Can I use a trust to safeguard my inheritance and how do I set one up? – North Carolina Short Answer Yes. In North Carolina, a properly drafted supplemental needs trust can protect an inheritance so it isn’t counted against means-tested benefits like SSI and Medicaid and is harder for most creditors to reach. If…
What type of trust will prevent a five-year Medicaid look-back from clawing back assets? – North Carolina Short Answer In North Carolina, a third-party supplemental needs trust (also called a special needs trust) funded by someone other than the Medicaid recipient is the tool that avoids the five-year look-back clawing back assets. It keeps the…
What are the steps to finalize and notarize a power of attorney? – North Carolina Short Answer In North Carolina, a financial power of attorney must be signed by you and acknowledged before a North Carolina notary. A health care power of attorney must be signed in front of two qualified adult witnesses and a…
How do I add a backup agent in my power of attorney documents? – North Carolina Short Answer In North Carolina, you can name one or more successor (backup) agents directly in your power of attorney documents. For a financial power of attorney, the document must be signed and notarized; for a health care power…
How can I grant my parent authority to manage my bank account under a financial power of attorney? – North Carolina Short Answer In North Carolina, you grant a parent banking authority by signing a financial power of attorney that specifically authorizes banking and financial transactions. You must sign in front of a North Carolina…
What estate planning documents do I need to prepare before moving overseas? – North Carolina Short Answer In North Carolina, prepare four core items before you move abroad: a will, a durable financial power of attorney, a health care power of attorney with an advance directive, and (for smoother management and probate avoidance) a properly…
How do I structure revocable and irrevocable trusts to protect my assets and limit liability while abroad? – North Carolina Short Answer In North Carolina, a revocable living trust helps you manage assets and avoid probate, but it does not shield your assets from your own creditors or personal liability. Liability protection generally requires an…
What are the typical fees and strategies for managing costs when handling probate and trust formation? – North Carolina Short Answer In North Carolina, probate court costs are set by statute and generally include a base filing fee plus 0.40 per $100 of the estate’s gross personal property (and any real estate sale proceeds handled…
Can I set up a trust to transfer my parents’ vehicle for my sibling’s use? – North Carolina Short Answer Yes, but how you do it depends on the estate and the trust. In North Carolina, an executor may distribute a vehicle to the person or trust named in the will, or directly to an…
What is the difference between a revocable trust and an irrevocable trust for protecting family land? – North Carolina Short Answer Under North Carolina law, a revocable trust avoids probate and keeps management private, but assets in it are treated as yours while you’re alive and are generally reachable by your creditors and, after death,…