Having a say in what happens to a person’s estate upon their death, and preparing for one’s own care when activities of daily living cannot be accomplished alone, can have lifelong impacts on loved ones. A legal professional is a valuable asset, as determinations are made on how to manage elder care and tangible property in the best interests of a whole family. Sometimes a quitclaim deed can be a valuable tool utilized to transfer property in Florida, as aging individuals prepare for their future, which may include addressing the high costs of care in assisted living facilities through application to Medicaid.
The requirements for a valid quitclaim deed can be found in Section 695.26 of the Florida Statutes. It must include:
- The parties’ names – This means the complete legal names of the grantor(s) and the grantee(s). Abbreviations and nicknames are not acceptable. The grantor should be sure to include his or her name in the same way as it appeared on the deed when he or she obtained title.
- Property description – A legal description is assigned to every real estate parcel in Florida. You can usually find it in the deed that transferred the property to the grantor. To be safe, you should also list the property’s street address, and the property “folio” number used by the property appraiser.
- Witnessed signatures – Under Florida law, the grantor must sign the deed. To ensure your signature is authentic, you must sign the document under the observation of two witnesses and a notary public. The witnesses must also sign in the presence of the notary.
A completed quitclaim deed must be provided to the grantee with confirmation of delivery, and should be recorded with the Clerk of Court for the county where the property is located.
Medicaid approval for long-term care.
A quitclaim deed to transfer property can represent fewer assets in someone’s name enabling them to qualify for Medicaid, which pays for expensive long-term nursing home care, but keep in mind that Medicaid has a five-year look-back period, so any transfers made will have to be done in a timely manner.
Make an estate plan.
Florida estate planning includes actions to be taken after a person’s death for closing out assets and liabilities and outlines actions for an individual’s medical care, in the event they cannot speak for themselves through the preparation of advance directives. Discuss the value of a quitclaim scenario in estate planning documents with an experienced attorney at Baby Boomers’ Barrister Law Firm in St. Petersburg.
100 2nd Avenue S.
St. Petersburg, FL 33701
Phone: (727) 565-4250