What to Know When “Gifting” the House
Transferring title to real estate can have a lot of benefits during the lifetime of the owner, but it also comes with some potential hazards you should know about before signing the deed over. Lifetime Transfers as a Planning Strategy Moving your real estate into someone else’s name during your lifetime can certainly make things more streamlined and easier at…
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Planning Gone Wrong: Adding Children to Your Assets
As people get older, the asset succession and access becomes an important topic to address. Unfortunately, most people don’t know what they don’t know when it comes to proper estate planning. A common strategy used by elderly individuals is to add their child(ren) to their house deed and their bank/deposit accounts to “make things easier” for them. Unfortunately, this type…
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Protecting Assets for your Kids after Divorce
I’ve said it before and I’ll say it once more: trusts are best used for asset protection, not probate avoidance. But what do I mean by asset protection? I mean structuring the succession of your wealth so that when you’re no longer here, your child(ren) will receive your wealth in a way that supports their growth and shields them from…
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Medicaid Asset Protection Trusts in North Carolina
Cary, NC Elder Law Attorney Nursing home costs are expensive and only getting worse. In Cary, North Carolina, the average monthly cost of skilled nursing facilities is in excess of $6,000 each month. And while the average person plans pretty adequately for their retirement, very few plan adequately for a disabled retirement or the costs of privately paying for skilled…
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Trusts for Asset Protection, Not Just Probate Avoidance
The common belief, for those interested in the topic, is that the sole reason to use a revocable living trust is to make sure that your family can avoid probate and streamline the succession of your assets after you pass. While that can be a substantial benefit to utilizing trust-based planning, asset protection may be an even more important aspect…
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