The Problem With Lady Bird Deeds - Weekly Video (HG)
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- เผยแพร่เมื่อ 3 ต.ค. 2024
- In this video, Bill O’Leary explains how overreliance on ladybird deeds can harm your estate plan:
You will learn:
• Why people use ladybird deeds in their estate plan
• The limitations inherent in ladybird deeds
• The downsides of ladybird deeds
Do you have any questions, tips, or experiences with this topic? Leave us a comment below.
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(Music I Use: Bensound.com/free-music-for-videos
License code: SSMTHJHKZIN64KJN)
I'm guessing the attorney makes more money on trusts
Why do I feel like I need a shower to wash off the slime whenever I listen to a lawyer speak?
Music is very distracting!!
I had to pause it just to regroup and intake the rest of the info. I don't know WHY annoying, loud, DISTRACTING music seems to be a TH-cam pre-requisite. Some vids, I just give up and click off. WHat's wrong with just listening to a person speak?? ... I don't get it.
I agree. This is good info but the music? This is true with all you tube videos. I know I'm going to catch S about this, but why does everyone assisting in everything from electronics to mechanics have this annoying music that sometimes interrupts the content. It's not an extension of your fame so forget the music and lengthy intros and just give us the info we need. Other than that y'all do a great job.
Why would someone want or even need a trust instead of a Lady Bird Deed if they have only one property, have PODs and TODs on bank accounts, mutual funds and retirement accounts and they have a will with power of attorney and medical directives in place?
Because then the probate Attys can’t get their money
They also can’t charge you a yearly fee to maintain a revocable living trust
@@infovidasupps8640you are exactly right! When I hired an attorney to draft my estate documents it was like pulling teeth to get him to draft an enhanced life estate deed aka a lady bird deed. He gave me a warranty deed and said “it’s the same thing”. No, no it’s not. Of course he required half his fee upfront or I would have walked out of his office right then. He just wanted the property to have to go through probate so he could milk my heirs for fees. The majority of lawyers are crooks.
The problem with a revocable trust is in many states, if your primary residence is in your trust, Medicaid will consider it an asset and disqualify you from benefits
I have a Lady Bird Deed and live in MI. Only have one child, one home, which is paid for, and I will never sell, or mortgage it. I had an elder attorney do the LB deed, medical directive, POA, and will, for $600. My sister, also in MI, did an irrevocable trust with an elder atty (she also owns only one home), which ended up costing her over $7k. I can see why you, as an attorney, would prefer people do the irrevocable trust.
100% agree. For owners, who has no intention to sell their no-mortgage property LB deed is perfect
Right on time 😊 information
thanks.. helpful and you are a good teacher...
Thank you for the detailed explanation... to your knowledge, does the Lady Bird Deed give the beneficiary the stepped up tax basis when the property is transferred / inherited?
Seems like many of these "problems" stem from changing your mind and wanting to sell the property before you die. Yes that could happen, but since you retain full power to convey you can still sell the property, or even quitclaim it to yourself just to flush the toilet and start clean.
In any case very few if any of these "problems" amount to anything if you stick to your plan.
In a living trust (in Michigan) the house in the trust counts as an asset. Which makes it hard to qualify for Medicaid.
I would reach out to an Estate Planning Attorney in the state of Michigan to assist you.
Sadly the audio is very bad on this video.
@GasUQuick😢I agree. And the music is very loud and distracting too. I hope he will record another video on this subject and improve the sound quality. This information is extremely important.
Loud music not a good video
that's notm y understanding. You arer not giving your house to the kids. The deed is turned over, ownership is turned over to the kids upon a death certificate being furnished to the clerk of the county and the lady bird deed. You don't even need to file the deed with the county while you are alive. and you can change it at will anytime by writing up a different one or you can destroy it at will if you so choose.
Does a Trust protect the house from Medicaid?
Not if it’s revocable. For the house to be protected from Medicaid my understanding is that it must be irrevocable trust.