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Tag : estate planning attorney southlake

4 Estate Planning Tips that Can’t be Ignored

It’s common for people to want to focus on the aspects of their finances that effect the here and now – and not the ones that involve death. It can be uncomfortable to think about or plan for death, but proper estate planning makes the process of sorting out your affairs more seamless to those you love during a very stressful time. At Metroplex Wealth in Southlake,Texas, we recommend a well-rounded estate plan for all of our clients, and here are a few planning tips that simply cannot be ignored:

 

Make it Clear

Don’t assume your beneficiaries know your intentions. If you have specific intentions about how certain tangible items should be distributed or how you’d like money spent, make these wishes clear. You can create a trust to ensure certain funds are allocated a certain way upon death. Your estate planner can ensure that all of your documentation is clear and concise. We specialize in wills, trusts, limited family partnerships, guardianships, and powers of attorney.

 

Use Insurance Policies and Tax Planning to Mitigate Taxes

Unfortunately, taxes and fees are a necessary part of settling an estate. However, you can help to mitigate the burden with the purchase of life insurance policies and other tax planning. For example, a knowledge estate planner can give you an estimate on how much your beneficiaries will likely owe in estate taxes, and then you can purchase life insurance policies that can offset these burdens tax-free.

 

Review Your Estate Plan Regularly

Many of our clients create an estate plan, then assume it’s finalized and ready for life. At Metroplex Wealth, we take it upon ourselves to review your estate plan yearly, giving you the opportunity to make changes and edit as life changes occur. This also gives us an opportunity to re-optimize your estate with the most current tax laws, preserving as much of your estate as possible through tax planning.

 

Choose a Well-Rounded Estate Planning Firm

At Metroplex Wealth, we offer financial planning, estate planning attorneys, and tax professionals all under one roof, giving you the opportunity to ensure all of your financial needs are met. It’s a common mistake to rely on one leg of this “three-legged stool” to handle all your affairs, when in fact, your affairs are not fully protected. Metroplex Wealth is proud that we are full service estate planning and wealth management firm, giving our clients financial freedom for years to come.

Asset Protection in Texas: 4 Ways to Minimize Your Risk

At Metroplex Wealth, one of the services we offer is Asset Protection in Texas. Asset Protection is a commonly misunderstood part of wealth management, so let us clear the air on what it is – and what it isn’t.

What is Asset Protection in Texas?

Asset Protection is simply a legal way to evaluate your assets and ensure that they get to the individuals or charities that you choose. In a society where litigation is more and more common, your personal and business wealth must be structured in a way that it’s protected. Asset Protection is not an illegal way of hiding money. At Metroplex Wealth, we work with an estate planning attorney that works with the law to legally diversify and protect your money.

Ways to Minimize Risk

So exactly how does Metroplex Wealth work to minimize risk? Here are 4 common Asset Protection methods we use often:

  1. Charitable Giving: Gifts to children, charities, or other family members are a great way to minimize risk and increase asset protection. This is one of the easiest strategies and one used often by our clients.
  2. Retirement Plans: Money held in many retirement plans is well protected from creditors until you begin distributions. 401(k) and 403(b) plans are some of the best for Asset Protection, but you’ll find that IRAs also offer some protections as well with generous caps.
  3. Trusts: Worried about creditors coming to your heirs and depleting assets? In that case, a trust may be a smart choice for Asset Protection, as the funds in a trust are protected.
  4. Family Limited Partnerships (FLPs): These partnerships among family are a legal way to provide a safe haven for your assets. You are your family will get limited partnership rights to the money while it’s kept in safekeeping.

Is Asset Protection Planning Right for Me?

If you’re concerned about litigation or your assets falling into the wrong hands in the future, then call us at Metroplex Wealth for a consultation. We have estate planning attorneys on staff to offer sound advice on what makes sense for you and your money.