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.