When it comes to Medicaid eligibility, there are limitations on financial resources, as well as how and when you can transfer assets out of your estate. Long-term care costs are exorbitant, and they are going up all the time. At present, the national average charge for a year in a nursing home is more than $90,000, so the thought of ever-increasing costs is not a very pleasant one if you are looking toward the future. For this, and many other reasons, Medicaid planning is very important. Let … [Read more...]
Have You Executed A Living Will?
When the subject of estate planning arises, most people just think about the financial component. Indeed, it is important to clarify your final wishes for your assets and execute the appropriate documents to direct the transfer of assets to your loved ones after your death. But a estate plan must also consider how your family will care for you if you are incapacitated and unable to communication. A critical part of this planning is a living will. If you were following the news cycle during … [Read more...]
Last Will May Not Be Best Option
You may believe that a last Will is your best option for transferring your assets on death because you are not wealthy. But in many cases you have more effective options for distributing your assets to your loved ones even if you do not consider yourself to be among the financial elite. A lot of people do not realized that a Will is not just read by your family members. The court has to make sure the wills is in fact the last one and is valid; and the court has to allow creditors an … [Read more...]
Be Clear to Avoid a Contested Estate
If you want everything to go smoothly when you die, carefully consider your planning options. Some people make inheritance planning decisions that they know will not sit well with some of their family members or other interested parties. These people are often opening themselves up to the possibility of a contested estate. First off you may want to ask yourself if the potential for acrimonious legal battles is really worth the statement you are thinking about making. Depending on your … [Read more...]
What You Need to Know about Medicaid Recovery
Medicaid pays for long-term care. Most people will need living assistance eventually, and Medicare does not pay for custodial care, which is the type of care you would receive in a nursing home or assisted living facility. Although Medicaid can provide coverage for long-term care, what happens when you pass away and Medicaid comes after your assets? Let our Charlotte elder law attorney explain how Medicaid recovery works and how to be prepared. Medicaid and Long-Term Care Coverage The … [Read more...]
Why Huntersville Trust Attorney Recommends Living Trusts
If you’ve heard of the living trust, chances are that you think it’s one of those planning tools that complicated your life. In reality, proper use of these trusts can help to simplify your estate planning. Many people think that the will is the simplest type of estate planning available to them, and in many cases they’re right. The Last Will and Testament is the most basic type of estate plan that you can use – though most people, unfortunately, don’t even bother to create that basic document. … [Read more...]
Want to Be Able to Retire Early? Our Estate Planning Attorneys Can Help
Has it always been your dream to position yourself to comfortably retire early? Effective estate planning can go a long way to helping you realize that dream. If you’re like most people, you have at one time or another allowed yourself the indulgence of imagining what it would be like to retire early and spend the rest of your life pursuing the things you really want to do. Most of us have those thoughts from time to time, but few of us ever take the notion seriously enough to actually do … [Read more...]
Medicaid Attorneys Explain Medicaid and Medicaid Waivers
The Medicaid waiver program can come into play if you need long-term care toward the latter portion of your life. Before we look at the details, we should provide a general overview so that you understand the lay of the land. The majority of senior citizens will eventually need long-term care so if you make no plans you could be unprepared for the cost when the time comes. These costs make it important to consider Medicaid planning so let our Medicaid attorneys explain what you need to … [Read more...]
Reduce Your Debt and Stay Invested to Gain Financial Flexibility
When you are making preparations for the latter portion of your life, obtaining financial flexibility is critical. Planning to reduce your debt and stay invested is an important component of attaining this flexibility. Depending on how your health holds up and whether or not you need long-term care at some point, you may face widely varying expenses. Being prepared to comfortably handle these eventualities is what long-term planning is all about. Obviously, saving money for the future is a … [Read more...]
Understanding How Your Asset Protection Strategies Work
Have you thought about whether your assets are protected against bankruptcy, lawsuit, divorce, and other risks? If not, then you could be at risk of losing everything. You can spend a lifetime building wealth. The foundation of financial stability is usually built that way, one brick at a time over many years. The problem is that nothing built by human hands lasts without careful attention and maintenance over time. Your wealth is no different. No matter how much you earn, save, or invest, your … [Read more...]
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