As a senior, the likelihood that you (or a spouse) will need to qualify for Medicaid increases exponentially because the likelihood that you will need long-term care increases as well. Moreover, the cost of that care will be high. Planning for the possibility that you will need to rely on Medicaid requires learning more about the Medicaid eligibility requirements. The Huntersville Medicaid planning attorney at Potter Law Firm explains what you need to know about the Medicaid look-back … [Read more...] about What You Need to Know about the Medicaid Look-Back Rule
How to Pass Down Your Legacy in Your Estate Plan
You probably understand the importance of estate planning and the role it plays in your life; however, you may be unfamiliar with the concept of legacy planning. Legacy planning lets you leave behind much more of who you are and what made you the person you are today. The Charlotte legacy planning attorney at the Potter Law Firm explains how to pass down your legacy in your estate plan. Traditional Estate Planning A traditional estate plan focuses on protecting, growing, and eventually … [Read more...] about How to Pass Down Your Legacy in Your Estate Plan
Practical Steps to Take after Receiving a Terminal Diagnosis
Learning you have a terminal illness or condition may cause a variety of emotional reactions, making it difficult to think about practical steps you should take. There are, however, some things you should do to protect yourself and your loved ones. With that in mind, the Charlotte estate planning attorney at the Potter Law Firm suggests some practical steps to take after receiving a terminal diagnosis. Call a family meeting. Everyone handles an impending death differently; however, the entire … [Read more...] about Practical Steps to Take after Receiving a Terminal Diagnosis
5 Steps to Creating a Trust
As both your family and your estate grow, so will your estate plan. Additional estate planning tools and strategies will be incorporated into your plan to ensure that all your estate planning goals are met. One of the most common tools is a trust agreement. If you decide to include a trust in your estate plan, an Ashland trust attorney at Potter Law Firm explains five common steps to creating a trust. Define your trust purpose. Although it may seem like an obvious step, it is important to … [Read more...] about 5 Steps to Creating a Trust
Why Your Safety Deposit Box Is Not Safe for Your Will
Executing a Last Will and Testament is one of the best things you can do for yourself and for your loved ones. Once your Will has been executed, you need to keep it somewhere safe. While your initial instinct may be to put it in your safety deposit box, doing so is not the best choice. A Huntersville estate planning attorney at Potter Law Firm explains why your safety deposit box may not be the best place for your Last Will and Testament. Your Will and Other Estate Planning Documents In … [Read more...] about Why Your Safety Deposit Box Is Not Safe for Your Will
How to Make Charitable Gifts
If charitable gifting is an important part of your life, you may want to make it part of your estate plan as well. Charitable gifting can be handled in several different ways in your estate plan. The type of beneficiary, size and complexity of the gift, and the amount of control you want to have over how the gift is used will all impact how you make charitable gifts in your estate plan. To get you started, a Huntersville estate planning attorney at Potter Law Firm discusses how to make … [Read more...] about How to Make Charitable Gifts
What Is Long-Term Care Insurance?
Creating a comprehensive estate plan requires you to consider several factors that might impact you as you age, including the likelihood that you, or a spouse, will need long-term care. If you do end up needing long-term care (LTC), the cost of that care could put your estate assets at risk if you failed to plan for the possibility ahead of time. One way to protect assets is to purchase LTC insurance. Long-term care insurance, however, is not right for everyone. To help you decide if it is right … [Read more...] about What Is Long-Term Care Insurance?
How Long Does It Take to Probate an Estate in Kentucky?
There is a very good chance that you will find yourself involved in the probate of an estate at some time during your life. Whether that is because of your appointment as the Executor of an estate or because you are a beneficiary/heir, you probably want to know how long it will take for the estate to get through probate. Although every estate is unique, a Florence probate attorney at Potter Law Firm explains how long the Kentucky probate process typically takes. Understanding the Probate … [Read more...] about How Long Does It Take to Probate an Estate in Kentucky?
Do You Need to Incorporate Special Needs Planning into Your Estate Plan?
As the parent of a child with special needs, you understand the joy these children can bring to a family and the everyone around them. You may also worry about your child’s future in general and especially about that future if something happens to you. The good news is that many children with special needs live independent lives as adults; however, as a parent you may still want to ensure your child has your financial support even after you are gone. A Huntersville special needs planning … [Read more...] about Do You Need to Incorporate Special Needs Planning into Your Estate Plan?
Do Not Forget to Review and Revise Your Estate Plan
For your estate plan to continue to protect you and your loved ones as intended it needs to be updated from time to time. Knowing how often to review your estate plan, and when a life event should trigger an immediate revision, is the key to a successful estate plan. The Ashland estate planning attorneys at the Potter Law Firm remind you to review and revise your estate plan as needed. A Routine Review Is Essential You should conduct routine reviews of your estate plan and make any … [Read more...] about Do Not Forget to Review and Revise Your Estate Plan
