Simplify Estate Transfer with TOD/POD Properties – But Tread Carefully
Estate planning often involves seeking strategies to streamline the transfer of assets after death and avoid probate—a typically lengthy and complex legal process. One such strategy that’s become popular due to its relative simplicity is the use of Transferable on Death (TOD) and Payable on Death (POD) properties. Let’s delve into this approach and understand…
Read MoreUnderstanding Probate: Why You Might Want to Avoid It
Probate is a legal mechanism meant to distribute a person’s estate to their heirs after that person’s demise. On the surface, it appears as a simple process involving the identification of assets, settling of any claims, and finally, distribution of the remaining assets. However, the underlying complexity often compels individuals to explore alternatives. This article…
Read MoreNavigating the Role of Insurance, Annuities, and IRAs in Estate Planning
Assets like life insurance, annuities, and qualified retirement plans (e.g., IRA, 401k, 403b, etc.) are a critical component of many people’s estate plans. At the owner’s death, these assets often transfer directly to beneficiaries as stated in the asset contract, bypassing the probate process. Since these transfers are governed by the contract, there is no…
Read MoreHow Much Does a Nursing Home Cost Per Month in North Carolina?
Nursing home care is expensive, and many Americans deplete their savings in a matter of just a few years of long-term care. But what is the nursing home cost per month in North Carolina? Our lawyers at the Trusts and Estates Law Group can help you plan to pay for nursing home care in North…
Read MoreIs Avoiding Probate Possible with Joint Property? Let’s Dive Deeper
Have you ever wondered how to make the complex process of probate easier to manage, or even avoidable altogether? One commonly used strategy is jointly property. This article explores one type of joint ownership which automatically passes ownership to the surviving owner: Joint Tenants with Rights of Survivorship (JTWROS). The Double-edged Sword of Joint Property…
Read MoreHow to Protect Assets if Your Spouse Needs Skilled Nursing Care in North Carolina
If your spouse needs to go into a nursing home, it can bring some relief to know that Medicaid can help pay for their care. But Medicaid has strict requirements, and your spouse can only keep $2,000 worth of assets to be eligible. Below, learn how to protect assets if your spouse goes into a…
Read MoreWhat Qualifies a Person for a Skilled Nursing Facility in North Carolina?
Research shows that around 70% of Americans over 65 require long-term care at some point in their lives. Unfortunately, the cost of nursing home care can be steep if you are not eligible for Medicaid benefits. Read on to learn what qualifies a person for a nursing home in North Carolina and find out whether…
Read MoreDoes Medicaid Pay for Skilled Nursing Facilities in North Carolina?
Skilled nursing care is expensive, but is often a necessity for most people as they get older. The average cost for skilled nursing facilities in North Carolina is roughly $8,000 per month. If you can’t afford to pay this cost out of pocket, you may be wondering whether government benefits might cover some or all…
Read MoreUnderstanding NC’s Intestate Law: What Happens If You Die Without a Will
A Will is a crucial part of estate planning, but what happens if a person dies without one? Contrary to common belief, property doesn’t simply transfer to the State. Instead, in North Carolina, the property of individuals who pass away without a Will is distributed according to the North Carolina Intestate Succession Act. The NC…
Read MoreUnderstanding Trust Funding in Real Estate: A Guide
Trust funding, especially in the context of real estate, is a nuanced process. To comprehend how we might transfer the title of real property into a trust, we must first establish an understanding of the background concepts. Real Estate and Its Unique Characteristics Different from most personal property, real property carries unique characteristics and abides…
Read More