Succession Planning
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...
McNeill Presents Medicaid Planning Seminar
Free seminar at the Mabel D. Smith Senior Center in Greensboro scheduled for March 14 Lexington, NC – Attorney Ryan McNeill of Brinkley Walser Stoner will present a seminar on Medicaid Planning on March 14 at the Mabel D. Smith Senior Center in Greensboro. The session will cover long-term care planning, including relevant changes in the estate laws. The event is free and open to the public. “Medicaid planning is a must for anyone who is concerned they may outlive their retirement savings,” says McNeill. “There are options within the law to protect property for the benefit of your spouse and heirs. It is important to discuss these issues up front and make appropriate plans to protect your family.” McNeill focuses his practice on Estate Planning, Elder Law, Business Law, and Real Estate Law in Davidson, Guilford and surrounding counties. The Medicaid Planning seminar will take place on Wednesday, March 14 from 10 AM – 11 AM at the Mabel D. Smith Senior Center, 2401 Fairview St, Greensboro, North Carolina 27405. Registration is not required. Questions may be directed to the Senior Center at 336-373-7566. Brinkley Walser Stoner is pleased to offer a free series of videos for individuals and families considering a move to a senior living community. These videos may be found at www.brinkleywalserstoner.com/senior-living-videos/. Brinkley Walser Stoner prides itself on providing new and cutting edge legal counsel built on a foundation of knowledge and integrity. Brinkley Walser Stoner’s attorneys are first and foremost counselors, advising clients on their legal rights and options for appropriate solutions. Practice areas include business law, real estate, litigation, elder law, estate planning,...
Common HOA Disputes
By Gary Bowers, Attorney at Law If you have ever lived in a planned community with a homeowners’ association (HOA), you may have formed distinct opinions about whether HOAs are a good or bad thing! In most cases, HOAs help keep up the property values in the community by enforcing commonly accepted restrictions. Sometimes, though, common HOA disputes will arise when a homeowner is unaware of the restrictive covenants, interprets the rules differently, or ignores them altogether. What are the benefits of a homeowners’ association? HOAs exist for several purposes. They are responsible for care and upkeep of common areas in the community. This might include the entrance(s) to the community, signage, a pool or other amenities, or lighting and utilities (where the community is gated or streets are private). In a townhome or condominium community, the association may also cover roof repairs/replacement, exterior maintenance, alleys, driveways, etc. All homeowners benefit from these activities, as they typically make the community a desirable place to live. If common areas are limited, the annual or monthly HOA dues may be relatively small. In other cases, the fees may be higher to build up reserves to pay larger or longer-term expenses like resurfacing a pool or replacing the roof on the building. HOAs also define and enforce community standards in an effort to protect homeowners and ensure potential buyers are not deterred by the actions of a single homeowner. If your neighbor, for example, decided to paint his house a bold purple or store dozens of junk cars in his yard, you might object to having his see his property every day...
BWS Update | March 2018
Common HOA Disputes By Gary Bowers, Attorney at Law If you have ever lived in a planned community with a homeowners’ association (HOA), you may have formed distinct opinions about whether HOAs are a good or bad thing! In most cases, HOAs help keep up the property values in the community by enforcing commonly accepted restrictions. Sometimes, though, common HOA disputes will arise when a homeowner is unaware of the restrictive covenants, interprets the rules differently, or ignores them altogether. Read More… Uniform Financial POA Act 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. Learn more… Happy Anniversary! Congratulations to attorney Ryan McNeill on his 10-year anniversary with the firm! Ryan joined us on April 1, 2008 as an Associate. He was promoted to Member in January of 2015. Ryan’s practice areas include estate planning, elder law, Medicaid planning, corporate law, real estate law, and HOAs. If you see Ryan out and about, please congratulate him. Here’s to another 10 (or more!) years. Medicaid Planning Seminar Medicaid planning is a must for anyone who is concerned they may outlive their retirement savings. There are options within the law to protect property for the benefit of your spouse and heirs. Join attorney Ryan McNeill at the Mabel D. Smith Senior Center in Greensboro on March...
North Carolina’s New Uniform Financial Power of Attorney Act
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...
BWS Update | February 2018
Avoid These Medicaid Planning Pitfalls 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. Read more… Elder Law Planning Event Attorney Ryan McNeill will be speaking at the Smith Senior Center in Greensboro on 2/21/18 at 10:00 a.m. on long-term care planning, including relevant changes in the estate laws for 2018, documents everyone should have (regardless of age), and practical and legal perspectives when considering a senior living situation for yourself or a loved one. The event is free. Contact the Senior Center at (336) 373-7566 to learn more. Firm Supports Veterans Brinkley Walser Stoner has joined NCServes Central Carolina, a branch of AmericaServes, a network of organizations providing a broad range of coordinated assistance to veterans and their families. NCServes utilizes technology to improve communication, transparency, and effectiveness of their support services. Learn more…...
3 Pitfalls to Avoid When Applying for Medicaid
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...
Firm Supports Veterans and Their Families
Lexington, NC –Brinkley Walser Stoner has joined NCServes Central Carolina, a branch of AmericaServes, a network of organizations providing a broad range of coordinated assistance to veterans and their families. NCServes utilizes technology to improve communication, transparency, and effectiveness of their support services. “We are proud of this new partnership and look forward to working with NCServes to continue our law firm’s long history of service and support to our nation’s military, veterans, and their families,” says Brinkley Walser Stoner attorney Roy L. McDonald II, a Major in the U.S. Army Reserve and Judge Advocate General Corps, and Deputy Command Judge Advocate for the 166th Regional Support Group “Taino Warriors,” located at Fort Buchanan, Puerto Rico. Brinkley Walser Stoner has been twice recognized by the Employer Support of the Guard and Reserve, a Department of Defense program, for its support to the national defense, receiving both the Patriot Award and the Above and Beyond Award. NCServes Central Carolina covers 17 counties in North Carolina, including Davidson, Guilford, Davie, Randolph, Forsyth, Cumberland, and Wake. Assistance is available to anyone who has served, regardless of their current status, service branch, or age. Services offered include housing and shelter, legal assistance, mentoring, financial counseling, help with higher education, employment resources, and more. NCServes may be contacted by telephone at 1-866-249-6656 or online at https://raleigh.americaserves.org/. – ###...