Your Trusted Estate Planning Partner in New York
CEO & Founder of Morgan Legal Group
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About Us
At the Morgan Legal Group PC, our focus is tailored to each client’s specific needs and requests. Our team of trained professionals can handle complex legal matters and take pride in providing qualitative personalized service. In addition, unlike many large assembly-line law firms, the client gets to speak to an attorney whenever they have a question.
Our strength is our ability to work hand in hand with our clients and achieve our common goals together in a fast-paced environment, whether your needs or urgent.
Our team takes pride in promptly returning any and all phone calls, emails, and other inquiries from each of our clients on the same day or at the time the client requests.
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Why Choose Us
Specialization and Expertise:
Emphasize the firm's specialization in estate planning. Highlight the depth of knowledge and experience your attorneys possess in this specific area of law. Clients often seek experts who can provide tailored solutions to their estate planning needs. Mention any certifications or advanced training your team has in estate planning, which can boost client confidence.
Comprehensive Approach:
Explain how Morgan Legal Group takes a comprehensive approach to estate planning. Detail the various services you offer, such as wills, trusts, powers of attorney, and healthcare directives. Let clients know that your firm can handle the entirety of their estate planning needs under one roof, ensuring all aspects of their financial and healthcare wishes are accounted for.
Legacy Preservation and Asset Protection:
Illustrate how Morgan Legal Group focuses on preserving and protecting the client's legacy and assets. Explain the strategies and tools your firm employs to help clients minimize estate taxes, avoid probate, and ensure a smooth transition of assets to beneficiaries. Share success stories or case studies that demonstrate your firm's ability to help clients safeguard their wealth and provide for future generations.
Questions And Answers
Estate planning refers to arranging and organizing an individual’s assets and affairs to ensure their proper management during their lifetime and the smooth distribution of those assets after their death. It involves making legal and financial arrangements to protect and transfer assets according to their wishes while minimizing potential taxes, fees, and conflicts.
Estate planning typically involves the following elements:
Will or Trust:
A will is a legal document specifying how a person’s assets should be distributed upon death. Trusts, on the other hand, are legal entities that hold and manage assets for the benefit of beneficiaries according to the terms set by the trust’s creator. Wills and trusts are fundamental components of estate planning.
Power of Attorney:
A power of attorney document appoints a trusted individual (known as an agent or attorney-in-fact) to make financial and legal decisions on behalf of the person creating the document. This is crucial for situations where the individual becomes incapacitated or unable to manage their affairs.
Healthcare Proxy or Advance Directive:
These documents appoint someone to make medical decisions on the individual’s behalf in case they cannot do so. They can also outline the individual’s medical treatment and end-of-life care preferences.
Beneficiary Designations:
In estate planning, individuals may designate beneficiaries for their retirement accounts, life insurance policies, and other financial assets. These designations specify who will receive the assets upon death, bypassing the probate process.
Tax Planning:
Estate planning often involves strategies to minimize estate taxes and maximize the transfer of assets to beneficiaries. This may include using trusts, gifting methods, and other tax-efficient planning techniques.
Guardianship Designations:
For individuals with minor children, estate planning allows the appointment of a guardian to care for and make decisions on behalf of the children if both parents pass away.
Conclusion
Estate planning is a highly personalized process considering an individual’s unique circumstances, family dynamics, and financial goals. Therefore, consulting with an experienced estate planning attorney or professional is essential to create a comprehensive plan that aligns with your specific needs and ensures your wishes are carried out effectively.
The purpose of estate planning is to ensure that your assets and affairs are managed and distributed according to your wishes during your lifetime and after your death.
Estate planning serves several important purposes:
Asset Distribution:
Estate planning allows you to determine how your assets, including property, investments, bank accounts, and personal belongings, will be distributed among your chosen beneficiaries or heirs. It provides a legal framework to specify who will receive what and what proportions, avoiding potential disputes and uncertainty among family members.
Minimize Taxes and Expenses:
Through estate planning, you can implement strategies to minimize estate taxes, gift taxes, and other potential costs associated with the transfer of assets. Proper tax planning can help preserve more of your assets for your beneficiaries and reduce the financial burden on your estate.
Protecting Loved Ones:
Estate planning allows you to provide for the financial well-being and care of your loved ones, including minor children, elderly or disabled family members, or individuals with special needs. For example, you can designate guardians for minor children, create trusts to manage and protect assets for beneficiaries and establish provisions for healthcare decisions and end-of-life care.
Avoiding Probate and Maintaining Privacy:
A well-crafted estate plan can help your loved ones avoid or streamline the probate process, reducing the time, costs, and complexities associated with court-supervised probate proceedings. Additionally, specific estate planning tools, like trusts, can help maintain privacy by keeping your asset distribution details out of public records.
Business Succession Planning:
If you own a business, estate planning allows for the smooth transition and succession of your business interests. You can designate successors, create a plan for the management or sale of the business, and minimize disruptions to its operations.
Planning for Incapacity:
Estate planning involves preparing for incapacity or disability during your lifetime. Through documents like powers of attorney and healthcare directives, you can appoint trusted individuals to make financial and medical decisions on your behalf if you cannot do so.
Philanthropic Goals:
Estate planning can also include charitable giving and supporting causes that are important to you. By having charitable bequests or creating charitable foundations or trusts, you can leave a lasting impact and support the organizations or causes you to care about.
Conclusion
By engaging in estate planning, you can have peace of mind knowing that your assets will be distributed according to your wishes, your loved ones will be provided for, and potential complexities and conflicts will be minimized. It is advisable to consult with an experienced estate planning attorney or professional to ensure your estate plan is tailored to your specific goals and circumstances.
Estate planning and Will planning are very different methods to get the best out of your assets in the future, although they are complementary and work together. Drafting a Will is an estate planning process, while Estate Planning can be achieved by drafting a will and using other tools such as a Power of Attorney, a Trust, and a Healthcare Proxy. Estate planning and Will planning each purport to set clear instructions to the court or your fiduciary regarding how your assets are. Will be distributed upon your death, but estate planning can go even further by resolving questions to come in the future regarding your health, finances, incapacity, and your living conditions.
It depends on your needs, objectives, and goals. Both a Will and a Trust Agreement are estate planning tools, but they serve different purposes. If they can work together or refer to one another in a logic of general estate planning, a Will and a Trust agreement remain very separate documents with significant differences.
The most apparent difference between a Trust and a Will is that a trust is effective upon its duly execution, as the grantor is alive. At the same time, the last will has effect only upon a testator’s death and proper probate proceeding.
If an individual dies without a Will, their property has to be distributed and passed as per the state’s laws of intestacy where the decedent was permanently residing before his death. For example, in New York State, if a decedent who died without a Will had a spouse and children, the spouse will be entitled to a portion of the decedent’s estate. Under such circumstances, the spouse will receive $50,000 in assets and half of the estate, while the decedent’s children will get the other half to be divided among them. If the decedent had a spouse but no children, the spouse will be entitled to the entirety of the estate.
If the decedent had no living children or spouse, his estate will pass to his grandchildren. Absent grandchildren, the decedent’s estate will be distributed to his parents. If the decedent’s parents are not alive, the decedent’s property will pass to the decedent’s siblings or their children…etc.
The cost of estate planning can vary based on your needs, objectives, financial situation, and attorney’s expertise. Therefore, your attorney needs to evaluate these factors before setting a price for the drafting and execution your Estate Planning documents.
Attorneys at Morgan Legal Group P.C. offer a free initial consultation to precisely assess your needs and discuss the cost of your Estate Planning.
If set and drafted correctly, a trust instrument offers several advantages by an experienced and specialized attorney. For example, a trust enables you to decide how your assets will be distributed before or after your death; it allows you to significantly and legally reduce applicable taxes such as gift taxes. In addition, it will enable you to protect your assets generally and let you name a person of trust (a fiduciary or trustee) who will manage your investments for you and under the directions set in your faith.
In other words, having a Trust can benefit you in many different yet effective ways.
Probate is the legal process through which a deceased person’s estate is administered and distributed to their beneficiaries or heirs. It is a court-supervised procedure that validates and executes the instructions outlined in the deceased person’s will (if there is one) or determines the distribution of assets according to intestacy laws (when there is no will).
The primary goals of probate are to ensure the proper management of the deceased person’s estate, pay any outstanding debts or taxes owed by the estate, and ultimately transfer the assets to the rightful beneficiaries.
The probate process typically involves the following steps:
Filing the petition:
The process begins by filing a petition with the probate court in the jurisdiction where the deceased person resided at the time of their death. The petition seeks to open the probate proceedings and appoint an executor or personal representative to oversee the estate.
Notifying interested parties:
Notice is given to all beneficiaries named in the will, as well as to any creditors or other interested parties who may have a claim against the estate.
Validating the will:
If there is a will, the court examines its validity. This includes confirming that it meets the legal requirements, such as being properly signed and witnessed. If the will is deemed valid, it is accepted for probate.
Inventory and appraisal:
The executor or personal representative identifies and catalogs all the assets and debts of the deceased person’s estate. This may involve obtaining appraisals of certain assets to determine their value.
Debt settlement:
The estate’s debts and taxes are paid using the assets of the estate. This includes settling outstanding bills, notifying creditors, and addressing any valid claims against the estate.
Asset distribution:
Once the debts and taxes are settled, the remaining assets are distributed to the beneficiaries as outlined in the will or determined by the laws of intestacy.
Closing the estate:
After all the necessary steps have been completed, including filing the required reports and tax returns, the probate court approves the final distribution of assets and officially closes the estate.
Conclusion
It’s important to note that probate laws and procedures can vary from jurisdiction to jurisdiction. Some jurisdictions have simplified or streamlined probate processes for small estates or offer alternatives to traditional probate, such as “small estate affidavits” or “transfer-on-death” designations. Consulting with an attorney who specializes in probate law can provide specific guidance based on the laws applicable in your jurisdiction.
The purpose of the probate proceeding is to obtain a Court’s confirmation that the decedent’s Will is valid, properly executed, and attests that the decedent was competent when making their decisions to distribute their property to designated individuals.
As well as establishing the validity of the Will, a probate proceeding will confirm that the nominated executor is authorized to act as the executor of the estate.
Yes, absolutely! Probate would be a required and mandatory step if the decedent executed a Will before their death. If there is a Will, there will necessarily be a probate proceeding before the Surrogate’s Court even if the Will is not contested or appears unambiguous on its face and sets clear directives. The named Executor is immediately ready and available to follow.
Whether your Will is poorly drafted and extracted from an internet website or whether a brilliant attorney drafts it, it will necessarily be subject to a probate proceeding!
It depends on your needs, objectives, and goals. Both a Will and a Trust Agreement are estate planning tools, but they serve different purposes. If they can work together or refer to one another in a logic of general estate planning, a Will and a Trust agreement remain very separate documents with significant differences.
The most apparent difference between a Trust and a Will is that a trust is effective upon its duly execution, as the grantor is alive. At the same time, a last will have effect only upon a testator’s death and proper probate proceeding.
It is essential to understand that a Will and a Trust are two distinct, separate legal documents with different objectives and purposes. However, they can be part of the same Estate Plan and functional together. Many of our clients ask us whether a Trust overrides a Will. Our simple answer is that Trust (specifically a revocable trust) is established during the settlor’s lifetime and is effective immediately upon its execution by the settlor. Trusts are effective before the decedent’s death, while a Will is only effective upon the decedent’s death. Thus, the Trust precedes when there is a conflict between a Will and a Trust.
A particular type of will called a “Pour-over Will” works simultaneously with a Trust instrument which refers to it. When the grantor who created the Trust failed or omitted to transfer some of their property to the Trust as they should have, a Pour-over Will gifts the remaining property specifically to the Trust, covering all estate assets in the Trust.
This type of Estate Planning can be of great utility.
The cost of estate planning in NYC can vary depending on several factors, including the complexity of your estate, the specific services you require, and the attorney or firm you choose to work with. In addition, depending on the attorney’s experience and expertise, estate planning costs can also vary.
Generally, estate planning services can range from a few hundred dollars to several thousand dollars in NYC. Simple estate planning documents, such as an essential will, power of attorney, and healthcare proxy, may cost on the lower end of the spectrum. However, the cost is likely to be higher if your estate is more complex and requires additional planning, such as trusts, tax planning, or business succession planning.
It’s essential to consult with several estate planning attorneys in NYC to obtain estimates and discuss their fee structures. For example, some attorneys charge a flat fee for estate planning services, while others may bill hourly. During your consultation, inquire about additional costs, such as filing fees or expenses related to executing the estate plan.
Remember that estate planning is an investment in the protection of your assets and the well-being of your loved ones. Therefore, it’s crucial to prioritize finding an experienced and reputable attorney who can provide quality guidance and ensure that your estate plan meets your needs and goals.
About Us
Morgan Legal Group is a trusted name in the legal industry, committed to excellence in Estate Planning, Probate, Family Law, and more. With a deep-rooted passion for helping our clients secure their futures and protect their legacies, our team of experienced attorneys combines expertise with a personalized approach. We’re dedicated to making the legal process accessible, understandable, and tailored to your unique needs. Discover the peace of mind that comes from partnering with Morgan Legal Group.
Your Trusted Estate Planning Partner in New York
CEO & Founder of Morgan Legal Group
Client Testimonials
Over 300+ 5-Star Reviews
Recognition
Schedule Your
Questions And Answers
The cost of estate planning in NYC can vary depending on several factors, including the complexity of your estate, the specific services you require, and the attorney or firm you choose to work with. In addition, depending on the attorney’s experience and expertise, estate planning costs can also vary.
Generally, estate planning services can range from a few hundred dollars to several thousand dollars in NYC. Simple estate planning documents, such as an essential will, power of attorney, and healthcare proxy, may cost on the lower end of the spectrum. However, the cost is likely to be higher if your estate is more complex and requires additional planning, such as trusts, tax planning, or business succession planning.
It’s essential to consult with several estate planning attorneys in NYC to obtain estimates and discuss their fee structures. For example, some attorneys charge a flat fee for estate planning services, while others may bill hourly. During your consultation, inquire about additional costs, such as filing fees or expenses related to executing the estate plan.
Remember that estate planning is an investment in the protection of your assets and the well-being of your loved ones. Therefore, it’s crucial to prioritize finding an experienced and reputable attorney who can provide quality guidance and ensure that your estate plan meets your needs and goals.
Probate is the legal process through which a deceased person’s estate is administered and distributed to their beneficiaries or heirs. It is a court-supervised procedure that validates and executes the instructions outlined in the deceased person’s will (if there is one) or determines the distribution of assets according to intestacy laws (when there is no will).
The primary goals of probate are to ensure the proper management of the deceased person’s estate, pay any outstanding debts or taxes owed by the estate, and ultimately transfer the assets to the rightful beneficiaries.
The probate process typically involves the following steps:
Filing the petition:
The process begins by filing a petition with the probate court in the jurisdiction where the deceased person resided at the time of their death. The petition seeks to open the probate proceedings and appoint an executor or personal representative to oversee the estate.
Notifying interested parties:
Notice is given to all beneficiaries named in the will, as well as to any creditors or other interested parties who may have a claim against the estate.
Validating the will:
If there is a will, the court examines its validity. This includes confirming that it meets the legal requirements, such as being properly signed and witnessed. If the will is deemed valid, it is accepted for probate.
Inventory and appraisal:
The executor or personal representative identifies and catalogs all the assets and debts of the deceased person’s estate. This may involve obtaining appraisals of certain assets to determine their value.
Debt settlement:
The estate’s debts and taxes are paid using the assets of the estate. This includes settling outstanding bills, notifying creditors, and addressing any valid claims against the estate.
Asset distribution:
Once the debts and taxes are settled, the remaining assets are distributed to the beneficiaries as outlined in the will or determined by the laws of intestacy.
Closing the estate:
After all the necessary steps have been completed, including filing the required reports and tax returns, the probate court approves the final distribution of assets and officially closes the estate.
Conclusion
It’s important to note that probate laws and procedures can vary from jurisdiction to jurisdiction. Some jurisdictions have simplified or streamlined probate processes for small estates or offer alternatives to traditional probate, such as “small estate affidavits” or “transfer-on-death” designations. Consulting with an attorney who specializes in probate law can provide specific guidance based on the laws applicable in your jurisdiction.
It depends on your needs, objectives, and goals. Both a Will and a Trust Agreement are estate planning tools, but they serve different purposes. If they can work together or refer to one another in a logic of general estate planning, a Will and a Trust agreement remain very separate documents with significant differences.
The most apparent difference between a Trust and a Will is that a trust is effective upon its duly execution, as the grantor is alive. At the same time, a last will have effect only upon a testator’s death and proper probate proceeding.