- Joined
- Jan 31, 2022
- Messages
- 426
Not the usual topic for "prepping", but I think relevant because part of prepping is considering how to preserve what you have for family. I had never heard of a ladybird deed until my Mom researched it and got it done for her house. I thought I'd mention it in case someone else hadn't heard of it. I may not explain it well, but once you have the idea you can check with a local attorney to see if it fits for you. Basically it's a way to tie up your property so that if you end up in an old person storage facility on medicaid, the government can't take your home to pay the medicaid bills. It protects your home so that it can go to your heirs.
My mom found out about it through her job working in such a facility, and seeing families devastated when their elderly relative loses their home to the government for medicaid costs. She didn't want that to happen to us, so she did some checking and found an attorney that specializes in elder law. I guess it's named after Ladybird Johnson, because she saw women who had been homemakers their whole lives losing their homes when their husbands died, and made changing that a priority.
I just went to the attorney and had it all drawn up for my home. It covers last wishes, wills, power of attorney, sets it all up so that when I get my chance to go, my daughter gets everything without going through probate or paying taxes or any other government interference. It provides guidance should I be brainless in a hospital (turn off the machines!) and everything is signed so she can act on my behalf. I intend to have the house paid off before I retire, but I made sure that my life insurance is enough to pay out the mortgage so she'll have it free and clear if I go soon. The documents cover everything, including the materials in the house, so all the preps I have stored, be it for food, water, self defense will transfer to her. Through some quirk of the law, it doesn't cover vehicles, but with these documents, all she has to do is take a copy of my death certificate to the Secretary of State and have the vehicle title reissued in her name. It also prevents the state from seizing my property if I end up living on medicaid. She's listed as the beneficiary on all assets, and after the trauma of my husband's sudden passing, I'm especially relieved to have that all covered for her.
So if like me you'd never heard of it, I'd recommend checking it out.
My mom found out about it through her job working in such a facility, and seeing families devastated when their elderly relative loses their home to the government for medicaid costs. She didn't want that to happen to us, so she did some checking and found an attorney that specializes in elder law. I guess it's named after Ladybird Johnson, because she saw women who had been homemakers their whole lives losing their homes when their husbands died, and made changing that a priority.
I just went to the attorney and had it all drawn up for my home. It covers last wishes, wills, power of attorney, sets it all up so that when I get my chance to go, my daughter gets everything without going through probate or paying taxes or any other government interference. It provides guidance should I be brainless in a hospital (turn off the machines!) and everything is signed so she can act on my behalf. I intend to have the house paid off before I retire, but I made sure that my life insurance is enough to pay out the mortgage so she'll have it free and clear if I go soon. The documents cover everything, including the materials in the house, so all the preps I have stored, be it for food, water, self defense will transfer to her. Through some quirk of the law, it doesn't cover vehicles, but with these documents, all she has to do is take a copy of my death certificate to the Secretary of State and have the vehicle title reissued in her name. It also prevents the state from seizing my property if I end up living on medicaid. She's listed as the beneficiary on all assets, and after the trauma of my husband's sudden passing, I'm especially relieved to have that all covered for her.
So if like me you'd never heard of it, I'd recommend checking it out.