As you prepare for a vacation, updating your estate plan may not be on your checklist, but it’s a crucial step–especially for seniors concerned about Medicaid planning in North Carolina.

Unexpected events can occur at any time. Ensuring your estate plan is current can provide peace of mind, knowing your affairs are in order and your assets are protected. 

Medicaid Planning in North Carolina

Medicaid planning involves structuring your finances to qualify for Medicaid while preserving your estate. Without proper planning, you may need to spend down your assets to qualify, significantly impacting your financial security and legacy.

Key Documents to Review

  1. Will and Trusts
    • Ensure your will reflects your current wishes and includes recent changes in your family or financial situation.
    • Review any trusts, especially if they are part of your Medicaid planning strategy.
  1. Durable Power of Attorney
    • This document allows someone you trust to manage your financial affairs if you become incapacitated. Make sure it’s up-to-date and names a reliable agent.
  1. Healthcare Power of Attorney and Living Will
    • These documents specify your healthcare preferences and appoint someone to make medical decisions on your behalf if you’re unable to do so.
  1. Beneficiary Designations
    • Review the beneficiaries on your retirement accounts, life insurance policies, and other financial accounts.

Special Considerations for North Carolina Seniors

North Carolina has a 60-month look-back period for Medicaid eligibility​​​​​​. Any significant gifts or transfers made within this period can affect your eligibility. Updating your estate plan ensures compliance with Medicaid rules and helps avoid penalties.

Final Steps

  1. Consult with an Elder Law Attorney
    • Schedule a meeting with an elder law attorney experienced in Medicaid planning.
  1. Organize Your Documents
    • Ensure all your estate planning documents are easily accessible.
  1. Communicate Your Wishes
    • Have conversations with your family and appointed agents about your wishes and the importance of Medicaid planning.

Contact an Experienced North Carolina Estate Planning Attorney

If you need help updating your estate plan and protecting your assets for Medicaid, contact Salines Mondello Law Firm in North Carolina. You can schedule your consultation today by visiting Salines Mondello Law Firm or calling (910) 777-5734.