Bain & McRae, LLP | Attorneys At Law

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Professional Service And Zealous Advocacy For Clients Across North Carolina

Do You Have A North Carolina Estate Plan?

Estate planning is essential for anyone with assets to protect and loved ones to provide for, not just those growing older. At Bain & McRae, LLP, our comprehensive services include estate planning, business succession planning, estate administration, help with elder law matters and tax planning. We have provided counsel, advice and legal representation for generations of families. Our attorneys are here to guide you on how estate planning tools can support your goals now and in the future.

Long-Term Care Planning In North Carolina

Long-term care planning involves preparing for the future to ensure you receive the necessary care while protecting your assets. Without guidance from an experienced lawyer, you might make costly mistakes, such as violating Medicaid’s lookback rules, which can result in penalties or disqualification from benefits.

In North Carolina, Medicaid is a primary funding source for long-term care. However, qualifying for Medicaid requires meeting strict income and asset limits. Key strategies for Medicaid planning include:

  • Reposition asset holdings: Legally repositioning assets to meet eligibility requirements to protect your assets from being depleted by nursing home or long-term care expenses.
  • Irrevocable trusts: You may be able to establish an irrevocable trust to protect assets while still qualifying for Medicaid. Transferring assets into a trust to prevent them from being counted for Medicaid eligibility must be completed within a specific time limit; currently, the lookback period is five years.
  • Life estates: Transferring title to your property while retaining the right to live there.
  • Long-term care insurance: Do you have enough? Have you bought too much? We will help you find a balance in buying policies to cover potential care costs.
  • Gifting: Strategically gifting assets within Medicaid’s lookback period may reduce taxable estate and help you qualify for benefits.

We understand the complex state and federal laws and will create strategies tailored to your unique situation.

Personalized Estate Planning

We can assist in drafting essential legal documents, such as:

  • Durable power of attorney: Appoint a trusted individual to make decisions on your behalf in case of incapacity.
  • Living will: Express your wishes about natural death if you are terminally ill.
  • Health care power of attorney: Appoint a trusted person to make medical decisions for you.
  • Last will: Specify the distribution of your assets after your death and appoint a guardian for your minor children.
  • Revocable and irrevocable trusts: Facilitate the direct transfer of assets to beneficiaries, bypassing probate’s time, expense and publicity.
  • Special needs trusts: Ensure Medicaid coverage for individuals with special needs.
  • Asset protection strategies: Asset protection protects your hard-earned wealth from excessive taxes, creditors or long-term care costs.
  • Tax planning: Minimize estate and other taxes to maximize the assets distributed to your beneficiaries.

In addition to tax planning, our attorneys represent businesses and individuals in tax disputes with the Internal Revenue Service (IRS) and the North Carolina Department of Revenue. We have experience handling cases involving nonfilers, tax audits, innocent spouses and other tax issues.

We also offer assistance for business succession planning to ensure a smooth transition of a family-owned business to the next generation.

Estate Administration In North Carolina

Grief and a certain amount of chaos after the death of a loved one make it difficult for families to know what exactly needs to be done. Questions abound. Did your loved one have an estate plan? Where is their will or trust? Who do you call to find out?

At Bain & McRae, LLP, we help families with probate and estate administration. We assist and guide the executor through the filing of inventories, accountings and tax returns. Depending on the nature of your loved one’s estate, you may find yourself in court contesting parts of their estate plan. We can help you with that. Our civil litigation attorneys have more than 60 years of combined legal experience.

Call Bain & McRae, LLP, Today

Our knowledgeable attorneys will be at your side, guiding you through the legal intricacies of planning for your future. This peace of mind lets you focus on enjoying your golden years without the stress of potential financial burdens. For more information, contact us. Call our Lillington, North Carolina, office at 910-239-8184. Bain & McRae, LLP, is next to the Harnett County Courthouse.