the florida lawyer who created the deed in the 1980

Why is it called the Florida Lady Bird deed?

The name stuck when the Florida lawyer who created the deed in the 1980s used the Johnson’s names in a written example showing how the deed worked. The Florida Lady Bird Deed can be very useful.

Why is it called a Johnson deed?

According to Texas Tech professor Gerry W. Beyer , the Florida lawyer who created this form of deed in the 1980s explained the concept by using the names of President Lyndon B. Johnson’s family, and the name stuck.

When does a Lady Bird deed take effect in Florida?

Because the Lady Bird Deed does not take effect until after the grantor’s death, the Florida Department of Children and Families does consider the property to have been transferred for the purposes of the 60-month lookback period. This is true even though the deed has been signed and recorded within the previous 60 months.

What is a statutory warranty deed in Florida?

The Statutory Warranty Deed is a warranty deed statutorily created by Florida Statutes Sections 689.02 and 689.03 which is essentially a short-form version of the General Warranty Deed that provides all of the five (5) title covenants of a General Warranty Deed described above.

What is a deed in real estate?

The deed is a legal transfer of title that effectively creates multiple owners of the same piece of property. This happens because the deed fulfills its function by dividing the subject property into two designated interests and creating three different owner roles: Current Owner (Grantor) New Owner (Life Tenant.

How long does a lady bird deed last in Florida?

Because the Lady Bird Deed does not take effect until after the grantor’s death, the Florida Department of Children and Families does consider the property to have been transferred for the purposes of the 60-month lookback period. This is true even though the deed has been signed and recorded within the previous 60 months.

What happens to a life estate deed after the grantor dies?

The grantor loses compete control of the property and is unable to sell it, take out a mortgage, or change what happens to the property after the grantor’s death. The decision to create a Life Estate Deed is irrevocable, and any changes would require the consent of any and all remainder beneficiaries.

What is a lady bird deed?

The Lady Bird Deed is very popular in Florida as a Medicaid planning tool. Medicaid is the joint state/federal program that provides assistance to financially needy individuals who need long-term care in a nursing home or other facility.

Can a lady bird deed be sold?

Unlike the grantor of a traditional life estate deed, the grantor of a Lady Bird Deed does not lose control of the property and may deal with it in any way desired without the involvement of any remainder beneficiaries. The property may be sold, mortgaged, or gifted. The remainder beneficiary may be changed, or the entire deed arrangement may be ...

Is there a lady bird deed in Florida?

Florida is one of only five states where the Lady Bird Deed is available (Florida, Michigan, Texas, Vermont, and West Virginia). Florida property owners who anticipate the possibility of using Medicaid should consider the Lady Bird Deed for a potential fit with their individual situation.

Does a lady bird deed affect Medicaid?

The Lady Bird Deed transfer has no effect on Medicaid eligibility. As stated in Section 1640.0613.01 of the Florida ESS Policy Manual governing Florida’s Medicaid program: If an individual retains life estate using a lady bird deed or life estate with powers, no transfer has occurred.

Advantages of a Lady Bird Deed

A Lady Bird Deed, also called an Enhanced Life Estate Deed in Florida, is a relatively new type of deed first used in Florida in the early 1980s. Here are some of the advantages of using a Lady Bird Deed:

Issues with Lady Bird Deeds

If you are interested in using a Lady Bird Deed to avoid probate, seek guidance from an experienced real estate lawyer. Here are a few common mistakes to watch out for:

Where did the name Lady Bird Deed come from?

Finally, you may be wondering how the Lady Bird Deed got its odd name. It is named after Lady Bird Johnson. The Florida lawyer who created the deed used the Johnson family in examples to show how the deed worked. However, contrary to many rumors, President Lyndon Johnson did not use this kind of deed to transfer property to his wife, Lady Bird.

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How does a lady bird deed work?

A Lady Bird Deed offers a simple, inexpensive way to transfer real estate at death. The beauty of this type of deed is that it performs many valuable functions. With a Lady Bird Deed, upon the death of the individual there is no need to go through the probate process. At death, the property is conveyed by operation of law. A Lady Bird Deed, sometimes referred to as an “enhanced life estate deed,” is a way to transfer property to someone else outside of probate while still retaining a life estate in the property. A life estate is an ownership of land for the duration of a person’s life. A life estate ends at death when ownership of the property may revert to the original owner, or it may pass to another person.

Can you get Medicaid with a lady bird deed?

In addition, a Lady Bird Deed can help avoid the Medicaid estate recovery . Michigan’s estate recovery program can be circumvented in most cases through appropriate estate planning. If the Lady Bird deed is drafted correctly, it can help preserve your eligibility for Medicaid and keep assets in the family that otherwise would be taken by the state to repay the cost of Medicaid benefits you receive during your life.

What is fee simple deed?

“Fee simple” is a common law term that originated in England and was adopted by the United States. It means full and complete ownership of property which can be inherited by the owner’s heirs or devised by ...

What are the different types of deeds?

The four basic types of deeds, in order of decreasing benefit to the Grantee, are: the Warranty Deed, the Special Warranty Deed, the Fee Simple Deed, and the Quit Claim Deed. In addition, there are specialized Deeds such as Personal Representative’s, Trustee’s, Guardian’s, and Life Estate Deeds. All of the preceding deeds, with the exception ...

What is a covenant deed?

A covenant is an assertion or promise that certain facts or circumstances are true.

What is a general warranty deed?

1. The General Warranty Deed. The General Warranty Deed is the most common deed used in the sale of residential properties. It is one of deeds called for in the most commonly used real estate contracts: (a) the regular and “AS IS” Residential Contracts for Sale and Purchase, approved by the Florida Realtors® and The Florida Bar, in their Paragraph 18.H., and (b) the Contract for Residential Sale and Purchase, approved by the Florida Realtors®, in its Paragraph 10. This deed not only conveys fee simple title to the property from the seller to the buyer, but also provides, at a minimum, certain covenants of title, one of which is a warranty of title to the buyer. A covenant is an assertion or promise that certain facts or circumstances are true. The warranty is a guarantee of the seller that is enforceable in court by the buyer against the seller, so should one of the covenants or promises be untrue, the buyer can obtain a judgment against the seller for the damages the buyer sustained as a result of the covenant or promise being untrue. Consequently, the General Warranty Deed derives its name from the warranty covenant.

How many covenants of title are there in a general warranty deed?

It is important to know that the five covenants of title that a seller gives in a General Warranty Deed are given not only on the behalf of the seller, but the seller is also giving the five title covenants on the behalf of all prior owners of the property since the beginning of time.

Where is the grantee in a deed?

The preceding covenants to the buyer, called the grantee in the deed, are typically expressed together in a paragraph near the end of the General Warranty Deed above the signature line for the seller, called the grantor in the deed. An example of the paragraph, which can vary in the language used, is as follows:

Can a buyer get a judgment against a seller for a promise that is untrue?

The warranty is a guarantee of the seller that is enforceable in court by the buyer against the seller, so should one of the covenants or promises be untrue, the buyer can obtain a judgment against the seller for the damages the buyer sustained as a result of the covenant or promise being untrue.