Due to the Coronavirus, all Wills, Trusts, and Estate Planning can be done remotely. The initial consultation, review and signing can be done from your home.
McKinney Estate Planning Attorney
 Request an In-Person or Phone Consultation 214.499.9647
Lady Bird Deed Information The Willingham Law Firm, PC

Lady Bird Deeds

How a Solid Estate Plan from Our McKinney Lawyers Can Help

An Enhanced Life Estate Deed or a “Lady Bird Deed” is a deed which can assist in accomplishing two main estate planning objectives:

  • Avoiding probate by passing property to a beneficiary upon the death of the grantor
  • Avoiding the “gift” designation under any Medicaid benefits

At the Willingham Law Firm, PC, we can assist you in creating this deed for your loved ones. We have also created a brief summary below to help you understand how a Lady Bird Deed works conceptually.

If you have additional questions, call our estate planning attorneys in McKinney, (214) 499-9647

How Can a Lady Bird Deed Help You?

It is best to illustrate the benefits of this type of estate planning with an example. Mary and David are 78 and 80 years of age. Mary and David are financially struggling and only have a home to leave to their children, Bill, Kevin, and Melissa, upon their death. Their home is worth about $100,000. David and Mary live off Social Security and will be applying for Medicaid benefits soon.

Mary and David want to keep their home until they pass but really want to leave an inheritance to their children. If they were to gift their home and within five years apply for Medicaid benefits, then Medicaid’s fraudulent transfer rule would apply and the home would be subject to a Medicaid lien.

In this case, Mary and David do have options to keep power of their homestead, and to pass property to their children for an inheritance. A Lady Bird Deed gives certain ownership rights to children but allows parents to keep the power to sell, convey, mortgage, lease, and otherwise dispose of the property. In addition, both parents will retain the rights to revoke, amend, divest, replace, or change the homestead.

Through a Lady Bird Deed, Mary and David can secure an inheritance for Bill, Kevin, and Melissa. In addition, this transfer avoids probate so Bill, Kevin, and Melissa will not have to probate their parent’s home.

At The Willingham Law Firm, PC, our McKinney estate planning attorneys can assist you in creating the necessary documents to protect your loved ones. Contact us online today to schedule your free consultation.

Recent Reviews
From Satisfied Clients

  • I WAS AMAZED!

    “The Willingham Law Firm created our trusts for our children. I was amazed at how simple he made the process. ”

    Curt Webber

  • Me and my husband went to Willingham Law Firm to have wills done in our new home state of Texas.

    “Me and my husband went to Willingham Law Firm to have wills done in our new home state of Texas. Taylor and his staff exhibited extreme knowledge and skill with regard to estate law, which, in turn, put us at ease with the decisions we had to make. They guided us through each step and we couldn't be more pleased with the outcome. This place is top-notch! Thank you for all your help.”

    Stacy Rollans

  • I am a former employee for the Willingham Law Firm and they are by far the best attorneys.

    “I am a former employee for the Willingham Law Firm and they are by far the best attorneys I have worked for, and I have worked for a few different ones in the past. They truly care about their clients and their staff. I highly recommend this firm if you are wanting to get any sort of Estate Planning done.”

    Rachelle Dytko

  • Taylor was wonderful and easy to work with.

    “Taylor was wonderful and easy to work with. He was very quick which was helpful since I brought my baby with me. He was also very straightforward which was appreciated! He gave some suggestions on changing up our life insurance policy while also getting all the information needed to write up our documents. When it comes to protecting my family in times of crisis and hard times, I trust we will be protected because of the work that he puts into helping us plan for the unexpected. He was personable and related to our circumstances because he’s been there. I highly recommend him to everyone!”

    Mariah Sutherland

  • Taylor and his team have been invaluable assets to me.

    “Taylor and his team have been invaluable assets to me. Taylor has a way of taking complicated subjects and breaking them down to something tangible and simple to work through. Rachelle might be the most helpful person ever! She has been great in explaining and teaching. Highly recommend the firm!”

    Brad Barton