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
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Don’t Buy Into These Estate Planning Myths
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
This VA Benefit Can Give Seniors a Boost
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
Avoid Ancillary Probate With a Living Trust
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
What Is a Fiduciary in Estate Planning?
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?
Will Medicare Cover Living Assistance?
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?
Longevity Statistics Shed Light on Nursing Home Asset Protection
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
What Happens If a Beneficiary Predeceases You?
When are planning your estate, you should recognize that you are entering into a long-term process. The estate plan that you originally devise is going to be based on your life situation and the legacy goals that you have at that time. Over the years, there can be changes in your family, your inheritance distribution decisions can evolve, and you may find yourself in a better financial position. There can also be legislative changes that have estate planning implications. Estate plan … [Read more...] about What Happens If a Beneficiary Predeceases You?
Asset Protection Planning Will Provide Peace of Mind
It is a terrible feeling to find yourself in a difficult situation that you could have prevented if you had taken action in advance. This definitely applies to asset protection planning because a lot of people put it on the back burner until it is too late. Limited Liability Company If you are a small business owner, you should definitely use an asset protection structure to separate your personal interests from your business interests. A limited liability company or (LLC) can be the ideal … [Read more...] about Asset Protection Planning Will Provide Peace of Mind
Three Estate Planning Tips to Help You Prepare Your Legacy
If you think about it, a lot of the knowledge that you take for granted was absorbed from your environment. You hear people talking about certain subjects, general information sinks in, and it helps you understand and act on the situations that arise. When it comes to estate planning, there are not many conversations about the subject, and you are not going to see a lot of random articles and social media posts that explain the process. Clearly, passing away is at the bottom of every to-do … [Read more...] about Three Estate Planning Tips to Help You Prepare Your Legacy
