Apr 12, 2018 | Just Great Info |
NHDD encourages all adults to have advance directives and estate plans in place Lexington, NC – National Healthcare Decisions Day (NHDD) is coming up next week. Several local agencies, including Hospice of Davidson County, Novant Health Thomasville Medical Center, and Davidson County Senior Services, are hosting events during the week to share information and communicate the importance of putting plans in place to ensure your wishes are honored. Attorney Ryan McNeill of Brinkley Walser Stoner will join others to speak at a free event at Hospice of Davidson County on April 19 from 4 – 6 pm on the topic. Standard North Carolina advance directive forms will be available, and notaries will be present. “Talking about unexpected medical crises or end of life planning can be uncomfortable,” says McNeill. “Many individuals put it off, assuming there will always be a tomorrow. Not having that discussion or completing and signing advance directives can leave your family and loved ones challenged with making assumptions about what healthcare you might want if you are ever unable to voice your decisions. National Healthcare Decisions Day is a great reminder for all of us (regardless of age) to take action now. Come out this week to one of the many local events and learn more.” McNeill focuses his practice on Estate Planning, Elder Law, Business Law, and Real Estate Law in Davidson, Guilford and surrounding counties. NHDD will be celebrated from April 16-22, 2018. These local events are free and open to those 18 and older: April 17, 10 a.m.-1 p.m., Novant Health Thomasville Medical Center, 207 Old Lexington Road, Thomasville. April 18, 9-11...
Apr 2, 2018 | Business Law |
By Bradley Hunt, Attorney at Law What will happen to your business if you retire, become ill, or die? Succession planning allows you to determine the answer to this question well in advance of any of these scenarios becoming reality and can ensure your business survives into the future. An article on business.com reported fewer than two-thirds of corporate leaders interviewed were actively executing a succession plan by grooming potential leaders. Another survey reported only 17% of non-profits have a succession plan in place. Many business owners put off developing a succession plan. After all, who wants to admit they may not be here to run the business forever? In truth, the planning process can be a challenge and often brings up underlying issues that must be addressed. In some cases, the CEO may not believe there is a qualified internal candidate to groom to take over the business, while the Board may disagree. In a family business, those in the next generation may not have the same level of interest in the business. Similarly, a deep dive into the succession planning process may uncover process or technology challenges that must be resolved. Succession Planning Considerations If you have a leadership team and/or Board of Directors, engage them in the succession planning process and keep it transparent. Hold a special meeting (or more than one) devoted to this topic. Determine what traits you want in the individual(s) who will succeed you. Values and a good cultural fit can make a big difference in the acceptance of this person as a future leader. Identify potential successors. Are there internal team...
Feb 21, 2018 | Estate Planning |
Financial Power of Attorney documents have long been used in estate planning to allow a person to appoint a fiduciary to manage that person’s financial affairs. They are often used both in situations where the person granting the power of attorney (the principal) is unable to manage financial affairs any longer or where the principal has the capacity to do so but prefers another to handle those matters. On January 1st, 2018 North Carolina enacted the Uniform Power of Attorney Act, which is codified in the new Chapter 32C of the North Carolina General Statutes. This marks a significant change in the laws concerning Financial Power of Attorney documents in this state and is modeled after the Uniform Power of Attorney Act, which has been enacted in a number of states. The first significant change is now all Financial Power of Attorney documents have automatic durability. Durability means that the power of the agent acting on behalf of the principal will remain even after the incapacity of the principal. Before this change a power of attorney had to specifically mention durability or the power of attorney would become invalid after the incapacity of the principal. Terminology has also changed in the new statutes. Formerly the person acting on behalf of the principal was referred to as the “attorney-in-fact” and they are now referred to as “agent.” This clears up some confusion about the use of the term “attorney-in-fact” because many people believed that it meant that the person was actually the attorney for the principal. The term “incapacity” replaces references to “disability” in the old statute, to clarify that...
Feb 14, 2018 | Estate Planning |
By Ryan McNeill, Attorney at Law Have you planned for what might happen if you were to require long term care? According to the US Department of Health and Human Services, 70% of those currently 65 years old will need some form of long term care in their lifetimes. Medicare has limits on long term care coverage, and long term care insurance can be pricey and may only cover certain expenses. Most Americans have not saved enough money to cover the costs of long term care out of pocket. In such cases, many requiring long term care will need to apply for assistance through Medicaid. What is Medicaid? Medicaid is a state and federal partnership providing medical assistance to those with low income, the elderly, pregnant women, children, and disabled individuals. The program is run by each individual state, so rules may differ. 3 Pitfalls to Avoid When Applying for Medicaid #1) You Must Understand Program Differences There are differences in the qualification requirements and the impact of real estate ownership, depending on the level of care an individual needs (assisted living vs. skilled nursing care vs. all-inclusive care for the elderly). There are also huge differences in how states treat spousal assets, depending on the level of care required. By identifying program levels and requirements for your state in advance, you can take steps to protect resources in a much more comprehensive way than if an application is filed directly through a busy caseworker. He or she will generally tell you only what the qualification steps and/or requirements are based on what you are applying for. Additionally, many...