The idea of needing assistance with your day-to-day needs may be far from your mind or the minds of your loved ones. This is particularly true when you have spent your life being fully capable of taking care of yourself. No doubt, considering the potential need for long-term care is not a pleasant task, but you should be familiar with your options. Let our nursing home lawyers explain what you need to know. Everyone doesn’t need long-term care, do they? The reality is, many seniors will have a … [Read more...]
Ask Your Trust Attorneys Which Type of Trust Will Meet Your Goals
For most clients, deciding between creating irrevocable trusts and revocable trusts depends on the need for retaining control of assets. There are, in fact, some very distinct differences that should be considered as you make the decision. Trusts have been around for a very long time, but they’ve only really begun to gain mainstream acceptance in the last several decades. When it comes to choosing between an irrevocable and a revocable trust, our Charlotte trust attorneys can help you decide … [Read more...]
What Are Trusts and Why Do You Need Them?
For some people, estate planning is as easy as creating a Last Will and Testament, power of attorney and advance directives, and a living will. Everyone’s situation is different, however, and there are millions of people who just can’t get away with that type of basic estate planning. Some of them have complex business concerns that need to be dealt with. Others have issues related to long-term care planning or retirement efforts. And then there are those who want to avoid probate or provide for … [Read more...]
Why You Need an Attorney to Create a Will the Right Way
For many Americans who procrastinate about creating a will, the reasoning often comes down to one of two main issues. They either don’t think they need one because their estate is too small, or they’re just leery of paying an attorney to do the work. The first reason is common, since roughly half of us seem to question the need for estate planning. That second reason is perfectly understandable, especially in uncertain economic times. Nevertheless, we all need some sort of estate plan, and … [Read more...]
Estate Planning Attorneys Explain the Benefits of Testamentary Trusts
You may be familiar with the many different types of trusts available to use in your estate plan. One of those trusts, the testamentary trust, is the type of trust that only goes into effect after your death. A testamentary trust is really the opposite of a living trust, which becomes effective when you create it and continues to operate during your lifetime. If you are considering which type of trust to use our estate planning attorneys can answer questions and help you make the right … [Read more...]
If You Don’t Understand the Medicaid Look-Back Rule You May Be in Trouble
Medicaid places certain limitations on the amount of financial resources you own, as well as how and when you can transfer assets from your estate to someone else. Long-term care costs are often too expensive for most people and they are continuing to increase every year. Currently, the national average cost, for a year of nursing home care, exceeds $90,000. For this, and many other reasons, Medicaid planning is important for everyone. Our Ashland Medicaid attorneys can advise you regarding the … [Read more...]
Ashland Estate Planning Attorneys Explain the Benefits of a Power of Attorney
As our Ashland estate planning lawyers can explain to you the many benefits of a well executed power of attorney. Creating a power of attorney allows you to select the person you want to take control of and manage your property and affairs in case you become incapacitated in the future. This is one of many reasons a power of attorney is included as part of a comprehensive estate plan. Even if your incapacity is only temporary, a power of attorney can still be very useful. The thing to remember … [Read more...]
Elder Law Lawyers Share Options for Asset Protection
When you are young, the concept of long-term care can seem alien to you. This may be especially true if you have taken good care of your health throughout your life. You may feel that it is unlikely you would ever need long-term care. Statistically, you should not overlook the costs of long-term care, and have a plan to pay for that care, should you ever need it. Here, our elder law lawyers will discuss asset protection issues. Longevity plays a factor in the need for early planning First of … [Read more...]
Charlotte Residents Can Benefit From Early Estate Planning
While financial planning can help you to build wealth over time, through the wise management of your resources, and retirement planning focuses on directing a portion of today’s income and assets toward tomorrow’s needs, your estate plan must to bring these strategies together in a comprehensive way. A well thought out estate plan can preserve and distribute the wealth, you have worked so hard to accumulate, to the next generation and beyond. Everything doesn’t work out automatically You may … [Read more...]
The Importance of Funding in Trust Administration
The revocable living trust is a very useful estate planning tool. Contrary to popular belief, you do not have to be wealthy to benefit from a living trust. You continue to control the assets that you convey into a revocable living trust because you can act as the trustee and the beneficiary while you are alive and well. It is possible to change the terms of the trust, and you can even dissolve the trust entirely if you choose to do so. When it comes to trust administration, understanding the … [Read more...]
