What Is an Enhanced Life Estate Deed or a Lady Bird Deed?
Attorney Philip Hundl answers a question about a Lady Bird Deed or an Enhanced Life Estate Deed. Mr. Hundl has many years of experience in helping clients with estate planning and probate. Please call us at 800-929-1725 for an appointment with Mr. Hundl or one of our other very experienced attorneys. We have offices in Wharton and El Campo in Wharton County and in Richmond in Fort Bend County, Texas.
Question: I don’t own very much property except for the family home which my husband left me when he passed away. How do I make sure that my children get the house without going through the probate process? I have heard of a “Lady Bird Deed”. What is that?
Attorney Philip Hundl’s Response: This is a very common question. An effective estate planning strategy is “gifting.” A person can gift land or other assets to children or other persons with usually no tax consequences Also, by gifting away assets prior to death, the grantor will minimize the size of his or her estate.
A “Lady Bird Deed,” named after Lady Bird Johnson, is legally known as an enhanced life estate deed. A “Lady Bird Deed” transfers property (in your case) to the grantor’s children while at the same time retaining a life estate with the power to transfer the property if you choose to while you are still living.
If the grantor (you) never sells the home, the house will pass directly to your children without going through probate. Lady Bird deeds are a very effective technique in estate planning and Medicaid planning to minimize one’s estate upon death.
Call Us if You’re Considering a Lady Bird Deed for Your Estate Plan
If you have questions about possibly using a Lady Bird Deed in your own estate plan, please call our office for an appointment with Mr. Hundl or one of our other attorneys. We have offices in Wharton, El Campo and Richmond, Texas. For an appointment, please call us at 800-929-1725 or send us an email through our contact form.
