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WHO NEEDS ASSET PROTECTION
Asset Protection

Who Needs Asset Protection?

Understanding Asset Protection: Who Needs It? At Morgan Legal Group, located in New York City, we specialize in estate planning, probate, elder law, wills, and

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GUARDIANSHIP ATTORNEY BROOKLYN
Estate Planning

GUARDIANSHIP ATTORNEY BROOKLYN

Guardianship Attorney in Brooklyn: Protecting Your Loved Ones At Morgan Legal Group, located in New York City, we specialize in estate planning, probate, elder law,

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ESTATE PLANNING NEW YORK LAWYERS
Estate Planning

ESTATE PLANNING NEW YORK LAWYERS

Estate Planning New York Lawyers: Ensuring Your Legacy is Protected At Morgan Legal Group, located in New York City, we specialize in estate planning, probate,

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Will

WILL PACKAGE

What Does a Will Package Include? At Morgan Legal Group, located in New York City, we specialize in estate planning, probate, elder law, wills, and

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Our proficient estate planning attorneys are always at your service to give you all the help you need. From creation of wills to asset protection and probate, we’ve got you covered.

For years, we have been helping New York citizens in Bronx achieve their estate goals. We ensure their wills and trusts are well-established to give them peace of mind that their dependent loved ones will receive the financial support they deserve after the inevitable happens. We also help them plan towards guardianship, long term care, probate minimization, asset protection, and lots more.

Our duty is to give peace of mind to our clients concerning their financial future. Let us give you that peace of mind.

Call us today to get in touch with one of the best estate planning attorneys in Bronx, NY.

How we help

1. Customizing your last will and testament

A last will and testament 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. However, your will must be written in the right terms to say exactly what you mean. This is where an estate planning attorney comes in.

We typically help you draft your will using the standard terms as recognized by Bronx law to avoid things going in a way you didn’t plan for when you die. We also help you determine what assets you should address in your will and those best left out.

2. Executing trusts and probate avoidance

While every will is subject to probate, a complex and expensive court process that takes place after you pass away, trusts avoid this process. Your beneficiaries can therefore inherit quickly and cost-effectively if you use a living trust to bequeath assets to them.

Since trusts are complex estate planning instruments, it’s crucial you seek assistance from an estate planning lawyer near you. Notably, our estate planning lawyers will always assess your situation to determine what kind of trust to establish, as there re different types with each type having its distinct benefits.

3. Planning for digital assets

In today’s world, digitalization is taking center stage. Almost everyone now has at least one digital asset or the other, and it is important you address these in your estate plan to prevent valuables getting lost just like that.

Digital assets we can help you include in your estate plan includes but are not limited to:

  • Cryptocurrency wallets
  • Monetized social media channels
  • Tokenized investments
  • Important account passwords and emails, etc.

4. Asset protection

If you have too many debts, chances are your loved ones would have almost nothing to inherit when you pass away. But we can help you 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.

5. Helping you save on tax

Across states, there is an amount known as estate tax exemption amount. In New York, this amount is $5.93 million as at 2021. If the estimated value of your estate falls below this amount at the time of your death, you estate can pass to your inheritors tax-free. But if your estate exceeds that value, an amount known as estate tax must be paid to the state of New York.

However, through proper planning, an estate planning attorney in Bronx can help you prevent this, ensuring your valuable money goes to your loved ones who deserve it.

6. 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 they 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.

7. Incapacity planning

As you get older, you may likely have concerns about the management of your estate when you become too old or incapable of running things your self. To this end, we would include power of attorney documents in your plan. With these documents, you can authorize a trusted and competent person to make financial or medical decisions on your behalf in the event you become incapacitated.

Call us

Whatever your estate situation requires, our estate planning attorneys Bronx are proficient to help out. Call us today.

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