The human condition is not static, and everyone understands this within certain limits that are easy to embrace. For example, you know that you are going to have new responsibilities when you transition out of childhood into adolescence and young adulthood. That being said, once you are settled into a particular identity as a self-supporting grown-up, you can fall into the sense that things will be more or less the same going forward. Yes, you are invariably going to have career goals and other … [Read more...]
Estate Planning Is a Long-Term Process
When surveys are conducted, they consistently find that the majority of Americans do not have any estate planning documents in place. Surprisingly, many baby boomers and some elders are unprepared, and precious few younger adults have taken any of the appropriate steps.Clearly, most people know that they should have estate plans in place, but they put it off for one reason or another. Since there is so much procrastination, if you have been dragging your feet, you may become quite complacent … [Read more...]
Alzheimer’s Association Has North Carolina Chapter
To fully grasp any of the elder law issues that are important for seniors at the present time, you have to learn all that you can about Alzheimer’s disease. Everyone has heard about it, but the facts may surprise you, and not in a good way.The Alzheimer’s Association is an extraordinary resource that goes the extra mile to provide as much information and real-life assistance as they possibly can. According to their website, the disease strikes one out of every 10 seniors, and the likelihood … [Read more...]
A Comparison of Common Asset Transfer Methods
Far too many people are remiss when it comes to estate planning. Unfortunately, the lack of action will often yield negative results when families are left behind to manage on their own. This is something that we see all too often, and the inaction is quite unfortunate because some simple advance planning can make all the difference.It is important to discuss asset transfer methods with an inheritance planning attorney because there is no one-size-fits-all estate plan. The ideal way to … [Read more...]
A Look at Medicaid Estate Recovery
When you look into the subject, you may be unpleasantly surprised to find out that Medicare will not pay for a stay in a long-term care facility. Many people are not overly concerned because they think that it is unlikely they will ever need to move from their homes to receive assistance.But a government agency tells us that seven out of 10 senior citizens will need some form of living assistance eventually. Granted, many individuals in this position will be able to get the help that they … [Read more...]
Aretha Franklin Estate Matter Takes a Surprising Turn
In life in general, when you hear about mistakes that have been made by others, you learn valuable lessons about “what not to do.” Within the realm of estate planning, there are a number of constructive tales that revolve around estate planning errors that were made by rich, famous people.This type of situation has unfolded since the death of the legendary “Queen of Soul,” Aretha Franklin. She passed away as a result of pancreatic cancer in August of 2018 at the age of 76. It has been … [Read more...]
Joint Bank Accounts: Worth the Gamble?
You can cross your fingers and hope for the best while taking some estate planning steps that are questionable. But you have to ask yourself if it is really worth the gamble -- one of the these questionable steps is joint bank accounts with children.It took a lot of time and effort to accumulate the resources that comprise your estate and you would probably do well to make a small investment into a properly constructed estate plan rather than seeking out do-it-yourself alternatives.There … [Read more...]
Living Trust Questions Answered
A lot of people who have not probed into the subject of a living trust reduce the process of estate planning to the creation of a last will. In fact, there are other asset transfer vehicles that can be preferable when certain circumstances exist. Plus, a well-constructed estate plan will address end-of-life issues.The estate planning device that is the best choice for many people is the revocable living trust. In this post, we will provide an overview in the form of a hypothetical question … [Read more...]
North Carolina Nursing Home Costs Are High and Rising
As elder law attorneys, we advise clients that have concerns about the eventualities of aging. There are a number of issues we address, but without question, the most important one is the matter of long-term care and the nursing home costs that go along with it.Why is this such a big deal when the vast majority of seniors will qualify for Medicare coverage at the age of 65? It makes sense to assume that Medicare would pay for living assistance as medical care, but instead the type of care … [Read more...]
Medicaid Planning: Definitions of Key Terms
Before you look into the subject very deeply, it is natural to wonder why you would ever need to know about Medicaid if you are going to qualify for Medicare as a senior. This is understandable, and it is one of the core issues in the elder law arena.Medicaid is important for seniors because Medicare will not pay for a long-term stay in a nursing home. Medicaid will pick up the tab if you can qualify. This is why Medicaid planning should be on your radar.These facilities are extremely … [Read more...]
