Lady Bird Deed?? Thoughts please...

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  #1  
Old 06-16-17, 09:03 AM
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Lady Bird Deed?? Thoughts please...

Single woman, 64, good health (walk daily 2.5-3miles, eat organic...) state: Michigan. Home is worth approx. 65k free and clear, no debt.

I went to a lawyer yesterday to have my will done and for some reason, I could NOT concentrate. Please help me.

My concerns: horse and donkey be taken care of after my death until they are determined too old and euthanized. (Best friend is a small animal veterinarian, can make the determination and will look in on them 2x a year). Have talked with owner of boarding facility who take them upon my inability to care for them with a charge of $300 for both + medical. My 3 siblings get NOTHING.

Alzheimers very close up in family (father, uncle and aunt on mother's side all died of alzheimers).

What will happen if I am not dead but unable to communicate due to stroke, alzheimers, car accident?

I want to avoid probate, protect estate from the State.

I have worked very hard all my life, supported my self and others and want my estate to take care of my two dear friends (horse and donkey) until their deaths and then be given to a charity or my very good friend if the need arises.

My good friend is extremely ethical and of the same age as myself. She will act as Power of Attorney for Health Care and Financial Power of Attorney.

I thought of putting her on my deed but the lawyer suggested not to bc she may die before me, be in an accident and not able to communicate etc.

Lawyer suggested a 'Lady Bird Deed'. I can't think of anything more she said because I was having a hard time concentrating yesterday.

I am concerned about Medicaid and the state taking my estate. Is there a better way to avoid probate and the state?

Thank You.
 
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  #2  
Old 06-16-17, 09:16 AM
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I don't have any answers for you, just a suggestion - call the lawyer's office back and see if the secretary can explain it for you, if not most lawyers will talk to you on the phone and a few won't charge for that consultation.
 
  #3  
Old 06-16-17, 03:42 PM
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A "Lady Bird deed" (also known as an enhanced life estate deed) is a way to transfer property to someone else outside of probate while retaining a life estate in the property.

My wife and I have proceeded to do that as did our parents. Our children are the "owners" of our home. Each state may have slightly different rules or names. In New York I believe its 5 years before it becomes effective. We are paying all taxes and utilities but when and if we become incapacitated, the state cannot take the home or our accounts (which are no longer n our name). But we have exclusive rights to the home and access to the money.

 
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