Many families don’t know how crucial it is to demand that the hospital “admits” their loved ones (as opposed to keeping them on “observation” status). If you’re not admitted to the hospital for three nights, Medicare will not cover any post-hospital rehabilitation. Your status in the hospital can affect your health insurance coverage, as well. […]
New changes in the law could affect your IRA planning. The U.S. Supreme Court recently held that IRAs in the hands of your children or grandchildren are no longer protected assets from their creditors. In North Carolina, an IRA is protected from creditors for the owner and his or her spouse. If you have a 401k, it […]
Many seniors don’t know about the North Carolina specific government assistance program known as Special Assistance. This program is available to those who fall below a specific income cap who live in an Assisted Living facility. Sometimes, our clients are confused about the various levels of care. You can receive home care, care in an […]
If you haven’t seen your loved one in some time, you may notice that his or her cognitive and physical capabilities have declined when you next see him or her at family gatherings. If you believe that your loved one may need assistance, be sure to consult a professional, such as a Geriatric Care Manager or […]
It’s important to understand the quirks of the Social Security system if you are planning to retire soon. If you’re approaching 62 or older and have not started withdrawing your Social Security benefits, go online and establish an account with the Social Security Administration at http://www.ssa.gov/retirement/retirement.htm. This website will help you determine where you stand […]
When a person dies or moves into a long-term care facility, often the former home becomes unoccupied. This can create a tricky situation if there are no relatives who wish to move into the home or the family wishes to sell it. Your homeowner’s insurance policy may lapse if someone does not move into the […]
It’s important to negotiate your probate fees with your CPA, Accountant or Attorney for probate and/or trust administration purposes prior to your passing. When someone loses a loved one, most are unable to make critical financial decisions due to grief and stress. Unfortunately, some professionals take advantage of families in these types of situations. Many […]
Many business owners want to protect their personal estate from liability relating to their business. In order to get basic personal asset protection, business owners have several options: they can form a Limited Liability Company, a C-Corporation, or elect to act as a sub-chapter S-Corporation. A sub-chapter S-Corporation will allow you to treat your small […]
Unmarried couples of all ages are living together more and more frequently. Many seniors live together and remain unmarried, often after the death of a previous spouse. Seniors may not be comfortable marrying their new partner for a variety of reasons. However, they may also not know of the legal implications of remaining unmarried. Trust-based […]
Today, income tax planning is more important than ever before. Ten to fifteen years ago, the estate tax exemption was far less, and many middle class families faced the prospect of paying high estate taxes at death. With the help of an estate-planning attorney, they implemented credit shelter trusts to maximize their estate tax savings. […]
If you own a corporation or LLC, Google “Corporate Transparency Act” and file your report before the end of the year. Don’t be fined $500.00 per day for failing to file.