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The Potter Law Firm

North Carolina and Kentucky Estate Planning Attorneys

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Home » BLOG

What Happens If I Leave Property Out of My Living Trust?

December 14, 2021 by John Potter

pour-over will

The revocable living trust is an effective alternative to a simple will. When you have a living trust, you act as the trustee while you are alive so you have access to the assets and nothing really changes. You name a successor trustee to step into the administration role after your passing. You have the ability to decide how the assets will be distributed after you are gone. If you would like the trustee to pay out a certain amount each month for a number of years, you could include that … [Read more...] about What Happens If I Leave Property Out of My Living Trust?

Filed Under: Estate Planning Tagged With: advance directives for health care, living trust, Pour Over Will

2022 Estate Tax Exclusion Has Been Set

December 6, 2021 by Pamela Potter

estate tax

The federal estate tax is not a factor for most people because there is an exclusion that is pretty high relative to most estates. This is a set amount that can be transferred tax-free -- the tax is only levied on any portion of an estate that exceeds it. There are annual adjustments to account for inflation, and we have experienced a significant level of inflation this year. The 2022 exclusion amount has been announced, and we will take a look at it here. 2022 Federal Estate Tax … [Read more...] about 2022 Estate Tax Exclusion Has Been Set

Filed Under: Estate Planning Tagged With: 2022 estate tax exclusion, 2022 gift tax exclusion

Advocacy Groups Call for the Eradication of the Medicaid Estate Recovery Mandate

December 3, 2021 by John Potter

Medicaid estate recovery

Elder law attorneys counsel clients who are concerned about potential long-term care costs. Many elders reside in nursing homes toward the end of their lives, and the costs can be devastating. Medicare will not cover the custodial care that nursing homes and in-home caregivers provide so this is not the solution. Many people need Medicaid assistance because this government program for people with limited resources will pay for long-term care. Eligibility Parameters The Medicaid asset limit … [Read more...] about Advocacy Groups Call for the Eradication of the Medicaid Estate Recovery Mandate

Filed Under: Elder Law Tagged With: Medicaid estate recovery, Medicaid Planning, nursing home asset protection

An Overview of 2022 Medicare Cost Increases

November 24, 2021 by Pamela Potter

Medicare Part B premiums

There was some good news to share about the Social Security cost of living adjustment for 2022, but out-of-pocket Medicare costs are another matter. The program has release the parameters for the new year, and we will take a look at them here. Medicare Part A The portion of the program that covers hospitalization is Medicare Part A. There is no premium unless you have not earned eligibility and you want to pay for this coverage. However, beneficiaries are required to pay a deductible per … [Read more...] about An Overview of 2022 Medicare Cost Increases

Filed Under: Elder Law Tagged With: 2022 Medicare out of pocket expenses, nursing home asset protection

Elder Financial Abuse Is a Looming Threat

November 22, 2021 by Pamela Potter

elder financial abuse

There are few things that are more appalling than the idea of someone taking advantage of senior citizens. As abhorrent as it may be, elder financial abuse is very common, and you should understand the facts so you can take preventative measures. Massive Losses A MetLife Mature Market Institute Study published in 2009 got a lot of attention because it focused on the previously ignored subject of elder financial abuse. The groundbreaking research placed an estimate of annual losses at $2.6 … [Read more...] about Elder Financial Abuse Is a Looming Threat

Filed Under: Elder Law Tagged With: elder financial abuse, Incapacity Planning

How Can You Protect Your Children’s Inheritances If You Get Remarried?

November 15, 2021 by John Potter

QTIP trust

Though the divorce rates have been getting lower over the last couple of decades, it is still relatively common. If you decide to get remarried after having been divorced, and you have children from your previous marriage, you may have some estate planning concerns. You want to leave suitable inheritances to your children so you are reluctant to leave everything to your spouse. The situation is amplified if you are marrying someone who is significantly younger and you are bringing a good bit … [Read more...] about How Can You Protect Your Children’s Inheritances If You Get Remarried?

Filed Under: Estate Planning Tagged With: estate planning for blended families, premarital agreement, QTIP trust

Are There Any Probate Shortcuts in North Carolina?

November 12, 2021 by John Potter

probate

Probate is a legal process that some estates must pass through before the assets are transferred to the heirs. A will is admitted to probate, and the probate court also provides supervision when someone passes away without any estate planning documents at all. Each respective state has its own probate laws, but 18 states utilize the Uniform Probate Code (UPC). It was created by the National Conference of Commissioners on Uniform State Laws, and the first completed version came out in … [Read more...] about Are There Any Probate Shortcuts in North Carolina?

Filed Under: Estate Planning Tagged With: Joint Tenancy, living trust, NC probate shortcuts, payable on death account, summary probate

What Is the Purpose of a Life Estate?

November 2, 2021 by Pamela Potter

life estate

There are different ways to arrange for the transfer of property ownership when you are planning your estate. You should be aware of your options, and you should weigh the potential negatives that go along with some courses of action that sound promising on the surface. With this in mind, we will look at the device called a life estate in this post. Estate Administration and Probate Some background information is important to understand why people use life estates, and probate is at the … [Read more...] about What Is the Purpose of a Life Estate?

Filed Under: Estate Planning Tagged With: life estate, Medicaid estate recovery, Probate

Life Insurance Can Bolster Your Inheritance Plan

October 24, 2021 by John Potter

life insurance

For some, estate planning can be looked upon as an exercise in letting the chips fall as they may. You create a will or a trust and the beneficiaries will receive whatever happens to be left after you are gone. This is one perspective you can take, but there is an alternate approach. You can proactively endeavor to bolster your legacy through the use of life insurance. Whole Life Insurance There are a number of hybrid forms of insurance, but the two most commonly used forms are whole life … [Read more...] about Life Insurance Can Bolster Your Inheritance Plan

Filed Under: Estate Planning Tagged With: buy sell agreements, inheritance balancing, Life Insurance

Why Do People Avoid Probate?

October 18, 2021 by John Potter

probate

You will invariably see references to “probate avoidance” if you poke around on the internet looking for information about estate planning. Before you make any decisions, you should have an understanding of the matter, and we will provide an explanation here. Court Supervision When a will is used to transfer assets, the person that creates the document (the testator) names an executor. This is the person who will complete the hands-on estate administration tasks after the testator’s … [Read more...] about Why Do People Avoid Probate?

Filed Under: Estate Planning Tagged With: Estate Administration, living trust, Probate, Probate Avoidance

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Testimonials

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Overall The Potter Firm was very professional. They took what could of been a very complicated process and were able to break it down so it was a lot easier to understand. We are confident we now have made the right decisions in our estate planning. Good firm to work with.

DKS & KMS Client Review August 28, 2020

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John Potter has been a real pleasure to work with. He is very knowledgeable and explains things in a very simplistic manner so the average person can understand how/why the laws are written. He is very attentive and asks questions in such a way that not only helps him understand your goals, but also helps you think about what type of goals and expectations you should be considering. Exemplary client service.

David J. Client Review August 28, 2020

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My husband and I selected Ms. Potter to assist with our small business. She responsive and attentive every time I have a question or need assistance, and is extremely knowledgeable and able to answer any legal question I have had. I know I can count on Ms. Potter for all of my business legal needs and I would highly recommend her to anyone needing legal assistance with such.

Jillian Client Review August 28, 2020

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Where We Are

Ashland

ASHLAND
1620 Carter Avenue
Ashland, KY 41101-7631
Phone: (606) 324-5516
Fax: (606) 324-4766

Charlotte

CHARLOTTE
15720 Brixham Hill Avenue
Suite 300,
Charlotte, NC 28277
Phone: (704) 944-3245

Huntersville

HUNTERSVILLE
11330 Vanstory Drive
Huntersville, NC 28078
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NORTHERN KENTUCKY
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Phone: (859) 372-6655

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