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Wills and Trusts
Wills and Trusts

WILLS AND TRUSTS

Wills and Trusts At Morgan Legal Group in New York City, our dedicated estate planning attorneys understand the importance of crafting clear, enforceable wills and

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Estate Planning Lawyer
Estate Planning

When Do I Need a Will?

When Do I Need a Will? Our Estate Planning Lawyer Weighs In Understanding when to create a will is crucial for effective estate planning. At

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Estate Planning
Estate Planning

Successful Business Rule # 1:

Successful Business Rule # 1: Limit Your Liability One of the foundational rules for any successful business is effectively managing and limiting liability. New York

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Process Of Sonny Bono’s Estate Plan

Sonny Bono’s estate arranging was straightforward. He never made one. While he had supposedly talked about the meaning to set up a plan when he died but didn’t. This implied that his whole plan was liable to probate and the laws of intestate progression.

At the point when Sonny Bono passed on, Cher, his second spouse, looked to gather roughly a million from his home. She guaranteed that this sum was owed for neglected support that had waited since the couple’s separation in 1974.

At last, Sonny Bono’s home was split between his enduring mate and his two kids. The way wherein his home was separated is obscure, yet what is known is that his wife and kids had one or the other work out the provisions of the conveyance between themselves or probably look for a request from the probate court.

Notwithstanding the passionate cost for all interested parties, probate prosecution can likewise be highly costly. The expenses of shielding Bono’s home came straightforwardly from the actual domain, and this probably implies that everyone within the family received considerably short of what they would have had Sonny Bono arranged a home arrangement before his passing. This is one of the main reasons why an estate plan is needed in the future to prevent such matters. If you want to save money and your home or even have your inheritance in a proper direction, contact Morgan Legal Group P.C. now.

FAQ

  1. If my spouse dies, do I get his social security and mine?

Yes, according to the surviving spouse law, you’re able to collect all funds from his or her social security onto yours.

2.  What is a pour-over will?

A pour-over Will is a Will written document stating the actions needed to be done through the trustee which will be transferred to him or her. The truster is someone who’s responsible for many assets to be taken care of or sent to assigned beneficiaries.

3. Who qualifies for Medicaid in NY?

Women who are pregnant or those with children over the age of 18, seniors, and those with disabilities. Disabilities such as blindness, deafness, etc, or physical injury are also eligible for Medicaid.

4. What is elder law?

Elder law handles long-term care including future medical care, special needs care for those who are handicapped or mentally disabled, and estate planning for ages over 50. This type of law also handles cases of elder abuse as long as there’s evidence of these sorts of cases. Elder abuse can come from members of the family and the elder can approach a lawyer to report this sort of behavior to prevent manipulation of your estate plan.

5. Does transfer on death avoid probate?

The transfer of death only makes the probate process much more difficult by having you provide additional details and the reason for the transfer. This makes the process longer and if it’s longer, it’ll be more expensive. The only way to avoid probate is through a trust because everything would be set up or planned ahead, especially the transfer of death.

6.   Are living trusts revocable or irrevocable?

A living trust can be both but with an irrevocable trust, you cannot change anything that’s been documented unless you discuss the changes with all beneficiaries and the court.

7. If my spouse dies do I get his social security and mine?

Because of the laws of Estate Planning, there’s something labeled, the surviving spouse clause where if one spouse dies, the surviving spouse gets his or her assets. The only assets not provided would be government funds that the spouse still owes or would actually lose the entire thing because of labeled ownership unless there’s a Will stating rights to owning these finances.

8. Why do I need an elder law attorney?

The only reason you should have an elder law attorney is to have a lawyer to care for cases that are related to future needs leading to promising medical care that can protect yourself and your assets including your estate. An elder law attorney can also protect you from elder abuse that you can report to your lawyer and court.

9. What happens if you die intestate?

Who’s ever married to you or related to you by blood gets your inheritance through the surviving spouse gets it all unless the Will or trust says differently.

10. How long can you receive unemployment in NY?

In the state of NY, you can collect unemployment for 26 weeks but with the pandemic happening, it can go as long as this is drawing out.

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