How do I know if an irrevocable trust makes sense for my situation? – North Carolina Short Answer In North Carolina, an irrevocable trust can make sense when the main goal requires giving up personal ownership and day-to-day control—most often to protect assets from certain risks, plan for long-term care, or lock in how property…
How do we write our wills so everything goes to the surviving spouse first and then gets split evenly between our adult children? – North Carolina Short Answer In North Carolina, spouses commonly use “mirror” wills that leave everything to the surviving spouse, and if the spouse does not survive, the estate passes to the…
What assets can I put into an irrevocable trust, and what happens to assets I keep outside of it? – North Carolina Short Answer In North Carolina, almost any asset that can be legally transferred can usually be placed into an irrevocable trust, including real estate, bank and investment accounts, and many types of personal…
What are the main benefits and downsides of setting up an irrevocable trust? – North Carolina Short Answer In North Carolina, an irrevocable trust can offer meaningful benefits like stronger asset separation (which may help with creditor protection in the right structure), long-term control over how and when beneficiaries receive assets, and potential planning advantages…
What makes a power of attorney valid if the person signing is elderly or has health limitations? – North Carolina Short Answer In North Carolina, an elderly or medically limited person can still sign a valid power of attorney as long as the person has enough mental capacity to understand what is being signed and…
What does the process look like to create and fund an irrevocable trust from start to finish? – North Carolina Short Answer In North Carolina, creating and funding an irrevocable trust usually happens in two big phases: (1) signing a written trust agreement that meets North Carolina’s trust-creation rules, and (2) “funding” the trust by…
What type of power of attorney do I need to handle a parent’s banking and a joint bank account? – North Carolina Short Answer In North Carolina, handling a parent’s banking usually calls for a durable financial power of attorney (often called a “durable POA”), not a health care power of attorney. The document should…
Can a power of attorney still be done if my spouse can’t speak but seems to understand and can respond in limited ways? – North Carolina Short Answer Yes—sometimes. In North Carolina, a power of attorney can still be valid if the person has the mental capacity to understand what the document does and can…
Are there better options than a life estate deed for passing a home to children while planning for possible long-term care? – North Carolina Short Answer Sometimes, yes. In North Carolina, a life estate deed can transfer a home to children at death, but it can also create problems if long-term care and Medicaid planning…
What are the risks of using a life estate deed for Medicaid planning, like taxes or problems selling the property later? – North Carolina Short Answer In North Carolina, a life estate deed can create real risks for Medicaid planning because it is a transfer of a valuable property interest that can trigger a Medicaid…
