Should I use a revocable trust or an irrevocable trust if my main goal is Medicaid protection? – North Carolina Short Answer In North Carolina, a revocable trust usually does not protect assets for Medicaid eligibility because the person who created the trust can typically change it, revoke it, or use the assets. If Medicaid…
How do I transfer ownership of my LLCs into a living trust without disrupting day-to-day operations or contracts? – North Carolina Short Answer In North Carolina, an LLC interest can often be transferred to a living (revocable) trust by signing an assignment of the membership interest and then updating the LLC’s internal records and operating…
What documents do I need to provide to confirm my properties are titled the right way for my trust plan? – North Carolina Short Answer In North Carolina, confirming that property is titled the right way for a trust plan usually means proving either (1) the trust (through its trustee) owns the asset now, or…
What’s the difference between a basic will, a will-based estate plan with powers of attorney and medical privacy documents, and a revocable trust plan? – North Carolina Short Answer In North Carolina, a basic will mainly controls who receives property at death and who handles the estate through the probate process. A will-based estate plan…
What documents should my parents bring to an appointment to update their estate planning paperwork? – North Carolina Short Answer In North Carolina, the best way to prepare for an estate planning update meeting is to bring complete copies of the current will and trust, any existing medical and financial power of attorney documents, and…
How do I get a durable power of attorney for an incarcerated adult child so I can deposit a check in their name? – North Carolina Short Answer In North Carolina, an incarcerated adult can sign a durable financial power of attorney that authorizes an agent (such as a parent) to handle banking tasks, including…
If the lender requires the car title in my name, can the trust still be listed in some way for estate planning purposes? – North Carolina Short Answer Usually, yes. In North Carolina, if a lender requires the financed vehicle to be titled in an individual borrower’s name, the trust typically cannot be shown as…
Will transferring the property or selling it affect my relative’s Medicare or any Medicaid benefits they currently receive? – North Carolina Short Answer In North Carolina, transferring a house for less than fair market value can trigger a Medicaid “transfer penalty” that can temporarily stop Medicaid from paying for certain long-term care services. Selling the…
How can I set up a will that leaves my property to my spouse and child and names backups if something happens to us? – North Carolina Short Answer In North Carolina, this is usually done with an attested written will that (1) leaves property to a spouse, (2) names a child (or a trust…
How can we switch a power of attorney to a different agent when the current agent can’t come to the hospital? – North Carolina Short Answer In North Carolina, a power of attorney usually cannot be “switched” by the family or the current agent. The principal (the hospitalized parent) typically must sign a new power…
