You may shy away from the notion of creating a trust because you do not consider yourself wealthy. It is true that certain types of trusts are used by high net worth individuals for tax savings and asset protection. However, trusts can also be useful for people of ordinary means. One of these is the revocable living trust. In this post we will look at the benefits that you gain when you create this type of trust. Probate Avoidance If you decide to use a last will to record your final wishes, … [Read more...] about Why Would I Want a Revocable Living Trust?
Blog – Latest Articles and Updates
What Is Medicaid in Charlotte NC?
Hidden heading of post The government involvement in the health care system has become much more complicated recently, and much of that is a subject for a different forum. As an elder law firm in Charlotte North Carolina, though, we are interested in government health insurance programs as they apply to senior citizens. With this in mind, we would like to provide a basic explanation of Medicaid in Charlotte NC as it applies to elders who need long-term care. Why Would You Need Medicaid in … [Read more...] about What Is Medicaid in Charlotte NC?
Powers of Attorney in Ashland: What Is the Difference Between a General and a Limited Power of Attorney?
Powers of attorney are used in the legal field for a variety of different purposes. Broadly speaking, a power of attorney is utilized to appoint someone else to act on your behalf in a legally binding manner. Types of Powers of Attorney in Ashland There are different types of powers of attorney in Ashland. One of them is the general power of attorney. General Power of Attorney The anatomy of a power of attorney is comprised of the grantor or principal, and the agent or attorney-in-fact. The … [Read more...] about Powers of Attorney in Ashland: What Is the Difference Between a General and a Limited Power of Attorney?
What Happens to My Property if I Die Intestate in Ashland Kentucky?
Our law firm does a great deal to educate people about the importance of estate planning. A lack of knowledge often leads to inaction. Surveys are conducted periodically, and they consistently find that most people have not executed the proper estate planning documents. If you die without having done so, you will die intestate. What Happens If You Were to Die Intestate in Ashland Kentucky? What would happen to your property if you were to die intestate? The answer to this question is going to … [Read more...] about What Happens to My Property if I Die Intestate in Ashland Kentucky?
Who Can Act as an Agent Under a Power of Attorney?
A power of attorney consists of the grantor or principal and the agent or attorney-in-fact. The grantor is the person who is granting the power of attorney. The agent or attorney-in-fact is the individual who is empowered to act on behalf of the grantor. Because the term attorney-in-fact is utilized, there are those that harbor a misconception. They are under the impression that you must be a lawyer to act as an agent. In fact, this is not the case. In this context the term attorney is used to … [Read more...] about Who Can Act as an Agent Under a Power of Attorney?
Medicaid Planning in Charlotte: What Is the Five Year Look Back?
Hidden heading of post Medicaid is a government program that ultimately becomes very relevant to a high percentage of senior citizens. Why would Medicaid be important to you when you are going to be qualified for Medicare coverage when you reach the age of 65? This is a very good question. Long-Term Care & Medicare Medicare is a health insurance program for senior citizens who qualify. You become eligible for Medicare by earning at least 40 retirement credits over the course of your … [Read more...] about Medicaid Planning in Charlotte: What Is the Five Year Look Back?
Gift Tax in Ashland: Do I Pay a Tax on Gifts to My Children?
Hidden heading of Gift Tax in Ashland In Ashland, Kentucky, gifts that you give to others, including your children, are potentially taxable on the federal level. Because of the unlimited marital deduction, you can give unlimited gifts to your spouse free of the gift tax, but gifts to everyone else are subject to the tax. The reason why you generally do not have to write a check is because of the fact that there are gift tax exclusions. First, let's look at the annual per person gift tax … [Read more...] about Gift Tax in Ashland: Do I Pay a Tax on Gifts to My Children?
Do I Need a Probate Lawyer in Charlotte?
Hidden heading of post You should understand a bit about the process of probate in North Carolina if you are using a last will to arrange for the transfer of your monetary assets. These assets are not transferred to the heirs immediately. The process of probate must run its course before your loved ones will receive their inheritances. Probate Process in Charlotte The executor or personal representative conducts business on behalf of the estate. The probate court supervises the administration … [Read more...] about Do I Need a Probate Lawyer in Charlotte?
Medicaid Planning & Early Dementia Signs
To be fully prepared for the eventualities of aging you should understand the ubiquity of dementia among our nation's elders. Alzheimer's disease is the leading cause of dementia. According to the Alzheimer's Association, about 13 percent of those who have reached the age of 65 will contract Alzheimer's disease. This in itself is a significant figure, but the likelihood of contracting the disease continues to rise as you get older. Over 40 percent of those who are at least 85 have Alzheimer's. … [Read more...] about Medicaid Planning & Early Dementia Signs
What Are the Advantages and Disadvantages of an Adult Guardianship?
When you plan your estate, you arrange for the postmortem transfer of your monetary assets to your loved ones. This is certainly at the core of the endeavor, but you should also consider the period of time that may precede your death. Incapacity planning is important, because many people become unable to handle all of their own affairs late in their lives. If people close to you were to come to the conclusion that you could no longer make sound decisions, they could petition the court to … [Read more...] about What Are the Advantages and Disadvantages of an Adult Guardianship?
