Posted on: 16th Oct, 2008 06:40 pm
what is the difference with lady bird clause and irrevocable trust in Mi.
I'm in the process off making a trust and someone mentioned the lady bird clause.
ThANKS,GB
I'm in the process off making a trust and someone mentioned the lady bird clause.
ThANKS,GB
Hi algerry!
Welcome to forums!
A ladybird deed is a variation of a quitclaim deed and is also known as enhanced life estate deed. It helps an individual to retain their homestead creditor and tax exemption and also have the home exempt of the Medicaid claims during their lifetime. At the same time, it enables the named persons to receive the home upon death, free of Medicaid claims and liens.
An irrevocable trust cannot be changed or canceled once it is set up without the consent of the beneficiary. The contributions cannot be taken away from the trust by the grantor. These trusts offer tax advantages which other trust don't.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
A ladybird deed is a variation of a quitclaim deed and is also known as enhanced life estate deed. It helps an individual to retain their homestead creditor and tax exemption and also have the home exempt of the Medicaid claims during their lifetime. At the same time, it enables the named persons to receive the home upon death, free of Medicaid claims and liens.
An irrevocable trust cannot be changed or canceled once it is set up without the consent of the beneficiary. The contributions cannot be taken away from the trust by the grantor. These trusts offer tax advantages which other trust don't.
Feel free to ask if you have further queries.
Sussane
A recent death of my sister, owned a home (free and clear of mortgage and named me the executor. It is worth (assessed value) 14,000 dollars. The funeral expenses amounted to 12000. I was told this still has to go through probate. Is that true for such a small amount of money?
Welcome Sammy,
If your sister has left a will for the property, then the will needs to be probated in order to get it transferred in your name.
If your sister has left a will for the property, then the will needs to be probated in order to get it transferred in your name.
Hi Sammy,
Sorry to hear the news of your sister. If there is no will made by your sister, then legally you can claim the property, if there are no other heirs of your sister. However, consult with a good attorney to know the legal rights of yours.
Sorry to hear the news of your sister. If there is no will made by your sister, then legally you can claim the property, if there are no other heirs of your sister. However, consult with a good attorney to know the legal rights of yours.