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Elder Law Report – Trust Planning Part 2

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LEARN MORE: mcelderlaw.com/estateplanning

TRUST PLANNING PART 2: Elder Law Report Unplugged – Trusts can be a great tool to avoid probate and protect assets. Trust are not for everyone, however. Is a trust right for you? Learn a bit about Trusts in this episode.

LEARN MORE: mcelderlaw.com/estateplanning

The 6th Episode of a 6 part educational series.
#lawyergreg #theelderlawguy #estateplanning #medicaidcrisisplanning #vetbens #savingthefarm #hometownheroes #assetprotection

Long Term Care Medicaid Crisis Planning

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LEARN MORE: https://mcelderlaw.com/mcp/

Long Term Care Medicaid Crisis Planning: Elder Law Report Unplugged – The 5th episode of a 6 part educational series. You don’t need to lose your house and retirement to afford care for yourself or a loved one. You can afford to live comfortably while your spouse is in care. LEARN MORE: https://mcelderlaw.com/mcp/

#theelderlawguy #lawyergreg #savingthefarm #hometownheroes #estateplanning #vetbens #medicaidcrisisplanning #assetprotection

Lady Bird Deed: Elder Law Report Unplugged – The 4th episode of a 6 part educational series.

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Learn more:https://mcelderlaw.com/estateplanni…/

Lady Bird Deed: Elder Law Report Unplugged – Today, we’re going to look at Lady Bird Deeds, including what they are, what they do, and how they differ from traditional deeds, like regular general warranty deeds or life estates deeds. We’ll also look at how they fit into your estate planning, especially when considering the option of possible Medicaid or protecting against that.
Learn more:https://mcelderlaw.com/estateplanni…/

The 4th episode of a 6 part educational series.

Avoiding Probate

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Wills have functioned quite well for the past several thousand years passing property from one person to another at death. Probate and wills are part of an ancient tradition beginning (we think) with the Ancient Greeks to the Romans in the form of predominantly verbal wills. The Romans would have a Roman Citizen create a verbal record of their wishes in front of seven witnesses. I can imagine this was highly problematic both with a witness misremembering or with the possibility of an interested party purposely misinterpreting the wishes of the Testator. Fast forward through English law, written wills to the system we have today, there can still be problems with the probate system.

Image result for avoiding probate Problems can arise from technical issues with the working of a will or challenge by a 3rd party to the will. Probate can take anywhere from six months to years to complete. So, how does one avoid the necessity of probate altogether?

  1. Trusts: are private documents, while a will is a public document. Trust are administered outside of court supervision.
  2. Beneficiary Assets: Financial Assets such as life insurance, annuities, 401k’s, and IRAs can name specific individuals to take property.
  3. Deed planning for Real Estate: Deeds can be written to pass real estate outside of the probate process and also may also serve as asset protection. Some examples are Lady Bird Deed, Life Estate Deed, Joint Tenants with Rights of Survivorship Deed, etc.
  4. Joint Owner with Rights of Survivorship: While deeds can be drafted to pass Real Estate outside of probate to a joint owner, bank accounts can also be owned by multiple people as joint owners with rights of survivorship (JTWROS). Even automobiles can now be owned in North Carolinas by multiple people as JTWROS.
  5. P.O.D./T.O.D.: Banks will now allow an account holder to add beneficiaries to savings, checking, and money market accounts. This is often called adding a payable on death (P.O.D.) or transferrable on death (T.O.D.) beneficiary to an account.

 

Many of the items discussed above can allow you to easily avoid probate with assets. For the impact of these methods one may want to consult an estate planning and elder law attorney.

 

Greg McIntyre

greg@mcelderlaw.com

Elder Law Attorney
McIntyre Elder Law
123 W. Marion Street

Shelby, NC 28150

704–259–7040

TRUST PLANNING: Elder Law Report Unplugged – The 3rd Episode of a 6 part educational series.

in Elder Law TV by Comments are off

TRUST PLANNING: Elder Law Report Unplugged – Trusts can’t be a great tool to avoid probate and protect assets. Trust are not for everyone, however. Is a trust right for you? Learn a bit about trust in this episode. Click here to learn more: mcelderlaw.com/estateplanning

TRUST Planning: Elder Law Report Unplugged

in Elder Law TV by Comments are off

TRUST Planning: Elder Law Report Unplugged – Trusts can’t be a great tool to avoid probate and protect assets. Trust are not for everyone, however. Is a trust right for you? Learn a bit about trust in this episode. Click here to learn more: mcelderlaw.com/estateplanning

AVOIDING PROBATE: Elder Law Report Unplugged – The 2nd Episode of a 6 part educational series.

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AVOIDING PROBATE: Elder Law Report Unplugged: Lawyer Greg talks about many different ways to avoid probate with assets. Tune in every Friday at 10am on FB.

#theelderlawguy #lawyergreg #savingthefarm #hometownheroes #estateplanning #vetbens #medicaidcrisisplanning #assetprotection

AVOIDING PROBATE

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AVOIDING PROBATE: Elder Law Report Unplugged – The 2nd Episode of a 6 part educational series. Tune in every Friday at 10am on FB.

PROBATING A WILL: Elder Law Report Unplugged – The 1st Episode of a 6 part educational series.

in Elder Law TV by Comments are off

PROBATING A WILL: Elder Law Report Unplugged – First Episode of a 6 part educational series. Tune in every Friday at 10am on FB and Insta.

PROBATING A WILL: Elder Law Report Unplugged

in Elder Law TV by Comments are off

PROBATING A WILL: Elder Law Report Unplugged – First Episode of a 6 part educational series. Tune in every Friday at 10am on FB and Insta.

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