Attorney Advice on Lady Bird Deeds for Michigan Estate Planning
A Lady Bird Deed, recognized in Michigan, transfers property to contingent beneficiaries while retaining control for the grantor during their lifetime, bypassing probate upon their death. It provides several advantages including lower cost compared to trusts, avoidance of probate, and retaining tax exemptions. However, it may have drawbacks including potential implications for Medicaid eligibility, complications if beneficiaries die before the grantor, and potential asset vulnerability for special needs beneficiaries or those facing financial difficulties. The use of Lady Bird Deeds should depend on individual estate planning needs.