Florida’s Lady Bird and Life Estate Deeds

Are these deeds the best way to leave your home to the kids?

The painless transfer of the family home to a child or other loved ones is a top goal in many Florida estate plans. This common desire is straightforward, but unfortunately, property laws regarding death can have a lot of intricate twists and turns. Mistakes can be costly – financially and emotionally – for beneficiaries. That’s why it’s best to lay out your plans now, clearly, in a legally sound estate plan.

Qualifying for a Florida life estate deed

Florida’s life estate deeds – like the Lady Bird deed – can be powerful tools to securely transfer your home to the next generation with minimal tax impact. People who should consider deeding their homes for transfer include:

• Elderly individuals with significant assets
• Families with real estate holdings
• Property owners planning to pass assets to the next generation
• Individuals seeking to protect their primary residence
• Those aiming to minimize tax implications during property transfer

To learn more about how the law applies to your situation, contact The Levy Firm PLLC in Fort Lauderdale to schedule a free consultation with our experienced estate planning lawyer Geoff Levy.

Types of Florida life estate deeds

Florida laws provide pathways to ensure your home is left with the right person or people as well as many property tax advantages. Estate planning property ownership rules that are unique or influential in Florida estate planning include:

• Life Estate Deed. This deed can grant an individual, known as the life tenant, the right to use and occupy a property for their lifetime, with ownership passing to designated remainder beneficiaries upon the life tenant's death.
• Homestead Deed. In Florida, this type of deed can protect an individual’s primary residence from certain creditors while providing specific rights to the surviving spouse. With a homestead exemption, you may be able to reduce property taxes and shield your home from forced sale to satisfy debts. This level of financial security provides relief and peace of mind for many homeowners.
• Lady Bird Deed. Florida’s Lady Bird deed allows property owners to transfer real estate to their heirs while retaining control over the property during their lifetime. Also known as an Enhanced Life Estate deed, it permits the owner to live on the property, sell it, or mortgage it without seeking the beneficiaries' consent. Once the life tenant passes away, full ownership automatically transfers to the remainderman without the need for probate.
• Tenants by Entirety (TBE). This type of ownership is a legal arrangement available to married couples who own property together in Florida. One of the primary benefits of TBE ownership is that upon the death of one spouse, the surviving spouse automatically inherits full ownership of the property without the need for probate. Exemptions and restrictions apply, but, in general, TBE property is protected from the individual creditors of either spouse.

The Levy Firm PLLC can leverage Florida life estate laws to your advantage, providing peace of mind that your final affairs are in order. Contact us for a confidential free consultation to learn more about the legal options we can customize to meet your exact needs.

Protect what matters most

At The Levy Firm PLLC, we use well-timed property transfers, concrete deed structures, and tax applications to ensure your legacy is handled your way. Call attorney Geoff Levy for a confidential free consultation. He can discuss the details of your situation, explain how the law applies, and answer your questions. There is no obligation to hire, just information from a Fort Lauderdale attorney with over 10 years of experience in South Florida. Contact us today.