If you want to protect your property and avoid probate…
A Lady Bird Deed. Or a Lady Bird Trust.
You hear those terms tossed around as simple fixes for complex financial situations with aging parents. But one is actually a misnomer. And the other is very important but doesn’t apply to as many things as some people expect.
Keith Leuty is a lawyer in Texas with Barnett & Leuty, P.C. He talks with Kim and Mike Barnes of Parenting Aging Parents about the Lady Bird Deed – why it can be so valuable for any home owner who wants to protect their assets and how it’s a piece in the puzzle that we call Medicaid.
*A Lady Bird Deed is a type of life estate deed that transfers property without the need for probate. Lady Bird Deeds are currently only authorized in a few states including Texas, Florida, Michigan, Vermont and West Virginia. If you’re in another state you can see if your state offers a Transfer on Death (or beneficiary) Deed.