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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.

Do Your Tax Deductions Include Investment Activities?

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  • January 4, 2019

If your tax deductions don’t include investment activities, you may be missing out on considerable opportunities. Though tax season is not a favorite season for most, one thing worth celebrating is that you may have investment tax deductions you haven’t accounted for. This blog posts intends to inspire our clients to consider potential tax deduction opportunities that can help reduce your tax burden come filing time.


You may be surprised to hear this but did you know that expenses accrued when purchasing your favorite publications might be tax deductible? All of that leafing through the Financial Times can also serve you come filing time so be sure to keep some of your receipts. It may seem nominal but we don’t think this is worth brushing aside.

Safe Deposit Box Rental

Some of our clients keep certain investments, such as savings bonds, in a safe deposit box rental at your bank. The rental cost of that safety deposit box may be tax-deductible.

Interest Tied to Investing

Though this is a very strictly managed deduction, it’s possible that the IRS may allow you a deduction for interest fees accrued through your investing initiatives. Before you get too excited, let’s clarify that commissions are not directly tax-deductible but other fees or advisory charges might be. Notably, your net investment income determines the cap on the margin interest expense that is eligible for a write-off.

Advisory Fees

While stockbroker commissions are not tax-deductible, it’s worth noting that certain investment advisory fees might be. To be clear, the nuanced rules surrounding advisory fee deduction eligibility need to be closely assessed to determine whether the fees being considered are tax-deductible.

Ultimately, unique determinants tied only to your situation will help determine what tax deductions you are eligible for. When considering some of the more nuanced tax deductions we’ve mentioned, it’s worth consulting with an experienced tax professional.

3 Savvy Steps to Building Financial Stability

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  • December 3, 2018

Building financial stability involves taking small steps consistently, so that before you know it you’ll look back and realize you’ve reached a level of financial stability you’re comfortable with. Financial stability represents taking control of your financial future, investing it so that it’s working for you, and managing your money responsibility so that the money you are making makes a big impact.

Invest Strategically

A cornerstone of financial stability, investing strategically ensures that you’re protecting your future self. Whether that means growing a stock portfolio, making consistent investments to your retirement accounts, or both – investing strategically (and consistently) will ensure that you spend less time worrying about money and more time enjoying it as you age.

Budget Consistently

It may seem like one of the more manual and annoying aspects of building financial stability but creating a budget that you abide by is one of the most basic ways to take control of your money. Start with allocating money to your living expenses and work your way down to discretionary spending such as entertainment and travel. Without a budget, it’s easy to let discretionary spending get out of control and limit the funds you have available to save, invest, and donate.

Use Credit Responsibly

The temptation to pay for something with your credit card when you don’t quite have enough in your checking or savings account is almost a sure-fire way to guarantee that your credit card bills will get out of hand. Every billing cycle, you should be sure to pay your credit card off in full, it’s not to be relied on for unexpected expenses.

By investing strategically, budgeting consistently, and using credit responsibly, you’ll be well on your way to building financial stability for yourself and your family.

Retirement Considerations to Keep Top of Mind

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  • October 28, 2018

Money anxiety in retirement is a sure-fire way to deflate the excitement of this new phase of life. Taking time to be strategic about your financial future is a simple step that goes a long way in easing much of the anxiety you feel related to your income during retiremen. One of the most important things to have in hand when entering retirement is a solid financial plan.

Monthly Spending

There are three key pieces of information that will lay the foundation for a solid financial plan, the first is your monthly spending amount. Determining how much you spend on a monthly basis is a savvy first move to developing a financial plan for retirement. It can also prove an effective way to trim the fat off of your monthly expenses. Start with the basics such as food, shelter, and comfort items and work your way down to granular levels where possible.

Income Anticipated

Take some time to work out exactly how much income you can expect to receive from social security. While this is easier to forecast the closer you get to retirement, there are tools available that can help you come up with an estimate. Be sure to account for any pension income as well.

Investment Income Needed

Now that you’ve worked out your monthly spending patterns and how much income you can anticipate from social security and your pension plan, your income gap can be determined. This will help narrow down how much money you’ll be needing from your investments on a monthly or yearly basis. This dollar amount will help inform your overall investment strategy.

Nothing is as crippling as fear when approaching the time for retirement. Having a strategic financial plan in place well in advance of your retirement will help ease your fears and help your wealth manager devise an investment strategy that supports your financial goals.


Are You worried about Stock?

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  • February 17, 2016

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