How do I choose someone to make medical and financial decisions for me if I can’t? – North Carolina Short Answer In North Carolina, the usual way to pick decision-makers in advance is to sign (1) a Health Care Power of Attorney for medical decisions and (2) a Durable Power of Attorney for financial decisions.…
What are the main reasons someone would choose an irrevocable trust instead of a revocable trust? – North Carolina Short Answer In North Carolina, the main reason to choose an irrevocable trust is to give up some control now in exchange for stronger planning benefits later—most commonly creditor protection features, long-term care/benefits planning goals, and…
Can we put inherited money into a special needs trust after the person has already inherited it, and would that help with Medicaid? – North Carolina Short Answer In North Carolina, once a Medicaid recipient actually receives an inheritance, that money usually becomes a countable resource and can disrupt Medicaid eligibility. Moving that inherited money…
What’s the difference between a financial power of attorney and a medical power of attorney, and do I need both? – North Carolina Short Answer In North Carolina, a financial power of attorney lets an agent handle money and property matters, while a medical (health care) power of attorney lets an agent make health care…
What kinds of financial decisions can my agent handle under a financial power of attorney? – North Carolina Short Answer In North Carolina, a financial power of attorney can give an agent broad authority to handle day-to-day money matters such as banking, paying bills, managing investments, and dealing with real estate—depending on what the document…
How do I set up a financial power of attorney that only takes effect if I become incapacitated? – North Carolina Short Answer In North Carolina, a financial power of attorney can be written so the agent’s authority starts only after incapacity (often called a “springing” power of attorney). The document must clearly state the…
Can I name one person as my main agent and a different person as a backup agent on a power of attorney? – North Carolina Short Answer Yes. In North Carolina, a financial power of attorney can name a primary agent and one or more successor (backup) agents, typically listed in the order they should…
How do we set up a durable financial power of attorney that I can use right away while my sibling is still able to agree and sign? – North Carolina Short Answer In North Carolina, a durable financial power of attorney is usually set up by having the adult sibling (the “principal”) sign a written…
How can we set up a trust to provide long-term support for an elderly family member and an adult child with mental health challenges? – North Carolina Short Answer In North Carolina, long-term support planning often uses a trust structure that separates (1) who controls the money from (2) who benefits from it. For an…
How do we find out whether a deceased spouse had a will and what needs to be done to transfer property and bank accounts? – North Carolina Short Answer In North Carolina, the first step is to locate the original will (if one exists) by searching common locations and checking with the Clerk of Superior…
