New York Insurance and Financial Planning
Because insurance and financial planning are important components to any estate plan, our New York elder law attorneys have established partnerships with quality professionals in those arenas. These partnerships ensure that the various pieces of your estate plan work together to achieve your overall goal, rather than being handled piecemeal, as separate issues.
Life insurance is the most obvious way to provide an estate for your spouse and family after your passing, yet nearly one third of adult Americans have no life insurance coverage, according to a recent study.Our New York elder law attorneys understand, though, that life insurance alone is not a solution. Other essential components of estate planning include disability and long-term care insurance. While an effective life insurance policy can take care of your family after your passing, disability and long-term care insurance offer peace of mind and financial security in the event of serious illness or other unforeseen hardship.
Disability insurance is designed to cover income gaps in the event that you are unable to work for an extended period of time. A personal disability insurance policy can make certain that your nest egg doesn’t get chipped away by injury or illness during your working years.
Long-term care insurance provides for extended care in a home, hospital, or other facility in the event of serious illness or disability. Of the twelve million Americans that will need some form of long-term care by 2020, 10% will need at least five years of care, according to the Health Insurance Association of America. A single year of care in nursing home in New York State can cost over $200,000. Those payments don’t just nibble at your nest egg—they can rapidly deplete it.
This means that disability and long-term care insurance are absolute necessities for most people; still, it doesn’t make any sense to pay more for them than you have to. Our elder law attorneys are well schooled in ensuring that your family doesn’t pay out-of-pocket insurance premiums for expenses that can be covered otherwise. We can also help you decide what level of coverage is necessary to ensure the life you want to live, and can help you adjust your disability or long-term care insurance coverage up or down as needed.
It’s not just insurance, either. Our financial planning partners are also prepared to assess your investment needs. It’s fairly simple math: any extra fraction of a percent you earn on an investment portfolio translates directly into a larger nest egg while it’s growing, and a longer lifespan for your money once you start drawing on it for your needs.
Each life is unique, and each story plays out differently. But every story has the same basic elements, and the same basic principles apply to all of them. Both insurance and financial planning are key components of your estate plan: minimizing unnecessary expenses while you’re working, and maximizing return when your money goes to work for you. All of our efforts are tailored to the specific, spoken needs of your family, and are designed to ensure that your story gets written your way.
Littman Krooks LLP is located in New York City, White Plains and Fishkill, NY and serves clients in and around White Plains, New Rochelle, Purchase, Hartsdale, Armonk, Scarsdale, Chappaqua, Hawthorne, Briarcliff Manor, Ardsley, Elmsford, Larchmont, Valhalla, Harrison, Port Chester, Dobbs Ferry, Irvington, Hastings on Hudson, Rye, Tuckahoe, Fishkill, Poughkeepsie, Bronx County, Nassau County, New York County, Queens County, Rockland County, Westchester County and Dutchess County.