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Estate Planning

In life, it is always important to have a plan. Having a plan allows you to be prepared for both the expected and the unexpected. This is why it is important to have a plan for your estate after you pass on. This type of plan will ensure that your loved ones and your finances are cared for after you pass.

It doesn’t matter what your financial position is. An estate plan is important for the future. Interested in setting up an estate plan? Live on Long Island? If so, then the experts at Investment Insight Wealth Management are ready and waiting to help you.

Want to find out more about what estate planning is and how it will benefit you? Please continue reading to answer your questions.

What is Estate Planning?

Estate planning refers to creating an orderly plan for the disposition of your assets according to your wishes. Your estate is comprised of everything you own when you pass away. This plan concerns what will happen to your estate after you pass away. There are several elements that are involved with an estate plan. These elements include:

  • Creating a will
  • Assigning a power of attorney
  • Assigning heirs to your assets
  • Assessing your assets
  • End of life healthcare issues such as artificial life support
  • The minimization of estate tax liabilities

There are federal and state laws that do pertain to governing estates. When planning an estate, it is important that you understand and adhere to these laws.

Assessing Your Assets

Your estate plan will be largely centered on your assets. After all, it is your assets that your estate refers to. When creating your estate plan, assessing your assets is the best place to start. You may be wondering what assets will be assessed. The assets that will be involved in your estate include:

  • Your investments
  • Your savings
  • Your insurance policies
  • Your property ownership
  • Your business interests

Determining Your Heirs

After your assets have been assessed, you will need to decide who will receive those assets after you pass. Typically, your heirs will be close relations, though they may also be people you aren’t related to. Typical heirs may include:

  • Your spouse
  • Your children
  • Your siblings
  • Your grandchildren
  • Your nieces and nephews
  • Your business partners

Basically, whoever you feel will be best suited as your heirs should be who you assign.

An estate plan is important for everyone to have. When setting up your estate plan, you will want to have an expert assist you. If you live on Long Island, the experts at Investment Insight Wealth Management are waiting to help you. Located in Massapequa, they provide expert estate planning services. Make sure your assets and loved ones are cared for after you pass with an estate plan.

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