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What is Elder Law in New York 2024?
elder law

WHAT IS ELDER LAW?

Understanding Elder Law in New York 2024 As individuals age, their legal needs evolve, requiring specialized expertise in areas affecting their health, assets, and legacy.

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All About Trusts and Wills in New York
Estate Planning

All About Trusts and Wills in New York

Understanding Trusts and Wills in New York: Essential Tools for Estate Planning Planning for the future requires careful attention to detail, especially when it involves

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Attorney for Wills and Trusts
Estate Planning

Attorney for Wills and Trusts

Discover expert guidance for Wills and Trusts in New York. Morgan Legal Group provides personalized estate planning for peace of mind.

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Different Types of Wills in New York
Estate Planning

Different Types of Wills in New York

Understanding Different Types of Wills in New York Wills are critical estate planning documents that allow individuals to express how they want their assets distributed

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Common Probate Issues In New York
Estate Planning

Common Probate Issues In New York

Common Probate Issues Probate is a legal process that occurs after an individual passes away, involving the distribution of their assets according to their will,

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Estate Planning Tips in New York - Morgan Legal Group
Estate Planning

Estate Planning Tips:

Estate Planning Tips in New York Estate planning is a vital process for ensuring that your assets are protected, your healthcare decisions are respected, and

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Guardianship Attorney in NYC
Guardianship

Guardianship Attorney

Guardianship Attorney in NYC In New York City, the need for guardianship arises when an individual can no longer make decisions for themselves due to

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Estate plan involves important decisions and plans over your future and that of your loved ones. Estate plans,  concerns what happen to your assets, finances  both while you are alive and well or dead, how you want to share your assets to family, children or spouse, who takes over making certain important decisions for you in cases of mental incapability and lastly transfer of ownership of a property.

Through a number of documents, you can save your finances and prevent them from been ruin. Although it is advised you consult Estate planning New York Lawyers to help you with the appropriate document inclusion. 

Understanding revocable trust

Revocable trust, also known as living trust are effective tools to avoid probate and to ensure the safety, protection of your estate even after transferring them to desired beneficiaries. Through living trust, you can have anyone whom you solely desire manage and make financial decisions over your assets both while you are alive or dead as well as when you become mentally incapacitated. Although, living trust are in various forms and as such require knowing the right documents, the legal procedures to filing this documents, and consequently you understand the basics of the living trust.

However, consulting an estate attorney, while making estate plans, can make the process of trust plans less complicated. Trust are important to ensure that you and loved ones or benefactor, have their financial future covered.  

Nevertheless, asides from easing the burden and excess cost on you and your loved ones, there are few things you should know about the revocable trust.

You don’t need to put all your asset into a trust

Assets with named beneficiaries such as bank accounts, retirement accounts are usually passed directly to beneficiaries without probate. As such, you don’t need to name them in your trust. However, in some cases, for example, when a child is a named as primary beneficiary on a life insurance, guardianship may be required. However, when the beneficiary is named in the trust, you can specify how and when you want the asset distributed.

Revocable trust is different from a will

A revocable trust is different from will. This distinction can be seen in the way each documents are executed and their benefits. Living trust are legal documents through which you place your assets for protection and also easy transfer of estate to appointed beneficiary called the successor trustee. A will however, is a written legal document with a plan to distribute your assets upon your death. More importantly, creating a trust doesn’t get you out of writing a will. 

Making a decision between a Trust and a Will comes down to personal decisions on your estate plan. There are various types of trust, the irrevocable and revocable trust. 

Revocable Trust prevents unwanted guardianship

In the process of creating a living trust, you name a trustee, who takes over making financial or medical decisions for you when you are unable to dos so. This trust is only implemented when you become incapacitated. A court proceeding would no longer be needed for establishing guardianship and appointing a legal guardian for you. Your trustee as stated in the revocable trust would step into this decision making duty of managing your estate and other affairs. Furthermore, you can also use the living trust to name a suitable and desired guardian for a child.

Exceptions of revocable trust

No tax savings: even though the assets transferred into the revocable trust would be out of the grantor’s probate estate, estate taxes would still be charged. However, to enjoy and avoid excessive taxes, an irrevocable trust, should be used. Under the IRS law, the only trust that avoids estate taxes is the irrevocable trust. 

 No asset protection: since the type of living trust allows the grantor the power to revoke the trust, there is no guarantee on asset protection. Revocable trust allows the trust maker to revoke and change any beneficiary named on a trust. 

Contact an estate planning attorney close to you

It is important to seek professional help from the estate planning lawyer. Greatly experienced in Trusts and estates, he’ll offer you professional advice and help in creating a trust that serves your estate goals. Are you living anywhere with the zip code 10040? Contact a close New York Estate planning attorney today.

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