The process of estate planning is not a cut and dried affair. Many people are under the impression that you create a last will, and that is the end of it. This can lead to the assumption that anyone can effectively create an estate plan. From a purely legal perspective, you do not have to be a lawyer to create a last will. Any adult who is not being coerced and is of sound mind can technically create a last will. In the state of North Carolina, for the will to be valid, the testator ordinarily … [Read more...] about Do I Need a Lawyer to Create a Last Will?
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How Do I Change My Living Trust?
A revocable living trust is a very flexible estate planning tool. By its name, you see that the trust is revocable. This means that you can rescind or "revoke" the trust at any time, and it would no longer exist. You would take back personal possession of the property that you conveyed into the trust. The flexibility does not stop there. In addition to the power of revocation, you can also change the terms of a living trust at any time. If you want to make a relatively small change, you could … [Read more...] about How Do I Change My Living Trust?
Elder Law FAQs: Does the Nursing Home Get Half of My Assets?
Elder law attorneys help clients who are concerned about the contingencies that they may face during their elder years. There is a lot to take into consideration, and you should certainly discuss things with a licensed professional if you want to be prepared for the future. Currently, one of the most pressing elder law issues is long-term care. While most seniors will qualify for Medicare coverage, Medicare does not pay for long-term nursing home care. This is considered to be custodial care … [Read more...] about Elder Law FAQs: Does the Nursing Home Get Half of My Assets?
Is a Last Will Always the Right Choice?
People who are not fully informed often reduce estate planning to the creation of a last will. While it is true that a last will can be used to facilitate postmortem asset transfers, this leis not always the best choice. Let's look at some of the reasons why you may want to consider an alternative to a last will. Estate Tax Savings High net worth individuals may be exposed to the federal estate tax. In 2015, the estate tax exclusion is $5.43 million. Asset transfers that exceed this amount … [Read more...] about Is a Last Will Always the Right Choice?
Does a Revocable Living Trust Reduce Income Tax Responsibility?
The revocable living trust is a very useful estate planning tool. These trusts are widely utilized by people who do not consider themselves to be wealthy. Revocable living trusts allow for efficient control of assets while you are living. This type of trust will also facilitate timely asset transfers after you pass away. The individual who is establishing the trust is called the grantor of the trust. At first, the grantor of the trust would typically serve as the trustee and the beneficiary. … [Read more...] about Does a Revocable Living Trust Reduce Income Tax Responsibility?
Does the State Take My Assets If I Go on Medicaid?
You may not think about this program when you are planning for retirement, but in reality, Medicaid is very important for a significant percentage of senior citizens. Yes, Medicaid is a program that is in place to help people with very limited resources. And yes, you will qualify for Medicare at the age of 65 if you have paid taxes on your income throughout your life. However, Medicare will not pay for living assistance. Help with your activities of daily living is looked upon as custodial … [Read more...] about Does the State Take My Assets If I Go on Medicaid?
Free Report: What Is A Living Will in North Carolina
There is more than one type of will that is used in the field of estate planning. Of course there is the last will or last will and testament. With this type of will you state your final wishes regarding how you want your monetary assets transferred to your loved ones after you pass away. Another type of will that is widely recommended is called a living will. This type of will has nothing to do with the financial side of things. A living will is utilized to express your wishes regarding the … [Read more...] about Free Report: What Is A Living Will in North Carolina
Is There a National Organization of Elder Law Attorneys?
A great many people were born between 1946 and 1964. This phenomenon is referred to as the "baby boom." These people are entering their senior years now. As a result, the population is aging. Somewhere in the vicinity of 10,000 people are applying for Social Security every day, and this will continue for years into the future. Elder law is the segment of the legal field that is focused on matters that are of interest to senior citizens. Because of the aging of the baby boomers, the elder law … [Read more...] about Is There a National Organization of Elder Law Attorneys?
Free Report: Why Would I Want a Revocable Living Trust in North Carolina?
The revocable living trust is a vehicle of asset transfer that is very useful for people of relatively ordinary means. Topics covered in this whitepaper include: The Basics On Going Control Probate Avoidance Click here to read the whole article or download the PDF. … [Read more...] about Free Report: Why Would I Want a Revocable Living Trust in North Carolina?
Free Report: What is a Qualified Personal Residence Trust in North Carolina?
You can reduce the taxable value of your home by placing it into a qualified personal residence trust. There are different types of trusts that are used in the field of estate planning, and they satisfy varying objectives. Topics covered in this whitepaper include: Federatl Estate Tax Federal Gift Tax Qualified Personal Residence Trusts Click here to read the whole article or download the PDF. … [Read more...] about Free Report: What is a Qualified Personal Residence Trust in North Carolina?
