Legal Question in Wills and Trusts in Michigan

Re: quit claim deed

there are very specific exemptions you need to make the deed valid. I can help you draft a deed that is solid. Visit me at www.kliszlaw.com to discuss. Tim Klisz

Re: quit claim deed

using a deed as your estate "plan" can be tricky and can cause unintended consequences. You can read more here: http://is.gd/k1Q9. Copy and paste into your browser to read a blog post on it.

Re: quit claim deed

I would recommend that you do not use a quit claim deed. While the QC deed wiil avoid probate it will present many other problems. My suggestion is that you explore an enhanced life estate deed or know as a lady bird deed. Here is a fact sheet that will introduce you to what it is and the advantages. I can be contact thru www.tcfel.com.

EXPLANATION OF LADY BIRD DEED OR OTHERWISE

KNOWN AS AN ENHANCED LIFE ESTATE

These deeds are more accurately called "enhanced life estate deeds" but got their more colorful moniker (according to unsubstantiated legal lore) because President Johnson once used this type of deed to convey some land to Lady Bird.

"Life estate" is an ownership arrangement for land designed to accomplish two things: 1) it allows the homeowner to retain the use of the home during his/her lifetime, and 2) it transfers title to the home at the time of death without the need for probate.

In a regular life estate deed, the owner keeps the "life estate" and conveys a "remainder interest" to someone who will inherit the property. The current owner continues to occupy and use the property and is entitled to all money that may come from the property. However, the owner cannot sell the property without agreement of and participation by the holder of the remainder interest. Further, the IRS puts a value on the creation of the remainder interest, and if it is large enough there may be gift tax consequences.

A "Lady Bird" enhanced life estate deed adds one feature: the owner keeps the right to sell or give away the land without anyone�s consent or participation. Essentially, the owner has the unilateral right to cancel the remainder interest. As such, there is no taxable gift to be accounted for.

If the arrangements under the Lady Bird deed are not cancelled, then when the owner dies the life estate expires automatically. The remainder interest matures into full, unrestricted ownership. The ownership change happens without probate.

Since, my answer is limited to 3000 characters I am not able to provide the comprehensive list of the advantages and disadvantages of the Lady Bird Deed.