Should You use a Joint Tenancy With Right of Survivorship as an Estate Planning Tool?

Joint Tenancy with Right of Survivorship

If you’re new here, you may want to subscribe to my RSS feed. Alternatively, you may sign up for email updates in the box to the right. Thanks for visiting!A joint tenancy with right of survivorship is a way that several people can hold legal title to an asset such as a piece of property, a bank or investment account, or even a car. When two or more people own a bank account or piece of property as joint tenants with right of survivorship, each “co-owner” has equal rights and access to that property. When one of the co-owners dies, […]

How to Pay for Nursing Home Care in North Carolina

Paying for Nursing Home Care

One of the harsh realities of life is that if you live long enough, at some point you may need move into a long-term care facility, otherwise known as a “skilled nursing facility”. The cost of these facilities can be downright crippling to most families. At a typical cost of between $6,500 to $10,000 per month ($78,000 to $120,000 per year), a lifetime of savings can be lost in just a few short years at one of these facilities. As a result, one of the most common questions I get from potential clients and my trusted referral partners is simply […]

What is a Ladybird Deed?

Ladybird Deed in North Carolina

North Carolina is one of a handful of states that allows individuals to use Ladybird Deeds to protect their personal residence. But what is a Ladybird Deed anyway, and how do you know if you need one? One of the best ways to explain a Ladybird Deed is to use a simple hypothetical. The Story of Bill and Mary Bill and Mary are an elderly couple. Bill is 75 and has survived several heart attacks. Mary is 77 and has recently been diagnosed with Alzheimer’s. Many years ago, Bill and Mary drew up what are commonly called “sweetheart wills”. This […]

Why It Is Important to Have a Relationship With Your Lawyer

elder law attorney cary

This blog post is a little out of the ordinary. But today I wanted to touch on something that many people don’t think about when it comes to dealing with an estate planning or elder law attorney. And that’s the importance of having a relationship with your attorney. Many people think of estate planning as an isolated transaction. They go to a law firm (or worse, online), hire a lawyer to draft some documents for them, and then check “prepare estate plan” off the list of things they need to do. They bring their plan home, throw it in their […]

Why You Should Donate More to Charity Before the End of 2017

charitable donations in 2017

Unless you are living in a bunker somewhere, you probably know that there is a tax bill making its way through Congress as I write this. Earlier this weekend, Congress released the final version of the bill that will be voted on this week. The current version will nearly double the standard deduction to approximately $12,000 for individuals (and $24,000 for couples). Sounds great, right? Not necessarily. The result? Many people will no longer need to itemize their deductions and a much higher segment of the US population will be taking the standard deduction. However, as an added kicker, the […]

How We Protect Everything You Spent a Lifetime to Build

Asset protection for the elderly

Many people who call our office want their problems solved immediately. This isn’t uncommon for lawyers. Typically people call us when the level of crisis in their life has reached a point where they need help, and they need help now. And that’s why I wrote this article – to help you understand our process and the timeline you can expect for us to be able to help you. The primary aim of most of our clients is to protect their life savings because someone in their family is either already in a nursing facility, or will be entering a […]

You are NOT Invincible…

you are not invincible

The past several weeks, the news has been dominated by two things… potential nuclear war with North Korea, and the tax bill making its way through Congress. If I had to bet, I suspect you’ve spent at least a little bit of time reading the news stories about these issues lately. And that is completely natural. As human’s, we want to know what is going on in the world around us. But that’s not all… We want to know how these events might affect us. We want to know what we should be doing right now to protect ourselves, protect […]

Last Minute Tax Tips to Reduce Your 2017 Tax Bill [Updated]

last minute tax tips

We are almost to the end of 2017, and this year we may have some much bigger changes coming our way in 2018 than in a typical tax year. For that reason, you may want to pay close attention to this post. The reason we have so many changes coming is that Trump’s Tax Reform is finally upon us. There are a lot of changes coming down the pipeline in 2018 and 2019, so you may want to take some proactive measures before the end of this year to maximize your savings. Let’s start with the current state of the […]

Privacy and Estate Planning

privacy and estate planning

I’m amazed at the number of clients I have that have not truly considered the privacy implications of their estate plans. From the dawn of time, humans have been concerned about privacy. Privacy keeps us safe from predators, enemies, and even in some cases, our closest friends. But at the same time, many people forget about how important privacy is when constructing their estate plan. Will-Based vs. Trust-Based Plans There are two primary options people have when putting together an estate plan – a trust-based plan or a will-based plan. There are numerous advantages to selecting a trust-based plan, including incapacity […]

What are the Different Types of Senior Care Communities?

senior care communities

As people age, they aren’t always able to stay in the home they’ve lived in for many years. It could be that their home is too big, requires too much maintenance, or has just become too expensive to live in. Or perhaps they decide to move closer to children or other family members who can provide them with much-needed help and assistance. When we are talking to our clients about the different types of senior communities, there are four main types of communities available to our senior population. When making a decision to help a loved one move into a […]