Posted on: 14th Mar, 2010 10:33 am
I have recently received a "lady Bird deed" from a family member. After having the deed recorded, I have received a form from the local tax office wanting to know what I paid for the property, etc. so that they might update their records. I was under the impression that the deed and taxes would remain in the name of the relative until his death. Can you answer this for me?
Hi nathaniel,
A lady bird deed transfer the property ownership from a grantor to a grantee, while the grantor retains life estate rights. When you received the lady bird deed from your family member and you recorded it, the title got transferred to you and you became a legal owner of the property. However, your family member still has got rights to the property and can even sell it off without your permission. But your name has been added to the title and you will have to pay property taxes as the legal owner of the property.
A lady bird deed transfer the property ownership from a grantor to a grantee, while the grantor retains life estate rights. When you received the lady bird deed from your family member and you recorded it, the title got transferred to you and you became a legal owner of the property. However, your family member still has got rights to the property and can even sell it off without your permission. But your name has been added to the title and you will have to pay property taxes as the legal owner of the property.
Hi nathaniel,
A lady bird is a legal document by which one transfers property to heirs but retains a life estate rights. It is correct that after the death of the owner the heirs own the property however as after receiving the deed you recorded it, the title got transferred to you and so you are liable to the property taxes as well. Feel free to ask question.
A lady bird is a legal document by which one transfers property to heirs but retains a life estate rights. It is correct that after the death of the owner the heirs own the property however as after receiving the deed you recorded it, the title got transferred to you and so you are liable to the property taxes as well. Feel free to ask question.