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Estate planning with loved ones and beneficiaries in mind

On Behalf of | Oct 22, 2021 | Estate Planning

Planning for the future is a unique process determined by the needs and objectives the individual. Estate planning is about preparing for potential medical and financial needs, as well as controlling what will happen with assets and money after passing. For some in Texas, the primary goal is to keep wealth in the family, laying the foundation for financial security for generations to come. It is possible to accomplish this goal with specific strategies. 

Smart planning starts now 

It is important to begin the planning process as soon as possible. In most cases, the first step to creating an estate plan is to make a will that outlines how one wants to distribute property after his or her death. If there is a will already, it is prudent to carefully review it and bring it up to date. After that, one should review beneficiary designations on all accounts. 

Another way to keep money in the family is to establish a trust. This allows one to set aside and protect assets for a specific use in the future. It is also possible and often prudent to gift assets during one’s lifetime to ensure they go to the right person or place. Before gifting, however, it is helpful to carefully review tax laws.  

The key to a strong estate plan 

The key to creating a strong estate plan is to work with an experienced Texas attorney from the very beginning of the planning process. Knowledgeable guidance ensures one has the information he or she needs to create practical and sustainable plans. If unsure of how to begin this process, it might help to seek an assessment of the estate and explanation of legal options. 

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