For many people, the choice between an irrevocable trust and a revocable trust comes down to a matter of asset control. The truth is that there are some clear differences in benefits that should also be considered. Trusts have been around for a very long time, but they’ve only really begun to gain mainstream acceptance in the last several decades. When it comes to choosing between an irrevocable and a revocable trust, our estate planning lawyers can help you decide between revocable vs … [Read more...] about Pros and Cons of Revocable vs Irrevocable Trusts
Long-term care costs are exorbitant, and they are going up all the time. At present, the national average cost for a year in a nursing home is more than $90,000, so the thought of ever-increasing costs is not a very pleasant one as you are looking ahead toward the future. For this, and many other reasons, Medicaid planning is very important. When it comes to Medicaid eligibility, there are limitations on financial resources, as well as how and when you can transfer assets out of your estate. … [Read more...] about Charlotte elder law attorneys Discuss an Important Medicaid Rule
When you have been fully capable throughout your life, the concept of long-term care can seem alien to you. This may be especially true if you have taken good care of your health. You may assume that it is unlikely that you will ever need long-term care, but you cannot overlook the costs of long-term care, should you ever need it. With careful planning, you can position your assets to allow you to qualify for Medicaid, while protecting some of the financial legacy you spent your lifetime … [Read more...] about Include Asset Protection in Your Medicaid Plan
For most clients, deciding between creating irrevocable trusts and revocable trusts depends on the need for retaining control of assets. There are, in fact, some very distinct differences that should be considered as you make the decision. Trusts have been around for a very long time, but they’ve only really begun to gain mainstream acceptance in the last several decades. When it comes to choosing between an irrevocable and a revocable trust, our Charlotte trust attorneys can help you decide … [Read more...] about Ask Your Trust Attorneys Which Type of Trust Will Meet Your Goals
Trusts are legal tools to used in estate planning. They give instructions on what should happen, how it should happen, and when it should happen. It may be helpful to think of a trust as a “legal instruction book.” Each trust has a “Trustor” or “Grantor”, the person who sets up and funds the trust; a “Trustee,” the person who legally holds title to the trust assets and is in charge of carrying out the instructions in the trust; and the beneficiaries who receive trust assets according to the … [Read more...] about What are Trusts?