It is impossible to know what will happen in the future, but there are steps one can take that will allow him or her to have a measure of security over certain matters. One primary concern for many in Texas is controlling wealth and assets after death. Through certain estate planning measures, it is possible to control wealth, ensure assets go to the right places and have peace of mind for the future.
Keep money in the family
Depending on the amount of money and assets in an estate, certain taxes should be an important consideration in any plans made. It is prudent to consider the potential impact on heirs and beneficiaries before making any final decisions. Common estate planning strategies that can allow one to keep money in the family more easily include:
- Have an updated will in place at all times.
- Regularly check on and update beneficiary designations on certain accounts.
- Employ gifting during over the course of one’s lifetime.
- Convert retirement accounts wisely.
- Establish a trust to set aside and protect wealth for a specific purpose.
With the right plan in place, estate planning allows one a measure of control over his or her property, even after death.
The right plans, right now
Now is the right time to start the estate planning process or update existing plans. If a Texas adult has concerns about controlling wealth and assets, it will be helpful to speak with an estate planning attorney. An assessment of the individual estate and objectives can help one feel confident regarding his or her decisions.