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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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Before we delve into what an estate plan is, why don’t we begin by defining an estate?

An estate comprises of all the own when you eventually leave this world. Your estate includes

  • Securities like stock
  • Your bank accounts
  • Personal things such as cars, sculptures, artifacts, etc.
  • Real estate

Estate Planning

You need to have an estate plan if you want your assets to be managed and distributed based on your wish after your demise. An estate plan can also cater for your health needs should you become incapacitated along the way.

When you kick the bucket, your assets won’t follow you to the grave; they’ll need new owner, possibly your family and loved ones.  Estate planning can help guarantee the financial security of your family and love ones. With this plan you can easily designate a guardian for your little children should anything happen to either parent. 

Estate planning is quite broad, probably broader than you ever imagined. It is far more than writing a will that states the beneficiaries of an estate including the portion each beneficiaries are to inherit. An estate plan encompasses several plans that are all aimed at ensuring a smooth transfer of your assets to the designated beneficiaries, relieving your family and loved one from unnecessary tax, etc.

If you die without an estate plan, you will be putting your family and everyone you care about in disarray. There will be lawsuits and misunderstandings that might tear the family apart. Also, since you failed to create an estate plan which usually contains instructions regarding ones estate, the government will have no choice but to step in. Your assets will be shared and managed based on the intestate law of New York.

What is a will?

This is a very significant aspect of an estate plan. A will contains ones wishes regarding his or her estate. It also contains other important information such as the names of the estate beneficiaries, the name of the estate executor, the assets the estate owner owns, how the estate owner wish to be buried, etc.

How can an estate plan be of assistance?

Most Americans are yet to fully understand the importance of an estate plan. An estate plan should be very important to you if you value your future and the future of those you care about, especially your children. Aside from being used to transfer and preserve family wealth, estate planning can be of great help to you should you become incapacitated.

An estate plan can help with a variety of arrangements that can come in handy after death or incapacitation. This plan can:

  •  Help in indicating those individual you wish to inherit a portion of your estate.
  • Can ensure that your properties are passed down to the designated beneficiaries as quickly as possible with less legal complications.
  • Can lessen the amount of taxes that is needed for the smooth transfer of your assets to the designated beneficiaries after your demise
  • Can help you avoid the stressful, expensive and time-consuming probate process.
  • Help you arrange for how you wish to be cared for when you aren’t capable of making decisions yourself
  • Can help you make your funeral arrangement. If you wish to be cremated after your death, you can state it in your estate plan. Or if there is particular place you wish to be buried after your death, you can as well state it in your estate plan, or you will-to be precise.

Estate Planning Lawyer

When planning your estate, you may require the help of an expert. An estate planning attorney boast of the necessary skills, knowledge, and experience to walk you through the estate planning process. With the assistance of the attorney, you will plan an estate that conforms to your wishes and the laws of your state. 

If you live in New York and you have finally decided to plan your estate but you need advice or assistance on how to get it done easily, you can contact us. We will provide you with the best estate planning attorney.

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