A friend mentioned a Ladybird deed of trust regarding my Mothers' estate. I've done a little reading on it but was wondering if anyone here had any hands on experience with one?
Ladybird Deed of Trust?
I was intrigued by this when you first posted it, but haven't had any experience with it. You may already have seen this article; have you obtained any more insight about it?
Thanks for that link. Yes, that is one I had found while researching it.
This was originally mentioned by a friend when we were discussing my Mothers' plight with her home and estate now that she is residing in a nursing home. His Mom is suffering with health issues and is in and out of a nursing home. His sister found a lawyer that suggested this and drew up the Lady Bird deed of trust. He suggested it in my Mothers' case, which is not feasible but I was interested for my husband and myself.
I cannot see a down side to any information I have read but I have not found a lawyer that is willing to admit to knowing what it is or caring to research it. The response I got when asking a customer (lawyer) of ours was arrogance. He said he knew nothing about it and when I inquired if he would care to research it for me, he said he would for $200 per hour and expect it to take 10 hours. My husband, who is normally ambivilant said it sounds like a Lady Bird deed of trust would cut the legal field out of too much money so they are unwilling to recommend it.
I have considered finding the location of the lawyer that drew the deed for our friends' family but I know he is in west or central Texas. I would love to know of one that had been put to the test.
Thanks for your interest and response. Kristi
I wonder if consulting the law school department of a university might produce pertinent results. If the professors weren 't familiar with the topic, perhaps they would be interested in researching it to be a part of their curriculum.
Yes, that is basically what I came up with when I googled ~ thank you. There is not a lot of input on this particular topic. The link Yuska posted was one of the more thorough that I had found. Even when I tried to search other states (my Mother lives elsewhere) to see if this was applicable, I found little information.
I wish there were a law school in the vicinity or I knew a legal student as that was a good thought. But it is not to be...
The lawyer that originally drew this up for our friend was asked why this wasn't more common and he said something to the effect. ' Not many knew about it, that is why they were paying him big money to draw it up. '
I would like to see cases where it was tested in the courts and in real life. Things that sound too good usually are.
SMU has a very large law school. Here in Dallas. Might check with their law school.