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Major Reasons for Guardianship in New York
Estate Planning

Major reasons for guardianship

Major Reasons for Guardianship in New York Guardianship is a legal process in which a court appoints an individual, known as a guardian, to make

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Will an Attorney in New York
Estate Planning

Will Attorney New York

Will an Attorney in New York: Protecting Your Future Creating a will is one of the most important steps to plan for your future and

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Guardianship in New York
Estate Planning

Guardianship in New York

Guardianship in New York: Understanding the Process and Importance In New York, the guardianship process is a legal mechanism designed to protect those who are

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Understanding the Probate Process in New York
Estate Planning

Probate New York Lawyer

The Probate Process in New York: A Comprehensive Guide The probate process is often a challenging time for families as they cope with the loss

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Comprehensive Medicaid Trust Planning in New York
Estate Planning

Medicaid Trust New York

Probate Lawyers in NYC: Guiding You Through the Probate Process The probate process can be complex and overwhelming, particularly during a time of grief. At

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Experienced Probate Lawyers in NYC
Estate Planning

Probate Lawyers NYC

Probate Lawyers in NYC: Guiding You Through the Probate Process The probate process can be complex and overwhelming, particularly during a time of grief. At

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Estate Planning

Probate Lawyers New York

Probate Lawyers in New York: Your Guide Through the Process At Morgan Legal Group, we understand the complexities and emotional challenges of managing the estate

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Estate Planning

Estate Planning and Probate

Estate Planning and Probate At Morgan Legal Group, based in New York City, we specialize in estate planning, probate, guardianship, elder law, wills, and trusts.

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Estate Planning

Estate Planning and a Last Will

Estate Planning and a Last Will in New York At Morgan Legal Group, located in New York City, we specialize in estate planning, probate, guardianship,

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elder law

Importance of Elder Law Attorney

Importance of Elder Law Attorney in New York At Morgan Legal Group, located in New York City, we specialize in estate planning, probate, guardianship, elder

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Estate Planning

Guardianship Lawyer Queens

Guardianship Lawyer in Queens, New York At Morgan Legal Group, located in New York City, we specialize in estate planning, probate, guardianship, elder law, wills,

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Estate Planning

Guardianship Lawyer Long Island

Guardianship Lawyer Long Island, New York At Morgan Legal Group, located in New York City, we specialize in estate planning, probate, guardianship, elder law, wills,

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Video Game Actors Go On Strike
Estate Planning Law

Video Game Actors Go On Strike

Hollywood’s video game performers went on strike Friday after negotiations with major game studios came to a halt over artificial intelligence protections. Russel Morgan, a

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Estate Planning

Understanding the probate process

Understanding the Probate Process in New York At Morgan Legal Group, located in New York City, we specialize in estate planning, probate, guardianship, elder law,

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Estate planning

Estate planning is a very important and delicate matter, one that shouldn’t be done in a hurry. Care should be taken to consider all the properties you own, how these properties are owned, and how to designate beneficiaries for each property. While planning for the distribution of assets after death, what about when something happens to you than renders you incapable of making your own decisions, such as Alzheimer’s, Dementia, or any other terminal disease or accident? Who would stand in your shoes to handle your affairs? All these are always at the forefront of the thoughts of the estate planning lawyer New Jersey. He has worked with several clients all over New Jersey and knows how best to go about estate planning, such that it covers all possible situations and protects your interests and those of your heirs.

Estate planning documents that the estate planning lawyer New Jersey will help you create

1. Will

A will is a basic estate planning document used for wealth transfer. The estate planning attorney will listen to your wishes; how you want your assets transferred, and who you desire to receive from your possessions. He would also help you take into account all assets and accounts which you own, and how you can include such assets into your will. Will creation requires certain formalities which must be strictly adhered to, and the estate planning lawyer NJ will help you avoid mistakes associated with creating wills.

2. Trusts

A trust is created by the Grantor (the owner) and left in the hands of the trustee, to hold and manage for the benefit of the beneficiary. A trust goes into effect as soon as assets are transferred in to the trust. Whereas a will passes through probate, a trust does not.

There are basically two kinds of trusts viz.: Revocable trust and irrevocable trust

Revocable trust

A revocable trust, often called a revocable living trust or simply living trust, is a kind of trust which can be changed or terminated at any time during the lifetime of the Grantor. For this reason, the assets put into the trust do not fully take the name of the trust, but are still regarded as owned by the Grantor. You as the Grantor can be the trustee (holder) of your own living trust until you die. At death, a successor trustee whom you have named in the trust will then be in charge of the trust. The assets contained in the trust will pass to your beneficiaries without going through probate, and this saves costs and time, making the revocable trust a better alternative to a will. But a revocable trust does not avoid estate taxes. If you wish to avoid estate taxes, then the estate planning attorney can help create an irrevocable trust.

Irrevocable trust

This kind of trust can never be changed or terminated once created. That is, once you transfer assets into the irrevocable trust, they cease to be yours. This means that every tax or debt that normally would have affected them due to your ownership would be nullified. So if this is your wish, you can have the estate planning lawyer New Jersey effect an irrevocable trust for you. Since the assets would no longer be within your reach, he’ll advise you on what asset to include and those not to. Irrevocable trust gives full asset protection and avoids probate as well.

3. Pour over will

In some cases, you may need to use your assets up till your death, yet you desire to put them in a trust (which hinders you from using the asset). To make this possible, the estate planning lawyer New Jersey will help you create a pour-over. This will gives instructions that your assets be transferred into a trust immediate you pass away.

4. Durable power of attorney

The estate planning attorney will also help you create a durable power of attorney, which allows you to appoint a competent individual who you trust to make medical and/or financial decisions on your behalf, in the event you become incapable of making them yourself.

5. Living will

You may decide to or not to be placed on life-support when you fall into a vegetable state or terminal condition. Such wishes and instructions are stated in a living will.

Contact the estate planning lawyer New Jersey for the best estate planning services in New Jersey

The estate planning lawyer New Jersey has your best interests at heart. Seeing his clients and their loved ones satisfied is what drives him. He’ll also inform you when there’s need to update your will or estate plan. When you hire the estate attorney, you can rest assured that your heirs would get exactly what you desire for them. Hesitate no further; contact the estate planning lawyer New Jersey today.

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