How Can American Investment Planners LLC Help You With Estate Planning?

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

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

As one of the nation's most respected independent financial planning firms, the professionals here at American Investment Planners LLC know exactly what it takes to ensure that all clients have a successful financial future - especially when it comes to estate planning. And considering that we believe estate planning is one of the most important aspects of financial planning, it seems only right that our experts place much of their focus on this topic on a daily basis.

So how do we help?

When you partner with us to take care of all estate planning needs, we'll carry you through a multi-step process that starts with you choosing your beneficiaries, explaining your needs and determining your goals and objectives. Then, we'll do the rest! Here is a brief breakdown of how it all works:

1. First, a member of our team will meet with you to discuss your current financial situation, your current family situation and your goals for the future.
2. Second, we'll gather the necessary personal and financial information that we are still without following the first conversation. For example, we will need to learn what assets and liabilities you have, as well as gain knowledge about items such as your current financial plan.
3. The third step is all on us - the planning. Taking all of the facts into account, we'll draft a plan that ensures you and your family are well taken care of for generations to come. At this point, we'll meet with Life Insurance Specialists and Accountants to review the data we've gathered. Note: While we're busy at work, we encourage you to meet with your attorney and create a will and/or trust. 
4. Once a plan is created, we'll meet with you again to discuss all of the details needed to implement it properly. Then, upon agreement, we'll begin to monitor your plan and make any adjustments as needed down the road.

Although estate planning may seem rather complex, you can rest assured knowing that it will be a seamless process when you work with American Investment Planners LLC. Our team has years of experience with clients around the country, making us 110% capable of helping you next. 

For more information about our financial planning services and how you can get started on your estate plan with us, please visit our website or call (516) 932-5130.

Charities and Estate Planning

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

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

So you've decided to include a charity in your estate plan. While most people probably think about "who" they are going to name in their will rather than "what" or "where," you may actually be surprised at how many do choose to leave their assets or make a donation to charities too.

How it works:

Giving a gift to charities upon your passing is actually pretty simple, and there are quite a few ways to do it! For starters, you may decide that you would like one or all of your retirement accounts to be presented to the charity of your choice. In this case, all you'll need to do is name the charity as your beneficiary on them.

On the other hand, you can also take advantage of Charitable Lead Trusts, which ultimately reduce your current taxable income. In this approach, part of the trust's income is donated directly to a charity, with the rest eventually landing in the hands of the trust's beneficiaries. While this method absolutely benefits the charity of your choosing, it can also benefit beneficiaries as they will likely wind up with lower estate or gift taxes when the time comes.

Finally, a third strategy would be to simply put in writing how much you would like a charity to receive once you pass. Potentially one of the easiest ways to give a gift to charities, all you generally have to do is list the charity's name(s) and what portion of your assets you want them to receive.

Do you have a charity that you are considering for your estate plan? If you know that you want part of your assets to be donated to a charity, don't forget to look into them first to see if they have specific policies or procedures surrounding this type of action. Then, contact American Investment Planners LLC to get started on putting it all together! To make an appointment to meet with one of our financial advisors, please call (516) 932-5130.

How To Protect Your Greatest Asset - Your Children

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

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

In terms of estate planning, of course it's important to figure out what will happen to material assets like your home, car or other prized possessions - but what about your greatest asset of all? While you'll definitely want to see to it that your things are in good hands, most importantly, you'll need to have a plan for your children.

Did you know that only 49% of married parents have a will? For single parents, that number is even less - only 17% have a will prepared. But, in order to ensure that your children are protected after your passing, you must have one written well in advance.

So what must you include in a will when it comes to your children? First and foremost, you'll need to choose a guardian for those that are minors. Additionally, guardians should also be selected for adults who have special needs. And why is this so important? If you fail to choose a guardian for your children before you are no longer able to, their fate will be determined by the courts instead.

What about beneficiaries?
It isn't uncommon to consider making your child your beneficiary, but if they are minors at the time, your best bet would be name them as a contingent with a guardian. This way, you can still leave your assets to them but in a way that best benefits all parties involved.

Although writing a will isn't always a top priority, we encourage you not to forget how much of an impact it can have on your children's lives. If you have questions about planning for your family's future - especially when it comes to wills and estate planning - please do not hesitate to contact the team here at American Investment Planners LLC. Since 1984, we have been providing comprehensive plans to each of our clients and would be more than happy to help you next.

Above information courtesy of Emerald Connect.

Three Tips For Writing Your Will

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

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

So the time has come to write your will - where do you start? Though writing a will probably isn't necessarily an ideal task for your to-do list, it's still important to get it done so that you're all set for your future. But since we know that this isn't as easy as jotting down a few names on a piece of paper, we've put together the following list of tips to help you get through:

1. Think carefully about your beneficiary: Your beneficiary is the person who will inherit your assets, so choose wisely! Before you set anything in stone, take some time to think about who you feel is best for the title - children, siblings, cousins, your choice. And don't forget to take age and health into consideration. Though you may have someone in mind, think about where their future stands in comparison to yours as well.
2. Choose an executor: While yes, your beneficiaries will wind up with your assets, who's to say that your needs will actually be met? The good news is, there is someone for that - the executor of your will. This person's job is to make sure that what you wish for in your will truly comes to pass. That means you need to choose someone who is responsible!
3. Be as specific as possible: The more specific you are, the better, and that's for both people who are getting something and people who aren't. For example, if you have multiple children but want something specific to only go to one, you'll need to write that out clearly. Additionally, if you have someone who you don't want anything to be left to, you need to mark that down too to avoid having your will challenged at a later date. Like anything else, the more information you can provide in this legal document, the easier it is to ensure that everything is carried out the way you hoped it would be.

That all being said, what questions do you have about writing a will? Do you have other questions about the process of estate planning? If you're ready to get started on planning for what will happen after you pass, give us a call at (516) 932-5130. Our team specializes in estate planning and will guide you on the right path to making smart decisions for your future! 

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.