Can I create and fund a special needs trust with my own money, or does someone else have to fund it for me? – North Carolina Short Answer In North Carolina, a person who receives disability benefits can sometimes use their own money to fund a special needs trust, but it usually cannot be a…
What other trust or asset-protection options can I use to keep my benefits if a special needs trust isn’t allowed in my situation? – North Carolina Short Answer In North Carolina, if a traditional special needs trust is not available, other options may still help protect Medicaid eligibility, depending on the type of benefit and…
How does forming an LLC affect my personal estate plan and what I should put in a trust? – North Carolina Short Answer In North Carolina, forming an LLC usually does not replace a will or trust—it changes what is owned (an LLC membership interest instead of the underlying business assets) and how that ownership…
What is the difference between using a will versus a trust for passing on my home? – North Carolina Short Answer In North Carolina, a will passes a home at death through the probate estate, which usually means a court-supervised process with a personal representative and filings with the Clerk of Superior Court. A trust…
What happens if I keep my disability back payment in my bank account while I’m receiving Medicaid? – North Carolina Short Answer In North Carolina, keeping a disability lump-sum back payment in a regular bank account can create a Medicaid eligibility problem if the balance causes countable resources to exceed the program’s limit for the…
Do I need a will, a trust, or both for my situation? – North Carolina Short Answer In North Carolina, many people benefit from having at least a will, even if a trust is also part of the plan. A revocable living trust can help manage and transfer assets that are titled in the trust’s…
Who should I name as trustee or successor trustee, and can that be the same person as my executor? – North Carolina Short Answer In North Carolina, the trustee (and successor trustee) should be someone who can reliably manage property, keep records, communicate with beneficiaries, and follow written instructions. The executor (called a “personal representative”…
Do the documents need to be notarized or witnessed to be valid? – North Carolina Short Answer In North Carolina, whether an estate planning document must be notarized or witnessed depends on the type of document. A will generally must be signed and witnessed by at least two competent witnesses, while many powers of attorney…
How can I set up a special needs trust to protect my disability back pay while keeping my Medicaid benefits? – North Carolina Short Answer In North Carolina, disability back pay can create a Medicaid eligibility problem if it sits in a regular bank account and pushes countable resources over the program limit. A properly…
If I already have a power of attorney, do I still need a will or a trust? – North Carolina Short Answer Usually, yes. In North Carolina, a power of attorney mainly helps someone manage finances and property during life (especially during incapacity), but it generally does not control what happens to property at death.…