Florida Enhanced Life Estate Deed

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Commonly Asked Questions about Florida Enhanced Life Estate Deed

Who owns the property in a life estate in Florida?

The person holding the life estate the life tenant possesses the property during his or her life. The other owner the remainderman has a current ownership interest but cannot take possession until the death of the life estate holder.

What are the disadvantages of a life estate deed?

Its important to fully understand the following risks: Limits on Life Tenants ability to sell or mortgage the property. Removing a Remainderman is difficult. A Remaindermens problems can become your problems. Medicaid Complications. Nursing Home Complications.

Can a remainderman borrow against a life estate?

As the life tenant, you may not easily sell or mortgage a property with a life estate interest. The remaindermen must all agree in order for you to sell or borrow against the property.

What is the disadvantage of a lady bird deed in Florida?

Disadvantages of Lady Bird Deeds For example, if a life estate is created to leave a remainder interest to only one or some of the life estate holders children, then certain title companies will not insure the transfer due to the possibility of future title disputes that may be raised by the omitted children.

What are the disadvantages of life estate?

Life estate cons Theres no creditor protection for the remainderman. Since they own an interest in the property, if theyre sued or owe a debt, the creditors can place a lien on the property. You cant minimize estate tax. The propertys fair market value is included in the life tenants taxable estate once they die.

Why do people create life estates?

A life estate is usually created to streamline the transfer of homeownership to the next generation but it can also be used to establish an income stream. Life estates can be created to provide a life-long income for a person rather than a lump-sum inheritance.

How does a life estate affect capital gains?

Life Tenant Is Alive: When the property is sold before the life tenant dies, then there is no step-up in basis and capital gains are paid based on the original purchase price of the property with adjustments for improvements, etc. that havent been deducted.

What is a Florida enhanced life estate deed?

Florida Enhanced Life Estate Deed (Lady Bird Deed) The Florida Enhanced Life Estate Deed is a great estate planning tool because it allows a person to qualify for Medicaid and keep the homestead. Often using a regular life estate deed can disqualify a person from long-term government assistance.