Deeds
Deeds
A legal document used to convey (transfer) property.
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Ladybird Deed
- Sole purpose creates general power of appointment
- Person creating the deed lives in property for life, then property goes to named beneficiary
- Person creating the deed can change the named beneficiary at any time
- Allows property to transfer by operation of law
- Avoids probate as property transfers on death to the named beneficiary
- Grantor reserves the power of sale over the property
- Person granting the deed can sale the property, and sale effectively terminates the beneficiary
- Beneficiary keeps step up in basis instead of carryover basis as it relates to inheritance tax purposes
- Beneficiary doesn't get taxed on any appreciated value of property because property is inherited at value on date of grantor's death