A Lady Bird Deed, also known as an enhanced life estate deed or revocable life estate deed, allows a person to transfer his or her interest in property but retain a life estate with the ability to occupy and use the property for his or her lifetime.
The most common use for a Lady Bird Deed is in Medicaid planning. Medicaid is a government program that provides assistance for persons with limited assets and income. To qualify for Medicaid, one must be blind, disabled, or over 65 years of age. In addition, one must meet both the income and resources limit discussed below.
In determining the countable resources, certain items are excluded. One of the items excluded include a residence with a value of $500,000 or less (if there is an intent to return to the home). As a result, if you own a residence valued over $500,000 or if you own more than one property, you should inquire into a Lady Bird Deed.
The Law Office of Andrea Casanova is located in Fort Worth, Texas. We specialize in Estate Planning, Probate and Guardianship law. We practice in Tarrant, Dallas, Denton, Parker, Johnson and Hood counties.
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