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Can the President Remove the Fed Chair? Legal Perspectives
Publications

Can the President Remove the Fed Chair?

Understanding Presidential Powers Over the Federal Reserve With growing discussions around the President’s influence over the Federal Reserve, the question of whether a sitting president

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Legal Insight on YouTube Allegations
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Legal Insight on YouTube Allegations

Cancel Culture: Legal Insight on Rosanna Pansino’s FBI Report Against MrBeast In the rapidly evolving social media landscape, allegations and accusations can surface quickly, often

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Understanding Wills and Trusts in New York
Estate Planning

Wills and Trusts New York

Understanding Wills and Trusts in New York Wills and trusts are essential tools for estate planning in New York. Each serves distinct purposes and offers

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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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Myths and misunderstandings regarding estate planning

Estate planning isn’t what you say it is. There are many estate planning misconceptions and misunderstandings that have confused and hindered the minds of several people from doing what they need. It is often good to do some analysis yourself, but nothing works best than planning with an estate planning attorney. The estate planning specialist will direct you through many years of experience doing real estate planning in New York to create the right estate plan that leaves no room for doubt or misunderstanding. Some of the myths and misconceptions of estate planning includes the following:

Myth one: I can use a will to distribute all my property

With this myth in the heart of many, they create only a Will in their estate plan, thinking it would suffice to handle every of their assets. However, this is not true. A will only controls how assets “in your name ONLY” will be distributed. Assets which are jointly owned such as joint accounts, as well as retirement plan and life insurance proceeds with beneficiary designations, will all pass outside the will.

Myth two: Its better I draft my will when I'm much older

People hold on so much to this fallacy that they end up not creating a will at all because death or mental incapacity showed up. Laying out guidelines now that you can, will go a long way in helping your surviving family know what to do in the event something bad happens to you. If you have minors, it is good you name a guardian for them in your will now. While it is good to be positive, bad things still happen unexpectedly. Mourning the death of a loved one is traumatic enough, not to talk of adding the headache of having no clue as regards the deceased last wishes.

Myth three: Estate planning is only about asset distribution after death

While estate planning revolves around protecting your property and deciding what happens to them after your death, it also entails planning for what happens to your estate when you become old and unable to run your own affairs. In that light, there are estate planning documents which offer great importance during your lifetime such as:

  • A Durable Power of Attorney with which you appoint who makes financial decisions on your behalf when you’re unable to do so yourself
  • A revocable living trust with which you can transfer assets to beneficiaries during your lifetime, as well as appoint a trustee who can act as your conservator when you become incapacitated

Myth four: Estate planning is too expensive and complicated

This is just another estate planning misconception. While naming beneficiaries, creating trusts and Powers of attorneys as well as tax planning can seem like a daunting affair, failure to do these things would incur more cost for you in the future. Not creating a trust would mean your estate losing money for probate expenses and estate tax. Not creating powers of attorney would mean having to go through Guardianship and Conservatorship process in court, and your business may suffer huge losses when you fail to appoint a trusted and competent hand. The estate planning attorney does not make his fees the priority, but ensuring that your desires are met.

Myth five: Estate planning is for the wealthy

There is need for you to set up certain protocols by which your assets — no matter how small — would be passed down to your heirs, ensuring that confusion and strife do not arise among them. When you leave your loved ones without stating who gets the car or the house, they may end up contesting for it, leading to unnecessary court cases. A proper estate plan gives you the chance to plan for your end-of-life situations and ensuring that your loved ones obtain financial security from your assets when you pass away.

Estate Planning Attorney near me 10128

Estate plans are not a one-size-fit-all affair. Hiring an experienced estate attorney near you is highly crucial, as he certainly would be well-versed in the common problems in your area. Do you live within zip code 10128? Are you looking for an estate planning attorney near you? Contact an estate planning attorney near you.

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