Texas families know the value of estate planning for achieving their final wishes. Estate planning protects your assets and your loved ones’ futures. It also assists you with future needs such as long-term care planning, placement of minors, pets and donations to your favorite charities.
Estate planning can include creating a will for asset distribution, burial expenses and assigning someone to manage your estate, and it often including creating other documents, so you can appoint someone to make medical and financial decisions if you are unable to do so yourself.
Does everyone need a will?
You might not consider the value of having a last will and testament if you don’t own your own home or have significant financial assets. However, consider what will happen to personal property such as your car, boat, or other holdings if you die without a will. Passing away without a will means that someone has died intestate. If this is the case, state laws then decide how your assets, regardless of value, are distributed. This means your loved ones can be left without the assets you intended for them to get.
Can tax laws can decrease the value of my estate?
Estate planning includes allowances for tax law changes. Establishing trusts and gifting allows you to optimize your estate value while minimizing state, local, and gift taxes. Federal taxes can also impact your estate, so it’s wise to have a plan that regularly reviews and adjusts to these laws.
Probate challenges can be costly to your estate. If your assets are contested, the costs can absorb all or most of your estate’s worth. Using financial tools to protect your assets and your family’s future is wise.
