Estate Planning In Long Island

A well executed estate plan enables you to manage your assets for tax efficiency and wealth retention. Plus it gives you the satisfaction of knowing that your financial affairs are in order and organized for the benefit of your heirs.

Think about everything you own - your home, your possessions, your assets, etc. Your retirement plan should include a detailed plan for what will happen to your estate when you pass on. Wills and trusts allow you to specify how you would like your property distributed.

Wills and trusts allow you to spell out how you would like your estate handled and your property distributed. At Craig James Financial Services, we do not create wills and trusts, but as a comprehensive wealth management firm we believe that it is necessary to review all aspects of your financial life. We work with a team of professionals to make sure your entire financial house is in order so you and your loved ones are protected.

Your will (Last Will and Testament) should say how you would like your property and assets distributed upon your death, name an executor of your estate and provide for payment of any costs incurred in settling the estate. Without a will, the state will determine the disposition of your assets. Property distributed through your will is subject to probate, which can be a time-consuming and costly process. It is very important to treat your will as a living document and to keep it updated.

A trust differs from a will in that it is an actual legal entity. Like a will, a trust specifies how you want your property distributed, but you can customize the distribution of your estate with a trust. A trust also offers the added advantages of property management and probate avoidance.

A comprehensive estate plan includes a plan for your internment and the disbursement of your assets and property. A well executed estate plan enables you to manipulate your assets for tax efficiency and wealth retention and gives you the satisfaction of knowing that your financial affairs are in order and organized for the benefit of your heirs.

Your Estate Plan should also incorporate these strategic elements:

  • Power of Appointment: Power of Appointment gives someone the authority to dispose of certain property under the will.
  • Advance Directives: Advance Directives direct your medical and end-of-life care if you become incapacitated.
  • Living Will: This document outlines specific instructions for your medical treatment if you cannot make those decisions yourself. A Living Will is often used along with a Medical Power of Attorney or Health Care Proxy to designate someone to make health care decisions on your behalf.
  • Power of Attorney (Financial Power of Attorney): This document designates a person who will make financial decisions and other legal acts on your behalf if you are unable to do so while you are still alive. Your agent may access bank accounts, manage real estate or other assets, file income tax returns or apply for benefits on your behalf.
  • Other Estate Planning strategies may include funeral plans, designated personal property, beneficiary designations, etc.

Talk to Craig James Financial Services, LLC about an estate plan that will minimize taxes, maximize wealth retention, and give you the satisfaction of knowing that your financial affairs are in order for the benefit of your heirs. For a complimentary consultation and additional information about estate planning, call: 631.393.2888 or Toll Free: 877.876.2707

*Neither Next Financial Group, Inc. nor its representatives offer tax or legal advice.

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