INSURE YOUR FUTURE NOW!

By Alan Plafker, PRESIDENT & CEO
Member Brokerage Service LLC
A Melrose Credit Union Service Organization

Proper planning is essential to protect your assets, preserve your estate and minimize your tax liabilities. If you have children or others you want to inherit your estate, estate planning will help achieve your goals. Proper estate planning will ensure that your beneficiaies will receive their share of your estate and be better able to provide for a better future for themselves.

Today, the high values of assets like homes and taxi medallions contribute to a significant accumulation of wealth. These assets need to be protected and many of us may not have thought of financial and estate planning.

First, you must identify your needs. There are legal considerations to address such as having a properly executed will, including a health care proxy and power of attorney. There are also tax and accounting considerations which are an essential part of the planning process.

Insurance protection is a part of the planning process and becomes the answer to some of the exposures. Here are some ingredients for the asset protection recipe:

• Liability & Auto Insurance - If you are sued by someone as a result of an auto accident or someone is injured on your property, you could loose your assets if they are awarded a judgment in excess of the limits on your coverage. It is important to have high limits of liability insurance to protect these assets.
  
  
• Life & Disability Insurance -If you die or become disabled, the family income will stop or be greatly reduced. You will no longer have the income needed to support your family and you may use your assets to pay your expenses. It is important to have this coverage which provides benefits so your family can pay expenses and not deplete your assets.
  
  
• Health & Medical Insurance - If you require medical attention due to a sickness or accident the cost of hospitals and doctors could be significant, especially, if a major surgery or treatment is involved. It is important to have the proper coverage and not have to pay for medical care with your assets.
  
  
• Long Term Care Insurance - If you require care in a nursing home or need home care because of a medical condition, this is not covered by health or medical insurance. It can cost hundreds of dollars per day which adds up to hundreds of thousands per year. It is important to be properly insured and not use up your assets.

Consult an Experienced Professional

Take the time to consult with an experienced professional who can give you the right advice. It is a team effort which includes an attorney, accountant, financial advisor and insurance agent to develop the plan that fits your individual needs.

There are costs involved, but the cost of not planning could be much greater. Speak to a professional you really trust to do the job or to recommend the right people.

Estate planning with a properly executed will and other legal documents will also help to quickly resolve any estate issues after death so your beneficiaries will have easier and quicker access to the estate funds, address the tax implications, and minimize probate court intervention.

There are some groups of professionals available at a reasonable cost from various Organizations, Associations, Unions, and Credit Unions. For example, Melrose Credit Union has legal services, financial planning and an insurance agency. When these services are packaged together you can develop the plan you need at a reasonable cost.

So don’t risk losing the assets that you’ve worked so hard for all your life because you didn’t plan. Plan to preserve your assets which will provide you with the income you need if you live a long life, or to have your estate preserved to pass along to your loved ones if anything unexpected should happen.

When you insure your future you are investing in your children’s future. Start planning NOW, before it is too late!

Alan Plafker is President of Member Brokerage Service LLC, a Melrose Credit Union Service Organization. He is a licensed Insurance Broker and serves on the Board of Directors the PIANY (Professional Insurance Agents Association of NY) and on the Board of CIBGNY (Council of Insurance Brokers of Greater NY). His Agency insures thousands of polices for TLC Insurance as well as many policies for all types of insurance. You can reach him in his Briarwood, Queens office at (718) 523-1300 ext. 1082.

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