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
Hi RC,
Your mother can sign the ladybird deed and transfer the property to you and your siblings. Once she transfers the property to you, then you and your heirs will become the owners of the property.
Take care.
Your mother can sign the ladybird deed and transfer the property to you and your siblings. Once she transfers the property to you, then you and your heirs will become the owners of the property.
Take care.
If you sell a house with ladybird deed after 5 years but before death of grantor, will proceeds be considered upon applying for medicaid?
Hi Guest,
As far as I know, the proceeds resulting from the sale of the property won't apply to the Medicaid. However, it will be better if you could contact an attorney and take his opinion in this matter.
Thanks
As far as I know, the proceeds resulting from the sale of the property won't apply to the Medicaid. However, it will be better if you could contact an attorney and take his opinion in this matter.
Thanks
Do you record a Lady Bird deed when it is signed or when the owner dies?
Hi JackG,
You should record the ladybird deed or any other deed once it is signed by the grantor. This will make the deed valid.
Thanks
You should record the ladybird deed or any other deed once it is signed by the grantor. This will make the deed valid.
Thanks
We have a Lady Bird Deed and a Life Estate Deed signed and Notarized for father, do we put them with other doc. or do I need to file them at court house. Thanks
Welcome Melodie,
You will have to file them at the county recorder's office in order to make it legal.
You will have to file them at the county recorder's office in order to make it legal.
Does the ladybird deed only apply to a personal residence? My grandmother is in a nursing home in TX and has been paying privately. Her cash is now depleted and we would like to apply for medicaid but she owns agriculture land. Can we do a ladybird deed on that land so medicaid will not consider it in her assets? Our intention is to sell the land but in the mean time we have to figure out finanicially how to keep her in the nursing home.
Hi Guest!
Welcome to forums!
As far as I know, ladybird deed will apply for personal residence provided if it is legal in your state. You should contact a real estate attorney and take his opinion regarding property transfer just before applying for Medicaid benefits.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I know, ladybird deed will apply for personal residence provided if it is legal in your state. You should contact a real estate attorney and take his opinion regarding property transfer just before applying for Medicaid benefits.
Feel free to ask if you've further queries.
Sussane
I SEND YOU A QUESTION AN NO REPLY. MAYBE I AM DOING SOMETHING WRONG. WILL MY MOTHER LOOSE HER HOUSE WHEN SHE PASSES AWAY. SHE IS ON MEDICAIDE. SHE ALREADY HAS A WILL SAYING THAT THE HOUSE SHOULD BE SOLD AND WHATEVER MONEY THEY GET SHOULD BE DIVIDED AMONG THE SIBLINGS. SHE HAS DEMENTIA AND SHE IS FORGETTING A LOT OF THINGS. WILL THE STATE TAKE HER HOUSE AWAY OR CAN WE PAID SOME OF THE COSTS IN ORDER FOR US TO KEEP THE HOUSE. SHE DOES NOT HAVE A LADY BIRD DEED. PLEASE HELP ME WITH SOME ANSWERS. LIKE I SAID, BEFORE I DID NOT GET AN ANSWER OR DO I HAVE TO WAIT FOR A COUPLE OF DAYS TO GET AN ANSWER. I HOPE YOU CAN ANSWER MY QUESTION THANK YOU JESSICA. BYE
i already send a message.
Welcome happy,
Your query has been replied to in the given page: http://www.mortgagefit.com/texas/house-medicaid.html . Please take a look at it. I hope it will help you.
Your query has been replied to in the given page: http://www.mortgagefit.com/texas/house-medicaid.html . Please take a look at it. I hope it will help you.
What are the financial requirements to qualify for the Lady Bird Deed? And does this protect my property from Medicaid?
Hi Bobby!
Welcome to the forums!
I haven't heard of any financial requirement to qualify for ladybird deed. It is just a deed transferring property from one person to another. It may help you protect your property from Medicaid.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
I haven't heard of any financial requirement to qualify for ladybird deed. It is just a deed transferring property from one person to another. It may help you protect your property from Medicaid.
Feel free to ask if you've further queries.
Sussane
Does this deed include all or any of above funds?