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Real Estate and the 2018 Tax Code

The limit on deductible mortgage debt is reduced to $750,000.00 The standard deduction for single and joint filers has doubled Personal exemptions are eliminated Effective tax rates have dropped for the majority of Americans

Enhanced Life Estate Deeds aka Ladybird Deeds preferred

With a "regular" life estate deed, the owner of the real estate makes a gift of the property to beneficiaries, called remaindermen. He can't mortgage or sell the property during his lifetime without the permission and "joinder" of the remaindermen. Joinder means that they're parties to the mortgage or sale. He effectively gives the property away—and unilateral control of the property—during his lifetime. With an "enhanced" life estate, or Ladybird Deed, the owner of the real estate, referred to as the "life tenant," retains complete control over the property during his lifetime. He has the right to mortgage or sell the real estate without the consent of his beneficiaries or the remaindermen

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