The Benefits Of Estate Planning

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Though when you think about planning for your future you may be inclined to solely focus on how you'll support yourself during retirement, it's important to understand that you also need to plan for what will happen when your journey here comes to an end. That's where estate planning comes in. If you're unfamiliar with the term, estate planning ultimately refers to figuring out how your assets will be distributed upon your passing. But why is it such an important part of the planning process? Below, we outline a few reasons for you to consider:

Provide support: Spending some time on estate planning allows you to make sure that your surviving spouse and children (if applicable) are cared for. Especially if you have children that haven't reached the age of 18, you'll want to feel confident knowing that they will wind up in the right hands and are taken care of by those you name should something happen to you before then.

Ease the burden: The passing of a loved one is hard enough for family members as it is, but having to take care of everything that comes after that on their own can make things even more stressful. That's why it's so helpful to have everything sorted out for yourself while you are still able to make decisions! 

Minimize taxes: The only way to make sure that your beneficiaries receive the maximum financial benefit after your passing is by having a solid estate plan. When you don't have a plan in place, it's more likely that the government will end up with some of the money you specifically left for family and/or friends.

Speed up the process: If you were someone's beneficiary in the past, then you may have found yourself waiting for quite some time before receiving anything that was left in your name. However, with an estate plan, you can rest assured knowing that your beneficiaries will receive what they are entitled to quickly. For example, you may decide to have your insurance just pay your beneficiaries directly rather than have them go through others.

To learn more about the benefits of estate planning, check out this article from the American Bar Association.

At American Investment Planners LLC, we realize just how crucial estate planning is in addition to all else that comes with preparing for the future. But that's why we're here to help! For more information about our estate planning services, be sure to give us a call at (516) 932-5130.