Planning today ensures you have a say in how matters will be handled after you pass or are ineligible to make decisions on your behalf. A properly prepared estate plan will lay out your wishes so you can can trust there won’t be any questions or misunderstandings about what you want.
Last Will
Your last will provides the opportunity to distribute your property and express your desires upon your death. A will is necessary and should be executed if you intend to leave property to a person or entity other than a blood relative, such as a domestic partner, a friend, or a charity. If you die without a will, North Carolina law determines how your property is distributed and who cares for your children. You may need to update your will throughout your life to address changes in your financial situation, marital status, number of children, philanthropic interests, and general life decisions.
Minor Children
If you have minor children your will may designate a guardian to make decisions about their future care such as when both parents die in a common accident. If you do not name a person to serve as guardian, the court will appoint a guardian for your children and can make decisions adverse to your ultimate parenting goals.
Living Will
A living will can be used to express limits for medical intervention should you become incapacitated and unable to express yourself. This assures that when you are most vulnerable your wishes will be honored because they have been documented.
Health Care Power of Attorney
A health care Power of Attorney permits you to designate one or more individuals to act on your behalf with respect to medical care matters if you are incapable of acting on your own due to incapacity.
General Power of Attorney
A general power of attorney permits you to designate one or more individuals to act on your behalf with respect to matters other than those dealing with medical care and can be created to permit parties to act on your behalf either upon its execution or only in the event you are incapable of acting on your own behalf due to incapacity. To provide peace of mind you should consider implementing a power of attorney.
Medicaid
The office advises families about Medicaid planning and eligibility and helps families protect their assets from the high expense of long-term care by helping them plan for and qualify for Medicaid benefits.
Since the Government passed the Deficit Reduction Act, increased restrictions affect the use of some Medicaid planning techniques. However, asset protection strategies remain viable, especially for married couples where only one spouse requires long-term care. Some of these techniques may include setting up an Irrevocable Living Trust, making gifts, and paying for certain Medicaid expenses.