Russel Morgan - Estate Planning Lawyer in NYC

A conservator is somewhat similar to guardianship but with much stricter rules. This person needs to be the guardian first or a child’s caretaker signing a document of ownership. Types of ownership include the child’s prospective property, art, or other states of rights that the child owns. It all belongs to the parent or guardian. A conservator either protects or cares for the individual from any violation that could occur.

Any kind of trust gives your estate and everything you own that’s named an asset safe with legal security. Trust is more of a preparation that excludes all kinds of probates included.

An executor’s deed is to follow instructions on the Will that a person has written. What needs to be done is to file it to a proper estate plan attorney to do these deeds.

Ways to protect assets from lawsuits are to build your trust or any other plan that gets a lawyer involved. Different ways to protect your assets are filing your retirement accounts, getting insurance, and other business benefits.

A stretch IRA could benefit your future generations of family with your wealth. For instance, if you have extra benefits or money in your account after setting payments towards beneficiaries, you can add another beneficiary by including a future transfer payment to anyone, even considering non-spousal charges default. These payments can go from 5 years to 10 or however long as you want.

Something like this can be proven by a medical report, audio file, photos, or even showing up in person.

A funeral trust offers a money plan to set up a burial service and payments towards funeral expenses after you pass. Trust can be valid because of paying for your services instead of having your family do it and pay for the entire thing, which can cost them thousands of dollars. This plan is preferably needed to ensure an easier time when it’s already a depressing one.

It is appropriate for those who want to keep and manage their home with their assets to get an estate lawyer. An estate lawyer will give you the knowledge needed and possibly add one to your document for extra security. To make an estate plan, it is already required to get an estate lawyer.

If someone dies without a Will, then those in the family are most likely to have a court battle to obtain certain assets. This can be a long and expensive process since nothing has been planned. The final decision will be made in court as well, and if things need to be changed, then it’s another long, expensive process. A Will is crucial in making things work more smoothly.

After someone dies in the family, make sure you go through their debts before going through their assets. Then take those assets and try to pay all those debts so you won’t have to. This can include funeral costs and list beneficiaries for monthly payments for those who need it. Another way is to see if they have an estate plan. With an estate plan, everything that needs to be done is already listed, and beneficiaries.

Probate is when the court needs to approve any plan you’ve made unless you’ve made a trust. This can be a long and expensive process, so avoiding probate would be a good plan.

Trusts is extra security you can add to your document. Those who are the trust holder are responsible for how assets are distributed. A trust keeps hold of all your assets and allows you to keep everything in the palm of your hand. A trust can also be private as no one would know you have one.

A power of attorney is when you assign a lawyer to take care of your future needs, this is done when you make an estate plan.

Elder law is the study of Eldercare for those who may need it and protection from those who may be after everything you own. This can also involve future medical needs and protecting your assets or staying within your home.

MLTC healthcare means “Managed Long Term Care,” and this provides care for those who are disabled or elder. This healthcare is provided with an estate plan, and an estate lawyer can provide all the benefits it can give you. MLTC healthcare is essential when you want any specific needs or whenever you’re unable to care for yourself, so plan today.

A Will isn’t valid unless the writer and his two witnesses sign it. So make sure you have two people willing to sign the document and appreciate what’s being done. You can also ask one of the witnesses to hold a copy for you if the Will gets lost or destroyed.

Some qualifications for Medicaid in N.Y. would have to be an N.Y. citizen or resident with a low income. This also, of course, requires you to have a reason why you need to apply for Medicaid.