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ILITs Unveiled: Estate Planning
Estate Planning

Why Is Everyone Talking About ILITs?

Why Is Everyone Talking About ILITs? In the evolving landscape of estate planning, Irrevocable Life Insurance Trusts (ILITs) have emerged as a buzz-worthy topic among

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About Elder Law in New York
elder law

About Elder Law in New York 2024

Elder Law in New York 2024: A Comprehensive Guide As the population ages, the importance of elder law—an area focusing on the legal needs of

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Will And Trust In New York
Wills and Trusts

Will And Trust In New York 2024

Wills and Trusts in New York: Your 2024 Comprehensive Guide As we approach 2024, the estate planning landscape in New York continues to evolve. Understanding

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Elder Law in NYC
elder law

Elder Law in NYC 2024

Elder Law in NYC 2024: Navigating Legal Challenges with Morgan Legal Group As 2024 approaches, navigating the complexities of elder law in New York City

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Probate in New York
Probate

Probate in New York 2024

Comprehensive Guide to Probate in New York 2024 As we step into 2024, the probate process in New York City continues to be a pivotal

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Estate Planning
Estate Planning

Estate Planning in New York 2024

Estate Planning in New York 2024: A Comprehensive Guide by Morgan Legal Group The landscape of estate planning in New York is ever-evolving, with 2024

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Article 81 Guardianship New York
Estate Planning

Article 81 Guardianship New York 2024

Article 81 Guardianship in New York Article 81 guardianship in New York plays a crucial role in safeguarding the interests of incapacitated individuals. As we

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Is trust better than inheritance?
Trusts

Is trust better than inheritance?

Is Trust Better Than Inheritance in New York? When planning to transfer assets to future generations in New York, individuals often decide between establishing a

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Can I do my own probate?
Estate Planning

Can I do my probate?

Can I Handle Probate on My Own in New York? Probate is the legal process of validating a will and administering the estate of a

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An Overview Of Elder Law In 2024
Estate Planning Law

An Overview Of Elder Law In 2024

An Overview of Elder Law in New York 2024 Elder Law is a specialized legal field that addresses the unique needs and challenges faced by

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How do I organize my estate documents?
Estate Planning

How do I organize my estate documents?

Organizing Your Estate Documents in New York Organizing your estate documents is a crucial aspect of responsible financial planning and ensuring that your wishes are

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Did you know that only about 58% of baby boomers have a will or estate planning documents in place? Trusts and estates planning attorneys recommend that everyone have some type of will or estate documents in place, especially if they have children, are married, or have assets.

Having an estate in place will only benefit you and your loved ones. Without these important documents, your items will be left to the state and dispersed according to the law and court.

Our trained and skilled trusts and estates attorney in NYC is here to help you navigate through the process and provide some essential tips to assist you in creating a trust or estate. If you have any questions for us, give our office a call today at 212-561-4299.

Trusts and Estates: What to Know

Estate planning is essential and can save you and your loved ones from several undesirable outcomes. Below, you will find some trusts and estates planning tips that can assist you as you plan for yours and your loved one’s future.

Get a guardianship plan in place

If you have minor children, you need to have a guardianship plan in place for them. This plan will tell everyone what your wishes are if you were to pass unexpectedly. Basically, this plan will dictate who will raise your children if both parents were to pass.

Assign a medical power of attorney

You want to have a medical power of attorney in place as this individual will step in and make medical decisions if you cannot make them yourself. This document will help avoid any debates and conflict over medical care too

Determine and update beneficiaries

Beneficiaries are those individuals who will receive your assets and wealth when you pass. Therefore, it is important that you assign them to your life insurance accounts, bank accounts, and any other accounts you have.

Assign a financial power of attorney

This is an important document as it allows someone to step in and manage your money if you are unable to do so. One of the nice things about this type of document is that you can limit the individual’s powers as well.

Create a will

It is a good idea to have a will in place as the will determine what happens to any assets or properties that you do not keep in a trust. This means that your home, car, bank accounts, and family heirlooms are covered in this document.

Talk to a Trusts and Estates Attorney Today

Estate planning is an essential part of preparing for the future. While it may be scary and unknown territory to you, our trusts and estates attorney can assist you and walk you through the process.

If you would like to schedule a consultation with Morgan Legal Group PC, do not hesitate to call our office today at 212-561-4299.

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