What is Estate Planning?
Isn’t estate planning just about getting a will? No. It’s a whole lot more than that. Estate planning helps you avoid taxes, limit your future personal liability, and it provides a means for you to ensure your legacy. It can save you money now and save your heirs money in the future.
“Here’s a multiple choice: the difference between tax avoidance and tax evasion is: A. whatever the IRS says. B. a smart lawyer. C. 10 years in prison. D. All of the above.” – Gene Hackman as “Avery” in the Firm.
Other benefits include protecting your privacy and providing a vehicle for you to invest future earnings. Proper Estate Planning can mean the difference between tax avoidance (good estate planning) and tax evasion (prison). Estate Planning encompasses a multitude of decisions you must make and legal documents (in some cases numbering well the hundreds) that implement those decisions for you.
The documents themselves can range from the incredibly simple to the complicated and complex. Documents include things from a simple will to a Credit Shelter Irrevocable Trust.
Your goals determine the complexity of the estate planning documents. If the goal is to just tell the court who gets what furniture, a simple Will from legalzoom cor your local lawyer will do. If your goals are more ambitious, you will need more work done.
When crafting an estate planning solution, our goal is to develop a set of documents that implement our client’s wishes regarding wealth preservation, privacy protection, tax avoidance, and legacy determination. It may include a complex will that establishes a Special Needs Trust for a downs syndrome child and/or establishing a Pour-Over Will that puts all of your money into a trust upon death. Your imagination sets the limit on what you can do.
Estate Planning isn’t just an area of law. It’s a custom tailored solution for you and your spouse written under Texas Law.
Does Everyone Need Estate Planning?
No, of course not. However, if you want to lower your taxes or protect assets of more $100,000 or more. If you feel you need to protect your privacy, preserve your wealth, or ensure your legacy, contact us. You can contact our office at 214-396-6099 to arrange a consultation with an estate planning attorney.