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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.

Myth #3 If you get divorced your spouse has no claim to my company or government sponsored retirement plan since he\she signed a divorce agreement. Fact: Unless the retirement plan specifically addresses the plan in the divorce settlement the spouse still has rights to a portion of your retirement plan. Contact me if you need more information.

Myth #4 If you have no will when you die your spouse will receive all your assets at the time of your death. If you have no will and you have 1 child in North Carolina your spouse will receive ½ and your child will receive ½ of your assets. If you have 2 or more children your wife will receive 1/3 of your assets and your children will receive 2/3. Consult an attorney for more information.

Myth #5 If you die in North Carolina and leave no will custody of your children will be given to the best person to raise them. Fact: If you die having minor children with no will, custody of your children will be given to whomever the court decides even if the court has no knowledge of your values or your wishes. This information should be especially important to grandparents. Please contact an attorney for more information.

Myth #6 If you don’t have a “service related disability” you can’t qualify for veteran’s Long Term Care Benefits. Fact: Both the veteran and their spouse may qualify for long Term Care benefits rather easily if they know the guidelines ahead of time. When going into an assisted living facility or nursing home your bad health doesn’t have to be related to your service. If you’re a veteran or the relative of a veteran please feel free to contact me for more information.

Myth #7 It’s too expensive to get professional help when planning for your retirement or future long term care need. Fact: The cost of hiring good professionals are small beans compare to the cost of making mistakes that last a lifetime. Most professionals will provide a onetime free consultation. If the professional can’t give you logical reasons why they can’t potentially save you for 10 times to 100 times more than their fee you should think hard about hiring them. Just move on to the next one.

 

 

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Posted in Long Term Care, Retirement Planning

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