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Caring for a Senior with a Caregiver Agreement

 

WTOB FM/AM Radio in Winston-Salem, NC interviews elder, special needs, and estate planning attorney Vance Parker about how a caregiver agreement allows a senior to transfer assets to a family member who is caring for him or her, in a way allowed by Medicaid.  Without a caregiver agreement, if a senior pays a family member for taking care of him or her and Medicaid is later needed to assist with long term care expenses, Medicaid will often penalize such transfers as a gifts.   A significant gift transfer penalty or penalties can jeopardize the senior’s ability to receive government help for long term care.

Using a caregiver agreement represents the best way to document senior payments made to a family caregivers in return for care.  Such agreements are recognized by Medicaid if drafted and used properly,

Vance talks with WTOB Radio every Tuesday at 4:38 pm, educating the public about elder and special needs law, and estate planning topics.

10 Ways to Protect Your Assets Before Marriage

WTOB FM/AM Radio in Winston-Salem, NC interviews elder, special needs, and estate planning attorney Vance Parker about how to protect your assets before marriage.

Adults of all ages fall in love, and hope to get married.  As adults get older, they may accumulate more and more separate property.  In my practice, I have worked with clients in their 20s through their 80s who desire to tie the knot.  But marriage remains a legal institution (in addition to a religious and emotional institution), thus it is important for couples to understand their separate and marital property rights.

Because love may sometimes be blind, and U.S. divorce rates remain high, here are my 10 Ways to Protect Your Assets Before Marriage.

Vance talks with WTOB Radio every Tuesday at 4:38 pm, educating the public about elder and special needs law, and estate planning topics.

Using a Medicaid Qualified Promissory Note to Shelter Assets from Medicaid

WTOB FM/AM Radio in Winston-Salem, NC interviews elder, special needs, and estate planning attorney Vance Parker about using a Medicaid qualified promissory note to shelter assets from Medicaid.  Particularly useful with couples, an elder lawyer may transfer an ill spouse’s assets to the well spouse, then use a Medicaid qualified promissory note (authorized under federal law) to loan those assets to someone else, in order to reduce the ill spouse’s estate and qualify him or her for Medicaid.  The loan may then be repaid in full, with interest, to the well spouse, so that the ill spouse’s funds stay within the family, and are not lost.

The Medicaid qualified promissory note technique may be used to quickly qualify a senior or special needs person for Medicaid long term care benefits.

Vance talks with WTOB Radio every Tuesday at 4:38 pm, educating the public about elder and special needs law, and estate planning topics.

 

How to Protect a Car From Estate Creditors

WTOB FM/AM Radio in Winston-Salem, NC interviews elder, special needs, and estate planning attorney Vance Parker about using joint with rights of survivorship (JTWROS) ownership to protect your car from estate creditors after you pass away.  If you pass away leaving large medical bills, or had to use Medicaid to help pay long-term care expenses, your car may need to be sold in probate following your death to pay estate creditors.

Owning your car jointly with another person, and adding the right of survivorship to the car title, helps make sure that your car will pass directly to the surviving car owner out of probate, and free of estate creditors.

Vance talks with WTOB Radio every Tuesday at 4:38 pm, educating the public about elder and special needs law, and estate planning topics.

How a Life Estate Works to Protect Real Estate Against High Medical Costs

WTOB FM/AM Radio in Winston-Salem, NC interviews elder, special needs, and estate planning attorney Vance Parker about using a life estate deed to protect your home or other real property against future high healthcare bills or other unknown creditor costs.    A life estate provides the life tenant with an enforceable legal right to remain in his or her home for the rest of their life, in a way that is protected against attachment by any future medical creditors, or other creditors.  An heir or loved one can serve as the real property remainder interest holder–which can insure that the loved one inherits the real property free of creditor problems.

Vance talks with WTOB Radio every Tuesday at 4:38 pm, educating the public about elder and special needs law, and estate planning topics.

How to Take Care of a Special Needs Child Using a Third-Party Special Needs Trust

WTOB FM/AM Radio in Winston-Salem, NC interviews elder, and estate planning attorney Vance Parker about how forming a third-party special needs trust may be an excellent way to save protected funds for your child (or other important beneficiary in your life.)  A third-party  trust may protect against future creditors of both the parent and child, does not disrupt your child’s Medicaid, SSI, or other public benefits, does not have a government payback provision, and can benefit other family members if your child passes away.  The trust may benefit your child right away, during your life, and may also provide a protected “nest egg” of assets for your child if you pass away.

Vance talks with WTOB Radio every Tuesday at 4:38 pm, educating the public about elder and special needs law, and estate planning topics.

Which Assets are Protected Against Probate Creditors in North Carolina?

WTOB FM/AM Radio in Winston-Salem, NC interviews elder, special needs, and estate planning attorney Vance Parker about why your assets may be subject to probate creditors after you pass away in North Carolina, and how probate creditors may keep assets that you will to your loved ones from benefiting them.  Vance then discusses a number of different types of assets that you can use to avoid probate creditors.

Vance talks with WTOB Radio every Tuesday at 4:38 pm, educating the public about elder and special needs law, and estate planning topics.

How to Decide on Adult Guardianship for a Special Needs Child

WTOB FM/AM Radio in Winston-Salem, NC interviews elder, special needs, guardianship and estate planning attorney Vance Parker about how to make planning decisions for your special needs child before he or she becomes an adult at age 18.  If appropriate, and your child will not be competent to make his or her own financial, legal, health care, and housing decisions as an adult, guardianship proceedings may be established for your child in North Carolina starting at your child’s age of 17 1/2, Full general guardianship, and alternatives to full general guardianship (for children who may be able to live as adults on their own) including powers of attorney, and partial guardianship (guardianship of the estate only) are discussed.  Because it is important to allow a child as much freedom as possible to promote continued intellectual development, and to support a sense of independence and self-worth, guardianship or alternatives should be carefully-considered family decisions, which can be supported through advice from a special needs and guardianship attorney.

Vance talks with WTOB Radio every Tuesday at 4:38 pm, educating the public about elder law, and estate planning topics.

Pet Trusts

pet

WTOB FM/AM Radio in Winston-Salem, NC interviews elder, special needs, and estate planning attorney Vance Parker about why it may make sense to protect your pet with a pet trust.  Because animal shelters are facing a crisis of unwanted pets from incapacitated seniors or seniors who have passed away, pet trusts provide a legally enforceable way to protect your pets should something happen to you.  Pet trusts are protected under North Carolina law, and may be easily added to a standard will or revocable trust document.

Vance talks with WTOB Radio every Tuesday at 4:38 pm, educating the public about elder and special needs law, and estate planning topics.

 

Using a Medicaid Annuity to Shelter Assets From Medicaid: WTOB Radio Interview With Attorney Vance Parker

WTOB FM/AM Radio in Winston-Salem, NC interviews elder, special needs, and estate planning attorney Vance Parker about using a Medicaid Compliant Annuity (protected by federal law), to shelter assets when applying for Medicaid.   When applying for Medicaid coverage of nursing home, assisted living, or home care expenses, it may be necessary to make assets non-countable in order to meet Medicaid’s strict applicant asset restrictions.

The Medicaid Compliant Annuity (MCA) technique may be particularly useful for making assets non-countable within retirement accounts.

Vance talks with WTOB Radio every Tuesday at 4:38 pm, educating the public about elder and special needs law, and estate planning topics.

Special Needs Trusts (SNTs) and Adult Guardianship

WTOB FM/AM Radio in Winston-Salem, NC interviews elder, and estate planning attorney Vance Parker about how to use a special needs trust to keep an inheritance or other financial award from disrupting a senior or person’s Medicaid or disability benefits.  Vance further explains why it is critical to make sure that any assets “willed” to a spouse diagnosed with dementia, or any assets left for a child, be distributed through a trust for the disabled beneficiary.

Vance additionally discusses when adult guardianship of a special needs individual may be appropriate.

Vance talks with WTOB Radio every Tuesday at 4:38 pm, educating the public about elder and law, and estate planning topics.

What Is Incapacity Planning?

WTOB FM/AM Radio in Winston-Salem, NC interviews elder, special needs, and estate planning attorney Vance Parker about the most effective estate planning for a senior (or younger person) diagnosed with a dementia or disabling illness. Click below to play the attached audio file and listen to the interview.

Vance talks with WTOB Radio every Tuesday at 4:38 pm, educating the public about elder and special needs law, and estate planning topics.

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