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7 Myths of Estate Planning & Long Term Care

Myth #1 In order to satisfy my legal obligation, you must leave at least $1 to each of your children. Fact: To avoid conflict and to avoid having your will or trust contested it’s best to leave a statement in your documents saying you are intentionally excluding the individual from being the heir to your estate. Please consult your attorney for more details.

Myth #2 If you sign everything over to your heirs and you need to go into a nursing facility you can go on Medicaid immediately. Fact: North Carolina Medicaid has at least four long term care programs. If you or your loved one goes into an assisted living facility or memory care unit Medicaid has strict limitations on income. If you aren’t below those limits your care won’t be paid by Medicaid even if you have no assets. Contact me if you need more information.

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Facing Retirement

To many people the retirement years are a huge mystery with many unknown factors. Too often pre-retirees and retirees face what should be their best years overwhelmed by fear and uncertainty. Sure retirement is full of uncertainty just as all of life is. Why should retirement be any different? The truth is it really shouldn’t be different at all. Please don’t waste your best years worrying. Here are some suggestions that should make your golden years truly priceless.

First, face your fears. Define what you are really afraid of. What is the worst thing that can happen? What are the odds that it will happen to you? Is there anything you could do to lessen the affects if the worst thing happens? Could you save a lot of sleepless nights by facing your fear sooner instead of later?

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How to Investigate an Advisor

On May 23, 2013, at approximately 7:00 pm PDT, the Skagit River Bridge at Mount Vernon, Washington collapsed. The bridge seemed to be fine that evening until an oversized truck brushed the side of the structure and the bridge came crashing down. Obviously none of the drivers of the reported 70,000 vehicles per day that crossed the structure noticed any problems. Unfortunately not knowing about the problems didn’t help the people that were crossing the span at the time. It is also obvious that only a structural expert could have seen the flaws in the integrity of the bridge.
When a person is choosing a financial advisor it is also important to check the integrity of the advisor before the investment is made. If an individual is vying for your business don’t be afraid to check with the experts. With your life savings on the line the recommendations of relatives, neighbors, or friends aren’t enough. Unfortunately many people lose their savings because they don’t take time to investigate. Others simply don’t know how to research or what agencies to check with.

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