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Estate Planning on Long Island
Estate planning is ultimately an act of care for the people you love. We help Long Island families bring order to the process, working alongside your attorney so your financial plan and your legal documents move in the same direction.
Estate Planning As an Act of Care
Estate planning is easy to put off. It asks you to think about things many people would rather set aside: getting older, becoming unable to make your own decisions, or no longer being here for the people you love. That postponement often looks like a will that hasn't been opened in a decade, or a beneficiary form that still lists a former spouse. Sometimes it's a power of attorney that was discussed once and never put in place.
For many families on Long Island, this work is an act of care for the people they'll leave behind. A current, coordinated plan is one less thing for your family to untangle later.
At Investment Insight Wealth Management, our role is to help you think it through. We are not a law firm and don't draft legal documents ourselves; instead, we work alongside the estate attorney and tax professional who prepare and file them, keeping your financial decisions and your legal plan aligned.
With more than 30 years of experience, Robert J. Sullivan has guided many Long Island families through exactly this kind of coordination, which is why clients partner with him to help bring the pieces together. He works out of the Massapequa/Farmingdale office alongside his son, Christopher R. Sullivan.
What Estate Coordination Involves
Estate coordination touches several parts of your financial and legal life. Some of it involves legal documents your attorney will prepare. One piece is entirely financial, and it's where we add real, hands-on value directly, keeping your beneficiary designations current across every account. Here's what working with us looks like.
What’s Included
Estate Document Review
Reviewing your existing will and related documents against your current wishes and financial situation, and flagging anything to consider raising with your attorney.
Trust Evaluation
Helping you think through whether a trust structure may suit your goals, then referring you to an estate attorney to draft it.
Beneficiary and Account Alignment
Reviewing the beneficiary designations across your retirement accounts, life insurance, and other holdings, since these often override what your will says and are easy to overlook. This is one piece of the plan we can update directly without waiting on any legal document.
Legacy, Charitable Giving, and Professional Coordination
Helping you plan tax-aware charitable giving as part of your wider estate goals, and connecting you with trusted estate attorneys and tax professionals when you need them. This kind of coordination becomes especially valuable for high-net-worth families managing a larger, multi-part estate.
Advance Directive and Healthcare Proxy Discussion
Talking through how a healthcare proxy and living will fit your wishes, then coordinating with your attorney to help put them in place.
Power of Attorney Coordination
Evaluating whether a power of attorney fits your situation and coordinating with your attorney to help establish it.
Estate coordination is part of how we work with our investment management clients for qualifying households. Full fee details are available on our Investment Management page. If you'd prefer to start with a plan alone, we also offer financial planning as a standalone engagement, which runs up to 1.5% of annual household income with a $3,750 minimum; details are on our Financial Planning page.
Schedule a MeetingFrequently Asked Questions
What is estate planning?
Estate planning is the process of deciding how your assets are managed and passed on, and who makes decisions for you if you become unable to. The legal side involves documents your attorney prepares, including a will, any trusts, a power of attorney, and healthcare directives. The financial side covers decisions like beneficiary designations and how your accounts are titled, which is where a wealth manager can help.
Does a financial advisor help with estate planning?
A financial advisor helps with the financial side of estate planning. That includes reviewing beneficiary designations, keeping account titling aligned with your wishes, and thinking through tax-aware wealth transfer, all while working alongside the attorney who drafts the legal documents. Investment Insight Wealth Management does not provide legal services, and the attorney prepares and files the documents. Our role is to keep your financial decisions and your legal plan pointed toward the same goal.
Does New York have its own estate tax?
New York applies a state estate tax separate from the federal estate tax, with a lower exemption amount than the federal figure. The state also uses a cliff provision, meaning an estate valued slightly above the exemption can be taxed on its full value, not just the portion above the line. For families whose home and retirement accounts together approach that range, understanding the difference between the two systems matters before you make decisions. Not intended as tax or legal advice; consult a qualified professional regarding your specific situation.
What's the difference between a will and an estate plan?
A will is one document that directs how your assets are distributed, while an estate plan is the broader set of arrangements that can include trusts, powers of attorney, healthcare directives, and beneficiary designations. A will alone can still leave gaps around incapacity, probate, and accounts that pass by beneficiary designation rather than by will. A coordinated plan helps address those gaps together.
Why should I review my beneficiary designations?
Beneficiary designations on retirement accounts and life insurance generally override your will. An outdated designation, naming a former spouse or a relative who has since passed, can send assets somewhere you no longer intend. Reviewing these across all your accounts is a financial task a wealth manager can handle directly as part of your broader plan.
How does estate planning fit with tax planning?
Estate planning and tax planning overlap because how and when wealth transfers can affect the taxes owed along the way. Coordinating charitable giving, account types, and transfer timing can help manage that exposure, though the right approach depends on your specific situation. Investment Insight Wealth Management models these decisions as part of our tax planning approach, coordinating with your CPA and your estate attorney rather than filing returns or drafting documents itself. Consult a qualified tax professional regarding your specific situation.
You Don't Have to Do This Alone
You don't have to figure this out by yourself, or all at once. Let's talk about where your plan stands today and what a good next step looks like.
Schedule a Meeting