Document titled estate planning

Things To Know About Dallas Estate Planning

Planning your estate is a long and often grueling component of your retirement planning process. It’s often something a lot of soon-to-be retirees put off, but we don’t recommend this. Instead, we recommend planning your estate early on–we can always adjust it if need be. In this article, our Dallas financial advisors based in Colleyville will offer insight on a few things to know about estate planning as a component of your retirement plan and how we can assist you during this process.

You Don’t Have To Be Wealthy To Plan Your Estate

Usually, estate planning is synonymous with wealth, but even those who aren’t millionaires or billionaires should plan their estate. Let’s go back to early planning for a moment. Let’s say you only have a handful of assets. Years down the line, they may be worth far more than what you initially paid, so it’s imperative that you take the time to plan your estate accordingly.

You Should Have A Clear Goal For Your Estate In Mind

What are you hoping to accomplish with your estate plan? Do you want to protect your family’s wealth? Keep a business up and running after you pass away? Donate to charity? Whatever your goal is, knowing what it is will help us come up with a solid estate plan together on your terms rather than on a judge’s terms.

Taxes May Be Owed By Your Beneficiaries Once They Take Possession Of Their Assigned Asset 

Although Texas does not collect estate or inheritance taxes, the federal government does. However, there are ways to reduce the tax burden on your beneficiaries, and our Dallas retirement financial advisors–who also serve clients in Colleyville and Fort Worth–will help you reduce the tax burden as much as possible. There are certain legalities we must keep in mind, but it is very much possible to lower the taxes on your estate. This is especially important because the taxes owed will depend on your assets’ fair market value by the time they are divided amongst your beneficiaries.

You May Need An Estate Attorney’s Legal Expertise

Our Dallas financial advisors have vast experience and knowledge that will help you come up with the right estate plan for you and your beneficiaries, but a suitable estate attorney will also play a role in getting the right documents. Our retirement planning experts will aid in finding the right attorney for your needs so that, together, we can make estate planning as seamless as possible.

The Dallas Retirement Planning Team At Retire Guides Will Help You Navigate Your Estate Planning

Estate planning is highly involved and, at times, rather tedious. With our retirement financial advisors at your side, we can ensure that your estate is divided how you would like it to and that your beneficiaries are well looked after. If you’re ready to navigate estate planning, please contact us.