Posted on: 18th Dec, 2007 02:44 pm
Can you tell me where I can find a Texas Ladybird deed or Texas Enhanced life estate deed on line. I would like to see the form.
Thank You
Welcome to Mortgagefit forum.
Ladybird deed or Enhanced life estate deed can be used to avoid probate procedure.
Let me explain how it works.
Owner(s)/grantor(s) of the house make a deed and name his beneficiaries as grantee(s). With such a deed the person retains a life estate upon the property with the right to sell the said property any time he likes. By making the deed:
Ownership remains with the grantors,
The grantors retains the right to revoke the deed at any time and
If the property is not sold during the lifetime of the grantors, then it passes on to the named grantees without the need for a probate after the death of the last grantor.
Let me know if you have any other question about this type of deed.
Colin
Thank You
Welcome to Mortgagefit forum.
Ladybird deed or Enhanced life estate deed can be used to avoid probate procedure.
Let me explain how it works.
Owner(s)/grantor(s) of the house make a deed and name his beneficiaries as grantee(s). With such a deed the person retains a life estate upon the property with the right to sell the said property any time he likes. By making the deed:
Ownership remains with the grantors,
The grantors retains the right to revoke the deed at any time and
If the property is not sold during the lifetime of the grantors, then it passes on to the named grantees without the need for a probate after the death of the last grantor.
Let me know if you have any other question about this type of deed.
Colin
My parents signed the deed of their house over to us 4 children in July 2003. My Dad went into the Long Island State Veteran' home 5/29/07 and his Medicaid was approved June 2008. My Mom died 5/1/08. Can Medicaid get claim to any part of the house that was also left to the 4 kids in their will? Besides that the deed was transferred in July 2007? My Dad also has 2 pensions of his own, now 1/2 of my Mom's State of New York Pension and his Medicare that the Veteran's home gets from him. And what is a "right of election" that needs to be filed in surrogate court by our attorney? Thanks so much.
Sorry the correct date the deed was transferred was JULY 2003, not 2007
Hi Epw,
The reply to your query has been posted at http://www.mortgagefit.com/propertytransfer/medicaid.html .
The reply to your query has been posted at http://www.mortgagefit.com/propertytransfer/medicaid.html .
My mother recieved Primary care medicaid for 4 years and they discountinued her care because her house was in a Eravocable Trust and wanted to levy against it . Why did they wait 4 years ? I do not know BUT medicaid investigated her every year and Oked her for care. Now they want her house. They did not get it, so they dropped her care. Then I filed a ladybyrd Deed and refiled for services. I live in Texas . Will my mother qulify now for medicare primary care?
Hi jamey!
I think it is now that the Medicaid has come to know that the property is in a irrevocable trust and they will not be able to do an estate recovery. Thus, for this reason, they have stopped the medicaid facility.
As far as I understand you have filed a ladybird deed in order to stop the estate recovery to be done by medicaid but it is not required as the property is already in a trust.
Thanks.
I think it is now that the Medicaid has come to know that the property is in a irrevocable trust and they will not be able to do an estate recovery. Thus, for this reason, they have stopped the medicaid facility.
As far as I understand you have filed a ladybird deed in order to stop the estate recovery to be done by medicaid but it is not required as the property is already in a trust.
Thanks.
Thank you for your reply James
Medicaid had a hearing with me and my lawyer and they quoted a law passed in 2002 that stated that they could consider my mom's house in her assets. We even proved up that I was the trstee of the trust (not my mom) and that she had no control of the sale of her home and that it was in control of the trust by the trustee AND they still dropped her from Medicade Primary care. They told us that we would have to pay for her care privatetly funds. My mother is only recieving her Social Security and hardly has enoiugh money to get by month form month. So my lawyer filed a Lady bird deed and I have re-applied for medicaid Primary care. Question is; Can medicaid pentalize me for five years if they had already given her care for the past 4 years?
Jamey
Medicaid had a hearing with me and my lawyer and they quoted a law passed in 2002 that stated that they could consider my mom's house in her assets. We even proved up that I was the trstee of the trust (not my mom) and that she had no control of the sale of her home and that it was in control of the trust by the trustee AND they still dropped her from Medicade Primary care. They told us that we would have to pay for her care privatetly funds. My mother is only recieving her Social Security and hardly has enoiugh money to get by month form month. So my lawyer filed a Lady bird deed and I have re-applied for medicaid Primary care. Question is; Can medicaid pentalize me for five years if they had already given her care for the past 4 years?
Jamey
Hi jamey!
There are chances that Medicaid may penalize you for 5 years. I think they have not noted the fact that the property was in a irrevocable trust. As they have noted now and dropped the facility, they may penalize you.
Thanks
There are chances that Medicaid may penalize you for 5 years. I think they have not noted the fact that the property was in a irrevocable trust. As they have noted now and dropped the facility, they may penalize you.
Thanks
If my sister and niece have power of attorney across the board and my father is totally incapacitated, who owns his house under TEXAS law? Much appreciated and anticipated answer!
Hi matt,
Legally your father is the owner of the house, but as he is totally incapacitated your sister and niece are the actual owner who can exercise all those powers mentioned in the power of attorney. However, if he has prepared any will, the power of attorney cannot override that will. The property would be distributed as per the instructions in the will.
Thanks,
Jerry
Legally your father is the owner of the house, but as he is totally incapacitated your sister and niece are the actual owner who can exercise all those powers mentioned in the power of attorney. However, if he has prepared any will, the power of attorney cannot override that will. The property would be distributed as per the instructions in the will.
Thanks,
Jerry
in creating a ladybird deed, is it best to wait until my father has applied and/or has been approved for medicaid before creating? he has been on private pay for three months at a skilled nursing facility. he will not be able to return home. within the next few months, his cash reserves will be depleted.
Hi mary,
In my opinion, it will be better if your father signs a ladybird deed now. However, you should get in touch with an attorney who is an expert of the Medicaid laws of your state and he will be able to guide you in a better way.
Thanks
In my opinion, it will be better if your father signs a ladybird deed now. However, you should get in touch with an attorney who is an expert of the Medicaid laws of your state and he will be able to guide you in a better way.
Thanks
My brothers filed a lawsuit againest me after finding out my mother made me thegrantee in a lady bird deed she is still living
Hi janie,
Your query has been replied to in the given page:
http://www.mortgagefit.com/know-how/ladybirddeed-13.html#195624
Take a look at it. Hope it helps you.
Thanks
Your query has been replied to in the given page:
http://www.mortgagefit.com/know-how/ladybirddeed-13.html#195624
Take a look at it. Hope it helps you.
Thanks
i have heard conflicting info, my grandmothers attorney says i pay no taxes as i am the grantee of her lady bird deed when i sell. i saw where i have to pay the difference from what she paid and what we make on the sale, which is true?
I am from Texas. My dad passed away two yrs ago and I just recently had an Affidavit of Heirship filed to show that my mom is the owner of her home and that my siblings and I are the heirs. With this affidavit in place, will we be able to do a Lady Bird Johnson Deed? Will my siblings need to sign this deed?