhanced life estate deeds work. Also, Attorney Snyder can help draft important estate planning documents and help you navigate crucial decisions in your estate planning.
Peter J. Snyder, P.A. proudly serves clients across Boca Raton, Florida, and the surrounding areas of Delray Beach and Deerfield Beach.
What Is an Enhanced Life Estate Deed?
An enhanced life estate deed – also known as a "Lady Bird deed" – can be described as an estate planning tool that can be used to transfer ownership of real estate property to beneficiaries outside of probate when a person dies. A Lady Bird deed allows you to retain certain rights to the property (right to sell or mortgage the property) while preserving your eligibility for Medicaid and other government assistance.
How Does it Differ From a Standard Life Estate Deed?
Standard life estate deeds are quite similar to enhanced life estate deeds. A standard life estate deed allows you to name a beneficiary who will inherit your property when you are gone. You will still retain ownership of the property throughout your lifetime, but with major restrictions.
With a standard life estate deed, you won't have the right to mortgage or sell the property. Also, you may be held liable to the beneficiary if the value of the property substantially decreases. Conversely, an enhanced life estate deed allows you to avoid probate of the real property and retain the right to use, mortgage, sell, and profit from the property for your lifetime.
Benefits of an Enhanced Life Estate Deed
Here are some benefits of an enhanced life estate deed:
Allows the real property to bypass probate
Retains your right to use and make a profit from the property while you're alive
Retains your right to sell or mortgage the property at any time
Helps you avoid federal gift tax on the property
Retains your eligibility for Medicaid and other government benefits
There are no tax implications to an enhanced life estate deed
Prevents the government from taking or selling the real property to repay your Medicaid cost
A knowledgeable attorney can help you understand how the Lady Bird deed works and guide you through the process of drafting the enhanced life estate deed.
How Legal Counsel Can Help
The Florida probate process involves a lot of complicated processes. Your surviving loved ones and estate must pass through the probate process before assets can be distributed. Fortunately, having an enhanced life estate deed allows you to transfer real property to beneficiaries upon your death without going through the probate process. A knowledgeable estate planning attorney can enlighten you about your possible options and help you decide the ideal estate plan that best suits your unique needs.
Attorney Snyder has devoted his career to providing outstanding legal services and detailed guidance to clients in estate planning-related matters, including probate and enhanced life estate deeds. As your legal counsel, he can enlighten you about the benefits of an enhanced life estate deed and how it works. Also, he will help you draft the enhanced life estate deed and ensure that it is valid. Attorney Snyder will craft a strategic plan to protect your assets and investments and work diligently to address the needs and concerns of you and your loved ones.
Enhanced Life Estate Deeds Attorney Serving Boca Raton, Florida
If you need more information about enhanced life estate deeds, contact Peter J. Snyder, P.A. today to schedule a simple consultation. Attorney Snyder can offer you the experienced legal counsel and reliable advocacy you need. The firm proudly serves clients across Boca Raton, Delray Beach, and Deerfield Beach, Florida.