Our last blog discussed pre-planning and emergency planning related to paying for nursing homes in North Carolina. Your North Carolina Elder Lawyer in Raleigh NC explained separate scenarios that Seniors often find themselves. Throughout both situations, we are most likely able to significantly help families preserver their assets.
Our North Carolina Elder Lawyer in Raleigh NC understands the numerous laws involving medicaid planning. It is base upon this understanding and experience that we are able to protect our clients. Tragically, the attorneys at Eldreth & Eldreth, PC see persons who plan for paying for nursing homes without consulting attorneys.
Although these persons have good intentions, the regulations surrounding elder law are vastly complicated. As a result, our North Carolina Elder Lawyer in Raleigh NC commonly sees situations that ultimately harm families. The following are two common actions and a warning not to do them without first consulting a Eldreth & Eldreth, PC Elder Lawyer in Raleigh NC.
- A Senior will transfer their house to a family member* - Do not do this without assistance from an attorney. Among many other problems, issues include improper transfer and fraudulent transfers concerns. Also, if done at the wrong time, a transfer will not save the family’s house but may be taken back to pay for nursing home costs.
- A Senior will create their own trust* - Do not do this without first consulting a North Carolina Elder Lawyer at Eldreth & Eldreth, PC. The laws surrounding Wills and Trusts are based upon very old and, sometimes, archaic laws. Unless specific rules are followed, a Will or a Trust may be considered not legal. Also, planning to pay for nursing homes almost always requires the correct type of trust. Choosing an incorrect trust will not protect a family’s assets. To make matters worse, the most common types of trusts are the trusts that will not protect a Senior’s assets.*
Again, do not take the above actions without first consulting an Elder Lawyer in Raleigh NC*
The two scenarios above are common actions that people without a North Carolina Elder Lawyer assistance. These often lead to significant problems and do not accomplish their goals of paying for nursing homes in North Carolina. In our next blog, we will mention two other common misconceptions and actions taken by well meaning people.
In the meantime, if you wish to discuss elder law matters, or other matters regarding estate planning and probate matters, please contact Eldreth & Eldreth, PC. Our office will gladly walk you through the laws surrounding the things that matter most.