Will vs. Revocable Trust: Which Do You Need?
One of the most common questions our White Plains estate planning attorneys receive is: "Should I have a will or a trust?" The honest answer is — most families benefit from both. Understanding the differences helps you make the right choice.
What a Will Does: A Last Will and Testament directs how your assets are distributed after death, names guardians for minor children, and appoints an executor to manage your estate. However, a will must go through probate — a public court process that can take months or years and incur significant fees.
What a Revocable Living Trust Does: A trust holds your assets during your lifetime and transfers them to beneficiaries upon death — entirely outside of probate. It remains private, takes effect immediately upon death, and can include detailed instructions for managing assets for minor children or individuals with special needs. A trust also provides incapacity planning during your lifetime.
Which Is Right for You? If you own real property in New York, have significant assets, value privacy, or want to avoid probate delays, a revocable trust is typically recommended — paired with a "pour-over will" to catch any assets not transferred into the trust. For younger individuals with minimal assets, a simple will may suffice for now — with a plan to establish a trust as your estate grows.
During your consultation at Morgan Legal Group, we'll assess your specific situation and recommend the most effective, cost-efficient approach for your family's needs.
Medicaid Planning in New York: Protecting Assets from Long-Term Care Costs
Long-term care is one of the greatest financial threats facing American seniors. In New York, nursing home care can cost over $150,000 per year — enough to deplete a lifetime of savings in just a few years. Medicaid planning is the legal solution that protects your assets while ensuring you still qualify for essential care coverage.
Understanding the Medicaid Look-Back Period: New York Medicaid imposes a 5-year look-back period for nursing home care. Any assets transferred within 5 years of applying may trigger a penalty period during which Medicaid benefits are denied. This is why early planning is critical — the sooner you act, the more options you have.
Key Medicaid Planning Tools: A Medicaid Asset Protection Trust (MAPT) is an irrevocable trust that removes assets from your countable estate while allowing you to retain the income they generate. Assets placed in a MAPT more than 5 years before application are fully protected. Spousal protections allow a "community spouse" to retain a portion of assets and income. Annuities, promissory notes, and caregiver agreements are also effective tools in certain situations.
Crisis Medicaid Planning: Even if a nursing home admission is imminent, our attorneys can often implement same-day strategies that protect a significant portion of assets. The key is acting immediately — every day of delay may reduce your options.
Contact Morgan Legal Group to schedule a Medicaid planning consultation. We'll review your assets, explain your options, and develop a legal strategy that protects everything you've worked for.
Estate Planning for Immigrant & Multicultural Families in White Plains
White Plains is home to a rich, diverse community of families from around the world — and estate planning for immigrant families comes with unique considerations that standard attorneys often overlook. Morgan Legal Group proudly serves this community with specialized knowledge and multilingual support.
Cross-Border Asset Issues: Many immigrant families own property or financial accounts in their home countries. U.S. estate plans must account for these foreign assets, as they may be subject to both U.S. and foreign inheritance laws. Our attorneys help you navigate these complexities, coordinate with foreign counsel when needed, and ensure your global estate is properly planned.
Non-Citizen Spouse Planning: U.S. tax law treats non-citizen spouses differently from citizens. The unlimited marital deduction — which allows unlimited transfers between spouses free of estate tax — does not apply when the surviving spouse is not a U.S. citizen. Special trusts called QDOTs (Qualified Domestic Trusts) can provide equivalent protection and must be included in your estate plan.
Language & Cultural Comfort: Legal documents are only effective when fully understood. Our multilingual team — including attorneys fluent in Russian and Chinese — ensures immigrant clients fully comprehend every document they sign. We also respect diverse cultural traditions around inheritance, family hierarchy, and wealth transfer, incorporating your values into every plan we create.
Immigration & Estate Planning Intersection: Changes in immigration status can affect estate and gift tax treatment. Our attorneys understand these interactions and coordinate estate planning with immigration considerations to ensure your plan remains effective regardless of changes in your status.
At Morgan Legal Group, every family deserves equal access to quality legal protection — regardless of language, background, or where they came from. We are proud to be White Plains' trusted multicultural estate planning firm.
