Florida Estate Planning Lawyer BlogFlorida DR-219 Form is Repealed as of 06/1/2008
Beginning June 1, 2008:
•The requirement to complete and file Form DR-219 is repealed.
Florida DR-219 Form is Repealed as of 06/1/2008
Articles Posted in Enhanced Life Estate Deeds
Deeds Designating Grantee as a Trustee Sufficient to Pass Title to Trust
The Florida Supreme court has ruled affirmatively on the question presented to it.
Whether, under Florida Statutes section 689.07(1) as it existed before
its 2004 amendment, this Deed–which is a recorded real estate
Florida Lady Bird Deed Forms
Where can I get a Form for Florida Lady Bird Deed is a question that I am often asked. Florida Lady Bird Deeds are generally not available on the Internet because not many Florida Lawyers even know what they are. They are also far more complex than a regular deed.
I have seen several cases where clients used Ladybird deed that were not acceptable to Title insurance companies and the families had to open probate cases to clear the title on the property after the death of the grantor.
Because of this when we created our deeds we went to many title companies to get their feedback and modified our deed and they way they are filed to be in compliance with the title companies requirements.
Enhanced Life Estate Deed Question. What happens when the owner of the Remainder Interest predeceases the life tenant?
A *Florida Enhanced Life Estate Deed or Florida LadyBird Deed (Enhanced Life Estate Deed) is designed to pass the property if any to a person upon the death of the life tenant while allowing the life tenant to do anything during their life.
What happens if the person named in the remainder interest predeceases the life tenant?
This is From A to B for life (with enhanced powers) remainder to C.
Medicaid and improvements paid for by Life Tenant of Property
In Florida, the Life tenant is generally responsible for the costs of repairs, but the remaindermen are responsible for the payments for improvements to the property.
If the life tenant paid for the costs of improvements on a property, this would constitute an uncompensated transfer or gift which could result in a period of ineligibility for Medicaid.
If repairs are being done on the property, it is important to have he contractor and suppliers specify that everything is begin done as a repair to avoid the possibility of the DCF worker classifying it as an improvement and creating a gift.
Is your Enhanced Life Estate Deed Valid?
All Florida Enhanced Life Estate Deed or Florida LadyBird Deed (Enhanced Life Estate Deed) are not created Equal.
In the past, I have had clients come to me for help when a title company would not accept the language on an Florida Enhanced Life Estate Deed or Florida LadyBird Deed (Enhanced Life Estate Deed). Each title company has specific language that they look for in the deed. As as result we have had several title companies review our deeds and make recommendations. We took these and complied them into a single form that satisfied all of their requirements.
If the title company is not happy with your current deed, they can refuse to write title insurance. As title insurance is required by every commercial lender in Florida when a home is sold, this can create a problem when you want to sell your home. In some cases, we have had to open or reopen a probate case to get the judge to issue an order to clear up the title concerns.
Florida Millionaires increase and Estate Planning
As the Percentage of Florida Millionaires continues to rise, the need for more complex Florida Estate Planning continues to increase.
When ones assets are significant the benefits of a Florida Revocable Trust in conjunction with a Florida Will are increased. Florida’s probate fees can rapidly approach 30,000 dollars on some of these estates. These fees can be greatly reduced or eliminated with proper planning. Even Florida residents who have a Florida Revocable Trust may need some additional documents to avoid probate. One such document that Florida’s millionaires might consider is the Florida Enhanced Life Estate Deed or Florida LadyBird Deed (Enhanced Life Estate Deed) .
To discuss what steps you family can take to reduce your estate taxes and probate fees, Contact a Florida Estate Planning Lawyer to discuss your situation.
Do it yourself Estate Planning: Bad News Part 4
Professor Gerry W. Beyer author of the Wills, Trusts, & Estates Professors Blog, as reported on a mistake in estate planning where a “Do it Yourself” Estate Plan Backfires. In this case a mother who did not hire her own estate planning lawyer made a number a big mistake that ended up causing problems withe Medicaid eligibility.
The mother, a widow, was worth 500K. Her home is worth 400K and has 4 children. After her daughter and son-in-law declared bankruptcy and moved in with her, they suggest buying her home. Unfortunately the home was not transfered at fair market value, and the mother made part of the purchase a gift. Mom ended up not having assets to split between the children like she had intended, and if she needs to qualify for medicaid within 5 years she will be disqualified.
Some other examples of Do it your self wills and bad news are covered in my articles listed below
Do it Yourself Wills? More bad news and Do it Yourself Wills? a Good Idea or Not?
Enhanced Life Estate Deeds in Florida and Medicaid Planning
A Florida Enhanced Life Estate Deed (sometimes called “The Lady-Bird Deed”) is a tool used by Florida Estate Planning Attorneys, Florida Elder Law Attorneys, and other by Florida Lawyers to preserve the homestead for the benefit of the family. Upon the death of the homeowner’s the property will pass to the people designated without the need for a costly probate process.
Why Use an Enhanced Life Estate Deed?
The Enhanced Life Estate Deed provides a mechanism to bypass the probate process and thus the creditors. Under this document, the husband and/or wife retain a Life Estate Interest under which he or she retains the right to live on the property for their life. Unlike a Life estate, the husband and/or wife retain the right to sell, mortgage, convey, gift, or cancel the remainder interest at any time during their life. If there is any property interest upon the last to die of the husband and/or wife, the remainder will pass in fee simple to the designated individuals named in the deed.
Jacksonville Living Will Seminar
Jacksonville Estate Planning Law Firm will continue it community service project by adding 3 Living Will Seminars in the month of September. This program provides Free information and the chance to create a free Florida Living Wills, Florida Designation of Health care Surrogate, and a Hipaa Release.
On September 11, 2007 at 11 A.M.
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