You may assume that a trust is a trust. In fact, there are different types of trusts, and a major dividing line is the matter of revocability. Irrevocable Trusts Generally speaking, an irrevocable trust cannot be dissolved after it has been created, but there are some rare exceptions. When you establish an irrevocable trust, you often cannot act as the trustee. Why would you want to surrender control of your assets? This can be beneficial under a few different circumstances. The federal … [Read more...] about Can You Dissolve a Trust?
Probate is a legal process that will be necessary if you rely a simple will to state your final wishes. You would name an executor in the document to take care of the hands-on tasks, and the court would supervise while the estate is being administered. It serves a purpose because final debts are paid during probate, and the validity of the will is determined. If anyone wants to contest the terms, they can come forward while the estate is being probated by the court. There is nothing … [Read more...] about Should I Use a Transfer on Death Account to Avoid Probate?
If you were sitting next to an estate planning lawyer on an airplane and you had a chance to pick the lawyer's brain, what would you ask? It would definitely be an enlightening conversation, and we will present a hypothetical give-and-take here to pass along some valuable information. Why is estate planning important? You would die intestate if you pass away without any estate planning documents. The probate court would step in to sort things out, and the court would appoint a personal … [Read more...] about A Conversation With an Estate Planning Lawyer
John R. Potter has been designated as a Certified Elder Law Attorney (CELA) by the National Elder Law Foundation and a Board Certified Specialist in Elder Law by the North Carolina State Bar. The National Elder Law Foundation (NELF) – the only nationwide organization approved by the American Bar Association to offer certification in the area of elder law - has announced that John R. Potter, an attorney practicing in Charlotte and Huntersville, North Carolina, has successfully completed its … [Read more...] about John Potter Designated as CELA and NC Board Certified Specialist in Elder Law
There are some common misconceptions that people pass around about aspects of the estate planning process. In this post, we are going to look at a handful of them to give you some insight that may save your family a lot of time, money, and stress. Estate planning is not necessary unless you are very wealthy. The idea that estate planning is only for the rich is completely false. Yes, high net worth individuals have to take steps to preserve their resources, and the estate tax can be a source … [Read more...] about Don’t Buy Into These Estate Planning Myths
Long-term care is a major elder law concern. About 70 percent of seniors will need help with their day-to-day needs, and more than one third will require nursing home care. A year in a nursing home in the Charlotte, North Carolina area comes with a price tag of about $100,000, and the figure is $80,000 for Ashland, Kentucky. One year is the average length of stay, and of course, a married couple may receive two different sets of nursing home bills. In-home care is another option for some … [Read more...] about This VA Benefit Can Give Seniors a Boost
It is a good feeling to get away and spend time at your vacation home if you are fortune enough to have an additional piece of property out-of-state. You can make memories with your family and friends, and real estate can be a good investment. When you are planning your estate, you should be aware of the potential for ancillary probate if you are in this position, and we will examine the subject here. Estate Administration Probate is a process that serves a purpose when an estate is being … [Read more...] about Avoid Ancillary Probate With a Living Trust
There are some terms used in the estate planning realm that may be unfamiliar to many people. One of them is “fiduciary,” and we will demystify the term in this post. Legal Responsibility A fiduciary is someone who has a special legal responsibility to someone else, or multiple people. The fiduciary must put the interests of those individuals first, and they are legally bound to do so. Executor of an Estate One prime example of a fiduciary is the executor of an estate. If you use a will to … [Read more...] about What Is a Fiduciary in Estate Planning?
When you work and pay FICA or self-employment taxes, you get something in return for your contributions. In 2021, you receive one credit for every $1470 you pay taxes on, and the maximum annual accrual is four credits. You become eligible for Social Security and Medicare when you have 40 credits. For Medicare, the eligibility age is currently 65, though there are proposals to reduce the eligibility age. The age at which you can qualify for Social Security is not as simple and … [Read more...] about Will Medicare Cover Living Assistance?
People have a tendency to project strength, and this can be a positive attribute in many instances. However, as you get older, the air of invincibility can start to become dangerous because no one can escape the eventualities of aging. Life Expectancy You probably expect to be able to enjoy active pursuits during your retirement years, and it can be hard to imagine a time when you will have significant physical limitations. It becomes easier when you understand the life expectancy for someone … [Read more...] about Longevity Statistics Shed Light on Nursing Home Asset Protection