Asset Management And Protection

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Asset Management And Protection by Morgan Legal
Manhasset, NY
11030

Anyone who works in certain industries knows they must protect their career and accumulated earned income in some manner. However, many of these affected individuals do not realize that merely purchasing a professional indemnity insurance policy is not an effective plan. The type of coverage or scope of protection can vary with different personal situations, but the concept is the same across the various industries. In addition to insurance protection, it is also a sound business decision to establish a revocable living trust as well that can be used to shelter idle personal wealth.
It is commonly understood that contemporary society is easily the most litigious business environment known throughout history. This condition requires all high-income earners to always evaluate their need for financial protection instruments that shield them when legal disputes arise. One thing is for certain in contemporary society. Legal conflicts happen on a regular basis, meaning that being prepared beforehand is always the best step for anyone who may be financially liable beyond maximum insurance coverage.
One industry whose members are the target of a considerable number of legal actions is the healthcare industry, physicians and surgeons in particular. While it is a fact that medical professionals are still human and do make mistakes, it is also true that many claims brought forward are borderline at best. All professionals in the healthcare industry understand their need for errors and omission insurance protection, but this does not protect personal assets.
The best option for asset protection is usually establishing a revocable living trust that transfers excess personal wealth under ownership of a separate financial entity. The only damages available in a legal action will then be limited to insurance policy protection. This is a legal step that should also be part of an overall estate management plan that could include other financial instruments as well.

516-277-0690
Asset Management And Protection by Morgan Legal
Serving
11030
Anyone who works in certain industries knows they must protect their career and accumulated earned income in some manner. However, many of these affected individuals do not realize that merely purchasing a professional indemnity insurance policy is not an effective plan. The type of coverage or scope of protection can vary with different personal situations, but the concept is the same across the various industries. In addition to insurance protection, it is also a sound business decision to establish a revocable living trust as well that can be used to shelter idle personal wealth.

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Anyone who works in certain industries knows they must protect their career and accumulated earned income in some manner. However, many of these affected individuals do not realize that merely purchasing a professional indemnity insurance policy is not an effective plan. The type of coverage or scope of protection can vary with different personal situations, but the concept is the same across the various industries. In addition to insurance protection, it is also a sound business decision to establish a revocable living trust as well that can be used to shelter idle personal wealth.

It is commonly understood that contemporary society is easily the most litigious business environment known throughout history. This condition requires all high-income earners to always evaluate their need for financial protection instruments that shield them when legal disputes arise. One thing is for certain in contemporary society. Legal conflicts happen on a regular basis, meaning that being prepared beforehand is always the best step for anyone who may be financially liable beyond maximum insurance coverage.

One industry whose members are the target of a considerable number of legal actions is the healthcare industry, physicians and surgeons in particular. While it is a fact that medical professionals are still human and do make mistakes, it is also true that many claims brought forward are borderline at best. All professionals in the healthcare industry understand their need for errors and omission insurance protection, but this does not protect personal assets.

The best option for asset protection is usually establishing a revocable living trust that transfers excess personal wealth under ownership of a separate financial entity. The only damages available in a legal action will then be limited to insurance policy protection. This is a legal step that should also be part of an overall estate management plan that could include other financial instruments as well.

http://www.morganlegalny.com
516-277-0690
Elder Law Attorney
4121 18th Avenue 2nd fl, Brooklyn, NY
11218
For many people, the best choice for long-term care costs involves setting up a Pooled Income Trust. Open to people of any age, it allows them to become financially eligible for insurance programs such as Medicaid, while at the same time preserving their monthly income in a trust to cover living expenses and other needs. By taking advantage of this option, a person can obtain Medicaid home care services for their long-term care needs, while continuing to have the money available to support themselves while at home. A variety of people can greatly benefit from establishing a pooled income trust, including recipients of personal injury settlements, elderly people who are ill and living at home, younger people who have special needs, and people who are applying for or already receiving government benefits.

For many people, the best choice for long-term care costs involves setting up a Pooled Income Trust. Open to people of any age, it allows them to become financially eligible for insurance programs such as Medicaid, while at the same time preserving their monthly income in a trust to cover living expenses and other needs. By taking advantage of this option, a person can obtain Medicaid home care services for their long-term care needs, while continuing to have the money available to support themselves while at home. A variety of people can greatly benefit from establishing a pooled income trust, including recipients of personal injury settlements, elderly people who are ill and living at home, younger people who have special needs, and people who are applying for or already receiving government benefits.

When a person has to move into a nursing home, they are required to divest themselves of their assets in order to pay for their care. However, by placing their assets into an Irrevocable Trust, the assets can be protected from high nursing home bills. However, it’s important to remember that this type of transfer must be done at least five years before a person goes into a nursing home.

While thinking about the difficulties one may face as they age is difficult, failing to do so can lead to financial problems that can devastate an entire family. Rather than allow this to happen, it’s best to contact a New York Elder Law attorney as early as possible to make arrangements that will be satisfactory to everyone involved. By doing so, a family can gain peace of mind, knowing their financial and long-term care needs will be met.

http://www.morganlegalny.com
718-313-1347
Estate Planning Lawyer
502 park Avenue, New York, NY
10023
An estate planning lawyer will prevent your money, capital, and business interests from going to probate court when you are gone. They will also draw up a will, trusts, and powers of attorney. Issues involving a second marriage, multiple businesses, multi-state and multi-nation real estate holdings, step children, problem children, charity bequests, IRAs and 401(k)s, and estate taxes can all be sorted through with the help of a qualified estate planning attorney.

An estate planning lawyer will prevent your money, capital, and business interests from going to probate court when you are gone. They will also draw up a will, trusts, and powers of attorney. Issues involving a second marriage, multiple businesses, multi-state and multi-nation real estate holdings, step children, problem children, charity bequests, IRAs and 401(k)s, and estate taxes can all be sorted through with the help of a qualified estate planning attorney.The rather delicate subject of incapacitation and end of life services can also be included in the estate plan. If you are stricken by an illness that prevents you from exercising executive functions, you can decide now who gets to make decisions concerning your health care, and who will make decisions concerning your businesses and assets.You have worked hard to establish solid companies and a stable family. You do not want it torn apart because of mistakes and neglect. Developing an estate plan is not something you can do on your own. Only a professional with deep insight into the law can help you draw up a plan that will actually withstand legal scrutiny. Working with an estate planning lawyer will allow you to leave the people who have come to depend on you with a clear and unambiguous document on which to build their own futures.

http://www.morganlegalny.com
212-547-8966
Estate Planning Lawyer
4121 18th Avenue 2nd fl, Brooklyn, NY
11218

Without a clear, detailed, and irrefutable estate plan issues related to the control and ownership of your assets will be thrown into the courts. They will need to be adjudicated, and the result may be contrary to your intentions at best. At worst, it could plunge your enterprises into extreme chaos and lead to the unraveling of all that you spent your life putting together.
You may still be relatively young and vigorous, or you may be getting on in years and nearing retirement. No matter your age or physical condition, you never know when illness or accident might incapacitate or kill you. If you have accumulated the kinds of assets discussed above, then you should sit down with a lawyer and start developing an estate plan.
If you already have a lawyer that you consider a confidant, then you should speak with them about your desire to put an estate plan in place. Such legal documents should be drawn up by a specialist, and your family counsel can help you choose one.

http://www.morganlegalny.com
718-701-6519