A comprehensive estate plan includes more than just a Will. You need a broad set of legal documents and organizational approaches in order to cover all of the necessary bases. A lot of estate planning is about management and control of your assets, and not just at your death. A Will doesn't do anything until you die, and even then it doesn't control all of your assets. Among the tools every estate plan needs is a broad general durable Power of Attorney. This document gives someone the power … [Read more...]
Are You Eligible for Medicaid If You Own a House?
I addressed the differences between Medicare and Medicaid as well as introducing some basics of Medicaid Planning in my blog post earlier this week. Today, I want to talk about the biggest mistake I see for children making when helping a parent begin the process of qualifying for Medicaid: selling the parent's house as part of a spend down to qualify for Medicaid. This is almost never necessary and is almost always a huge mistake. A house is almost always an uncountable asset, meaning it … [Read more...]
What Is the Difference between Medicare and Medicaid?
I often have clients ask me about the difference between Medicare and Medicaid. Although most of them have heard of both programs, they may never have needed to rely on them until they reach retirement age. Unfortunately, waiting until you need to qualify for Medicaid, in particular, can put your retirement nest egg at risk. That is one of the many reasons why I try to educate my clients about Medicare and Medicaid when they are still relatively young. My hope is to help my clients understand … [Read more...]
Are There Alternatives for Managing Property When Someone becomes Incapacitated?
Estate planning, when done properly, accomplishes more than just planning for the division of your property after you are gone. In fact, I always stress to my clients the importance of planning for the possibility of their own incapacity as well. As an estate planning attorney, I have seen firsthand what happens when incapacity strikes and there isn’t a plan in place. If you own property, it is particularly important to have a plan in place for the management of that property during your … [Read more...]
Estate Planning Conference Discusses SECURE Act and More
Those of you who attended our 2019 Clarity Legal Group Annual Client Education Program heard our discussion and predictions regarding the possibility of significant changes to the rules relating to IRAs and other tax deferred retirement accounts. We discussed the SECURE Act, which at the time was stuck in committee in the United States Senate, having passed the House of Representatives. On December 19, 2019, having passed the Senate, it became law, effective January 1, 2020. Clarity Legal … [Read more...]
The SECURE Act and What It Means for You
Those of you who attended our 2019 Clarity Legal Group Annual Client Education Program heard our discussion and predictions regarding the possibility of significant changes to the rules relating to IRAs and other tax deferred retirement accounts. We discussed the SECURE Act, which at the time was stuck in committee in the United States Senate, having passed the House of Representatives. On December 19, 2019, having passed the Senate, it became law, effective January 1, 2020. Clarity Legal … [Read more...]
Can Life Insurance Be Paid to a Trust?
A lot of our estate planning clients at Clarity Legal Group maintain life insurance as part of their financial planning and their estate planning. The need for insurance changes as your life changes, and so there is no "general" advice about whether you need insurance or how much you need as part of your estate planning. Some of you don't need any, although everyone would benefit from some. Some of you need a good deal because of the nature of your assets or because of the needs of those you … [Read more...]
Using an Asset Protection Trust as part of your Estate Plan?
You have worked hard to build you savings and wealth. Having a comfortable financial cushion is an important way to protect those you love. But what about after you're gone? It is challenging and can be quite expensive for you to protect your assets during your life so that you can use them but that your creditors cannot reach them. At Clarity Legal Group we do asset protection planning for our clients. When I review the pros and cons of putting this asset protection in place for a client … [Read more...]
Who Should Manage My Child’s Inheritance?
If you are the parent of a young child, your child’s financial security is probably a primary goal within your estate plan. Knowing that your child will be well cared for if something happens to you provides invaluable peace of mind to a parent. As a minor though, your child will need someone to guard and manage that inheritance for him/her. This kind of planning is a big part of what we do at Clarity Legal Group. Our Raleigh, Durham, Chapel Hill area estate planning attorneys work with our … [Read more...]
My Loved One Just Passed Away. What Steps Do I Need to Take?
The days, even weeks, that follow the death of a loved one can pass in a fog. It is often difficult to focus on anything but the grief you feel. People sometimes become preoccupied with any number of activities to take their mind off things. At some point, someone must step up and focus on the practical and legal steps that need to be taken as a result of the decedent’s death. At Clarity Legal Group we advise and assist clients and their loved ones dealing with the days and weeks following a … [Read more...]
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