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…
Read moreHow 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…
Read moreWhat 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…
Read moreWhat’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…
Read moreWhat 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…
Read moreHow 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…
Read moreIf 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…
Read moreWill 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…
Read moreHow 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…
Read moreHow 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…
Read moreDoes the person granting the power have to appear in person, and what identification is required? – North Carolina Short Answer In North Carolina, the person granting a power of attorney generally must appear before a notary to sign (or to acknowledge an existing signature), because the notary’s certificate is based on the signer personally…
Read moreWho can serve as witnesses and a notary for a new power of attorney, and how do I arrange this while living in assisted living? – North Carolina Short Answer In North Carolina, a new (financial) power of attorney is typically signed by the person granting the authority (the “principal”) in front of a notary…
Read moreWill a will protect my home and other assets from Medicaid, or do I need a different plan? – North Carolina Short Answer In North Carolina, a will generally does not protect a home or other assets from Medicaid estate recovery. Medicaid can seek repayment after death from the recipient’s “estate,” and in some situations…
Read moreWhat does it mean to be someone’s durable power of attorney, and what decisions am I allowed to make? – North Carolina Short Answer In North Carolina, being someone’s “durable power of attorney” usually means serving as an agent under a durable financial power of attorney (a document that stays effective even if the person…
Read moreHow do I transfer my home and my business into the trust and keep it funded? – North Carolina Short Answer In North Carolina, a trust only controls the property that is actually retitled (or assigned) into the trust. A home is usually transferred by signing and recording a new deed to the trustee of…
Read moreWhat does the notary need to witness or hear to confirm my parent is directing me to sign the power of attorney? – North Carolina Short Answer In North Carolina, a notary generally cannot notarize a power of attorney based on what a family member says. The notary must have the parent (the “principal”) personally…
Read moreDo I need a special limited power of attorney just for banking transactions instead of a general durable power of attorney? – North Carolina Short Answer Usually not. In North Carolina, a properly signed (and typically notarized) general durable power of attorney can authorize an agent to handle common banking tasks, including endorsing and depositing…
Read moreCan I set up a power of attorney and healthcare directive as part of estate planning? – North Carolina Short Answer Yes. In North Carolina, estate planning commonly includes (1) a financial power of attorney to let a chosen agent handle financial and legal tasks, and (2) a health care power of attorney and related…
Read moreHow do I transfer annuity proceeds that ended up in my personal bank account into the family trust the right way? – North Carolina Short Answer In North Carolina, the “right way” usually means (1) confirming who was legally entitled to the annuity proceeds under the contract and any beneficiary designation, and then (2) moving…
Read moreWhat happens if we create only the financial power of attorney now and add the medical power of attorney later? – North Carolina Short Answer In North Carolina, a financial power of attorney and a health care power of attorney are separate documents that cover different decisions. Creating only the financial power of attorney now…
Read moreHow do we coordinate our wills, beneficiary designations, and life insurance so assets flow into the special needs trust instead of directly to our child? – North Carolina Short Answer In North Carolina, the cleanest way to keep assets from being paid directly to a child with disabilities is to (1) set up the special…
Read moreHow can I set up a self-settled trust that protects my assets but still lets me be trustee and control how my beneficiaries receive funds? – North Carolina Short Answer In North Carolina, a trust funded with a person’s own assets (a “self-settled” trust) usually does not protect that person’s assets from that person’s creditors…
Read moreWhat assets should be titled into a revocable trust, and what should stay outside the trust like vehicles and personal property? – North Carolina Short Answer In North Carolina, a revocable trust only controls assets that are actually transferred into the trust (for example, deeds recorded to move real estate into the trustee’s name) or…
Read moreIf the foreign country won’t accept the existing power of attorney, what is the fastest way to get a valid one for use there? – North Carolina Short Answer In North Carolina, the fastest path is usually to sign a new power of attorney that matches the foreign country’s format requirements, have it properly notarized,…
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Articles are a starting point, not legal advice. Talk through the specifics of your case with a North Carolina attorney — the case evaluation is always free.
