you're listening to Ramsey every day millionaires or we talk retirement building wealth and outrageous generosity

Beth is in Detroit. Hi, Beth. Welcome to the Ramsey show.

Thank you so much for taking my call. I'm a little bit starstruck so I'll try to get through this call.

George does that. I was going to say. I was like that. People get that way when they're with him.

Well, I am a long time listener for a time caller and I appreciate you taking my call. My husband and I are just kind of getting our

ducks in a row a little bit late but still doing it. And I'm interested in learning about a lady bird deed.

And if you know anything about it or can help me to know if that's the right way for us to go.

It's simply a life estate and the people nicknamed it lady bird because Lyndon Johnson did it with his wife.

And so they nicknick it lady bird Johnson. So they nickname it lady bird deed. But all it means is that for instance if you all had kids from a

if your husband had kids from a previous marriage, he wanted to leave the house to the kids. He could leave you a life estate, meaning you're

allowed to live there and the kids can't do anything with the property as long as you're alive. Okay.

It essentially clouds the title. I mean that you you are in control of the but I can't refinance it.

There's not really anything they can do with it without your permission. If you if you are given the life estate, that would be an example of how it

you lost. How are you talking about using it?

I mostly was I just wanted to make it easy for them when we're not here anymore to just take you know do whatever they want

with it. So I wouldn't do that. I wouldn't do that. Okay. I just leave it to you. And I just what I just do mirror image

wheels and a mirror image wheel says that if you die, it all goes to him. If he dies, it all goes to you. And if you both die, you both are

in agreement on where it's all going. I see. What about a Medicare protection? You know how they go back so many years if you Medicaid.

Not Medicare. I'll Medicaid. Oh, forgive me. Okay. And that's they go if you want to go into a welfare nursing home, you want to get the property out of your name five years

before, but I don't recommend welfare nursing homes. That's what Medicaid is welfare. Medicaid is welfare.

Okay. Definitely. No. I wouldn't plan to be there. Okay. So you need you need long term care insurance and money.

Long term care insurance and money. Are you 60? Are you 60?

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