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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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Are you looking for the best Estate Planning Lawyer in Queens? Contact us! Over the years, we have become reputable for offering impeccable estate planning services in Queens.

We execute holistic estate planning that covers:

  • Efficient asset transfer
  • Asset management during incapacity
  • Long term care
  • Guardianship
  • Tax planning
  • Probate minimization and administration, and
  • Asset protection, among others.

Our aim is to give you the peace of mind knowing that you, your loved ones, and your possessions will be well catered to when something happens to you in the future.

Call us for expert assistance from an estate planning lawyer Queens.

Asset transfer

You most likely are already thinking about how you would want your hard-earned possessions transferred when you die. You possibly have a spouse and children with a list of assets. While you can rush and state who receives what, your lawyer is there to assess your assets and situation to know how best to distribute these assets.

For asset transfer, our estate planning lawyers can either use a will, trust, or both.

Will: A will is a basic estate planning document on which you express your wishes concerning how you want your assets distributed when you are gone. You can decide to leave assets for anyone of your choice, including your spouse, parents, children, grandchildren, friends, charity, or even strangers. It is easy and cheap to create but is not efficient for complex estates.

For example, if you own property in multiple states and you allocate them in your will, then probate will be conducted in each state for the property owned there. Probate in one state is problematic and expensive enough, talk more of having a multiple. To avoid such complexities, it’s best to use a trust.

Probate minimization through living trust execution

Probate is a problematic legal process that takes place when someone dies leaving estate. It is typically lengthy, costly, and time-consuming in Queens. But all of that depends on the nature of the estate passing through probate. The higher the value, the more complex probate tends to be. If that’s your case, you wouldn’t want your survivors to go through the stress before they can inherit your property.

Typically, all assets passed via a will will pass through probate. Depending on the complexity of your estate, a good estate planning lawyer will suggest handling your valuable assets in a living trust so that those passing through probate will be minimized (if all can’t go through the trust). All assets passed in a trust avoid probate.

Incapacity planning

By establishing a document known as power of attorney, an estate planning lawyer can help you appoint someone to manage your affairs when you become unable to manage them yourself. This person, your agent or attorney-in-fact, may make financial or healthcare decisions for you as you authorize in the document.

We advise creating a durable financial power of attorney and healthcare power of attorney now that you are competent. A durable power of attorney is one that does not become inactive due to incapacity. On the contrary, your agent can step into your shoe and manage your affairs any moment you become incapacitated. This avoids your estate from suffering huge blows if there’s no competent person authorized to step up immediately.

If there’s no incapacity plan in place, then your loved ones would have to seek guardianship over you when you become incapacitated, and this takes time and money.

Asset protection

If you have too many debts, chances are your loved ones would have almost nothing to inherit when you pass away. But you can avoid that by holding your valuable assets in an irrevocable trust. Irrevocable trusts offer asset protection in that you, your creditors, tax, nursing home, and others who would normally have a claim to your property would no longer be able to reach it. Hence, your beneficiaries would receive the full value of your possession tax-free when you die. Also, even when you are involved in a lawsuit, your shielded assets cannot be used as settlement.

Guardianship

If you leave behind minors, these ones are not allowed to inherit by NY laws. To protect their interests, your lawyer will help establish guardianship in your will, whereby your appointed individual will manage assets for your minors until the come of age to inherit.

If you also have an elderly loved one who needs to be looked after because of their disability, we also represent you in guardianship application.

Long term care planning

Looking forward to staying or putting your elderly loved one in a nursing facility is a big step that requires empathy and planning. Our elder law attorneys are always ready to assist you, ensuring you get the right care from the facility without being taken advantage of.

Contact us today for expert assistance from the best estate planning lawyer Queens.

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