Is Avoiding Probate Possible with Joint Property? Let’s Dive Deeper
Have you ever wondered how to make the complex process of probate easier to manage, or even avoidable altogether? One commonly used strategy is jointly property. This article explores one type of joint ownership which automatically passes ownership to the surviving owner: Joint Tenants with Rights of Survivorship (JTWROS). The Double-edged Sword of Joint Property…
Read MoreHow to Protect Assets if Your Spouse Needs Skilled Nursing Care in North Carolina
If your spouse needs to go into a nursing home, it can bring some relief to know that Medicaid can help pay for their care. But Medicaid has strict requirements, and your spouse can only keep $2,000 worth of assets to be eligible. Below, learn how to protect assets if your spouse goes into a…
Read MoreWhat Qualifies a Person for a Skilled Nursing Facility in North Carolina?
Research shows that around 70% of Americans over 65 require long-term care at some point in their lives. Unfortunately, the cost of nursing home care can be steep if you are not eligible for Medicaid benefits. Read on to learn what qualifies a person for a nursing home in North Carolina and find out whether…
Read MoreDoes Medicaid Pay for Skilled Nursing Facilities in North Carolina?
Skilled nursing care is expensive, but is often a necessity for most people as they get older. The average cost for skilled nursing facilities in North Carolina is roughly $8,000 per month. If you can’t afford to pay this cost out of pocket, you may be wondering whether government benefits might cover some or all…
Read MoreUnderstanding NC’s Intestate Law: What Happens If You Die Without a Will
A Will is a crucial part of estate planning, but what happens if a person dies without one? Contrary to common belief, property doesn’t simply transfer to the State. Instead, in North Carolina, the property of individuals who pass away without a Will is distributed according to the North Carolina Intestate Succession Act. The NC…
Read MoreUnderstanding Trust Funding in Real Estate: A Guide
Trust funding, especially in the context of real estate, is a nuanced process. To comprehend how we might transfer the title of real property into a trust, we must first establish an understanding of the background concepts. Real Estate and Its Unique Characteristics Different from most personal property, real property carries unique characteristics and abides…
Read MoreUnlocking the Process of Transferring Real Estate into a Trust
Are you considering incorporating real estate into a trust but unsure about the process? It’s simpler than you might think. This article will delve into the key aspects of transferring real estate into a trust, enlightening you about deeds, mortgage implications, and the decision-making process. General Warranty Deed vs. Quitclaim Deed Transferring real estate into…
Read MoreEstate Taxes – Planning Approaches for Married Couples
The U.S. Federal Estate Tax is the tax levied on an individual’s estate on the transfer of his assets at his death. As a starting point, to understand how estate planning can be used to minimize estate taxes there are two concepts to be familiar with. The first concept is the Federal Estate Tax Exemption…
Read MoreShould I Put My House in a Trust in North Carolina?
Your home is an incredibly valuable asset – for many people, it is their greatest source of wealth. You’ll likely want to make sure you pass it on to your family or other named beneficiaries when you pass. While there are many ways to do so, a trust may be the best option. Are you…
Read MoreTax & Advanced Planning
Many topics fall under the category of Advanced Estate Planning. Usually Advanced Estate Planning is synonymous with reducing the Federal Estate Tax. An overview of some estate tax planning approaches is below: Estate Taxes Minimization Tools The Federal Estate Tax Exemption amount is the amount an estate can pass free of taxes. The current Federal…
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