If you are going to qualify for Medicare when you reach the age of 65, you may feel as though Medicaid is not relevant to you. After all, you have planned for retirement, you expect to have savings and income, and you own your own home. Medicaid is a program that is only available to people with virtually no financial resources, right?This is true, but Charlotte elder law attorneys counsel many people about a key Medicaid benefit. The reason why a significant percentage of seniors ultimately … [Read more...]
An Explanation of the Medicaid Look-Back Period
We are going to focus on the Medicaid look-back period in this post, but first, we should explain why this program is relevant to many senior citizens who will qualify for Medicare.Most people will need living assistance eventually, and nursing homes are extremely expensive. Medicare will not pay for this type of care, but Medicaid will cover these costs if you become eligible. You are probably aware that this program is only available to people with sparse financial resources so there is a … [Read more...]
Don’t Overlook Incapacity Planning
When you are thinking about the subject of estate planning, the matter of asset transfers will be front and center. It is definitely important to take the right steps to get bequests into the hands of your loved ones in the best manner. There are a number of approaches you can take, and this is why you should discuss your options with a licensed estate planning attorney from our firm.This being said, there are some other matters to address when you are devising your estate plan. In addition … [Read more...]
Preserve Benefits With a Supplemental Needs Trust
When you plan your estate, you are naturally going to evaluate the assets that you have to pass along to your loved ones and decide how to go about doing it. On the other side of the coin, it is also important to consider the life situation of each person on your inheritance list. With this in mind, we will look at the value of supplemental needs trusts in this blog post. Need-Based Benefits If there is someone with special needs that you would like to provide for in your estate plan, you have … [Read more...]
What Is a Limited Liability Company?
Asset protection can be a concern if you are the owner of a business or a professional practice. There are always litigious types out there who look for successful people to target so you have to be vigilant and take the right steps to protect what you have earned.Many different types of business owners could be targeted by litigants, but people who are in certain lines of work are more vulnerable than others. If you are in one of these high-risk professions (think medical, pharmaceutical, … [Read more...]
What Is a First Party Special Needs Trust?
People with disabilities often rely on need-based government benefit programs. Medicaid is a health insurance program. It is jointly administered by the federal government along with each state government. Supplemental Security Income is another need-based benefit program that provides income for people with disabilities. Since these are need-based programs, there are income and asset limits. It is possible to use a special needs trust to make assets available to enhance the beneficiary's … [Read more...]
What Are the Drawbacks of Joint Tenancy?
You should certainly consider the source when someone is giving you advice, including in the estate planning realm. Sometimes people mean well, and they make suggestions, but they do not understand all of the facts. As a result, misconceptions can circulate, and they can lead to negative consequences. With this in mind, we will look at the drawbacks of joint tenancy in this blog post.A Simple Solution?Joint tenancy is pretty straightforward on the surface. A joint tenant is a co-owner of … [Read more...]
Do I Pay an Inheritance Tax When Someone Leaves Me Money?
When you are receiving an inheritance, you may wonder if you are required to pay a tax on the inheritance. The answer is probably not.The recipient of an inheritance is not going to be paying transfer taxes on the inheritance unless there is an inheritance tax in the state within which the recipient resides. Only six states have an inheritance tax (though Kentucky is one of them). There is no federal inheritance tax.An inheritance tax is not the same thing as an estate tax. An … [Read more...]
Can a Trust Provide Asset Protection in Charlotte NC?
There is no one way to plan an estate. This is something to keep in mind if you are tempted by websites advertising do-it-yourself estate planning.You may find your way to a site that will allow you to download a generic last will or perhaps a living trust. It looks like all you have to do is pay a fee, download a form, and fill in some blanks, and you are all set.First off, consumer watchdogs such as Consumer Reports have advised against do-it-yourself estate planning because unintended … [Read more...]
Florence Elder Law Lawyer Can Help With Nursing Home Issues
The prospect of requiring living assistance can be the last thing on your mind when you have been fully capable of handling all of your own day-to-day tasks throughout your life. Undeniably, this is not a subject that most people want to consider. However, you should be aware of the facts when you are devising a plan for aging. In this article, our Florence elder law lawyer will discuss some of the most important issues relating to nursing home issues and how to plan for the future. How Likely … [Read more...]
