NC and SC Estate Planning and Elder Law Firm

The rising cost of long-term care is a stark reality we as a society need to face. The fact that the majority of us will need long-term care at some point in our lives means that it is something we literally cannot afford to ignore. How are you planning to cover the cost of long-term care? The high cost means that it can quickly eat away at your life’s savings and most do not end up even thinking about long-term care insurance until they are no longer eligible to purchase it. This is why engaging in Read more . . .

Did you know that you are able to fund a trust with a variety of different asset types? It’s true! You can use cash to fund a trust. You can use securities to fund a trust. Life insurance proceeds can also be held in trust as can real property. In fact, pretty much any type of asset can be used to fund a trust. If you have out of state property, however, you may still be wondering whether you can fund your trust with it.
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Do you have an estate plan in place? Have you included a revocable trust to take advantage of the potential creditor protection it can offer beneficiaries as well as being a way to avoid probate? That’s right. A revocable trust can be used as one strategy to avoid probate. This can be great news to hear considering how complicated and lengthy the probate process can be. Heirs of an estate have to wait for the probate process to wrap up in order to receive any inheritance. It can be quite a lengthy wait.
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A revocable trust, also commonly known as a living trust, is an estate planning tool with a variety of potential benefits. To establish a revocable trust, the testator, the creator of the trust, designates a trustee and transfers ownership of certain assets to the trust. The trustee is then responsible for managing the trust for the benefit of the beneficiaries. Among the many benefits that a revocable trust may offer, some may wonder if one such benefit is the ability to avoid probate as it is infamously an expensive and time intensive process.

Does a Revocable Trust Help Avoid Probate?

Yes, a revocable trust can help your estate avoid probate in whole or in part.

When thinking about what you can accomplish with an estate plan, you may have some of the basics covered. You have a will which can distribute your property to who you want and also name a guardian for any of your minor children. You may have advance directives such as living will and a durable power of attorney for health care to protect your medical care wishes should you become incapacitated. These are important things to take advantage of when you are creating an estate plan. There are, in fact, other things you can accomplish with a comprehensive estate plan.

We all hope to live long, healthy lives where we remain physically and mentally able to take care of ourselves and effectively communicate our wishes every step of the way. Life is, however, full of twists and turns. Some of them are expected and some are unexpected. None of us are immune from sudden injury or illness. One of the best things we can do is to prepare how we can for the unexpected.

While the majority of Americans will need some kind of long-term care at one point in their lifetimes, many fail to put plans in place to cover the often extreme costs associated with long-term care. Some operate under the mistaken belief that Medicare will cover long-term care costs. This is not accurate. Medicare only provides extremely limited coverage for nursing home care. If you or a loved one needs to stay for a longer period of time or needs to move into a residential facility, then Medicare cannot be relied upon.
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Does your aging parent have a comprehensive estate plan in place? Comprehensive means that, while it likely involves the establishment of a will, there are other critical estate planning documents in place as well. A comprehensive estate plan can be important at any age, but may become even more critical as we age. With age, we tend to become more reliant on others to look out for us and, in some cases, provide us with the care and support we need to stay safe and healthy.

A special needs trust can be an extremely valuable estate planning tool. Designed to provide a person with special needs funds to help ensure a certain quality of life is enjoyed without jeopardizing eligibility for need based government benefits, a special needs trust can cover a wide range of expenses on behalf of the beneficiary with special needs. What exactly can the proceeds of a special needs trust be used for? We will take a look at that here.

Moving can be a great adventure! Sometimes a change of scenery and a new place to grow roots can be the start to an exciting new chapter of your life. As you embark on your fresh start, you likely have a long list of things to get done. There will be the logistics of settling into your new home. It may include updating your driver’s license and vehicle tags. It may include updating your mailing address.

Statistically speaking, most of us will need long-term care at some point in our lifetime. Usually, this will occur later in life. Because of this, many people delay thinking about it or planning for it.