Has it been a while since you've reviewed your estate plans? Did you get your plans drawn up a decade ago, throw the paperwork in a drawer and forget about it?
Ladybird deeds are a rather unique and effective estate planning tool when it comes to transferring real property -- one that isn't available in all states. However, they are commonly used in Michigan.
A Ladybird deed is a method of estate planning that can help you qualify for long-term nursing care through Medicaid and avoid probate. Also known as an "enhanced life estate deed," the Ladybird deed is not well-known -- or well-understood.
Are you still looking for a New Year's resolution worth keeping? If so, it might be time to put your estate plan in place.
There are two mistakes that people often make with estate planning. The first is that they do their planning and then forget about it, assuming they are set forever. The second is that they don't do it at all because they can't figure out every last detail, like what assets should go to their children or who to pick as the executor.