Though we don’t have much control over what happens to us after this life, one thing that we can take the reins on is what happens to the things we worked hard for in this life. Our Texas high net worth estate planning lawyer strives to use their experience to guide you in a direction to ensure your loved ones are taken care of after your passing.
Without a document that lays out where you want your assets to go, state laws will decide what happens to your belongings. By teaming up with our team at Stuart Green Law, PLLC, you will likely gain a sense of ease knowing you are doing everything in your power to set your family up for success.
Why Our Estate Planner Can Prove Necessary
In situations where you have a large number of assets, specific tax liabilities may come up that can present challenges for individuals who aren’t well-versed in the world of tax law. There are many considerations to take into account to minimize estate taxes and avoid probate.
Exposure to a large number of estate plans is paramount to identifying what routes are best to take, which is why working with our Texas high net worth estate planning lawyer should be a no-brainer. We have had clients in a variety of circumstances and can provide reliable navigation in times of unpredictability.
Potential Strategies To Implement In High Net Worth Planning
Though those with a lower net worth still benefit from estate planning, they typically don’t need to worry about federal estate taxes as those kick in at an estate valued over $13.61 million for a single person, or double that amount for a married couple. However, when estate taxes from the IRS become applicable, they can add up fast. Below we outline some strategies we may explore with our clients to minimize tax implications:
- Maximize Charitable Gifts. By including charitable giving to social causes, religious organizations, or a donor advised fund, your taxable estate can be reduced. If you choose a charity as a residual beneficiary to your estate—meaning the cause will receive the remaining amount after your beneficiaries are taken care of and your estate’s bills are paid—then you are likely to avoid most estate taxes.
- Make Use Of Irrevocable Trusts. There is no shortage of types of trusts you can create throughout your lifetime. The benefit of an irrevocable trust is that it is classified as a separate legal entity, which means it is not deemed a part of your estate for tax or probate purposes. Taking the time to guarantee your trust is adequately funded and documented can bypass the need for court oversight to distribute your assets.
- Create 529 Accounts When Applicable. If there are children or students on your beneficiary list, it could be wise to invest their inheritance into a 529 savings plan. Not only can you invest up to $18,000 per student per year (tax-free), but you can also choose to contribute up to $85,000 for an individual or $170,000 for a married couple.
Estate planning can be intimidating when you face it alone. Don’t hesitate to reach out to our Texas high net worth estate planning lawyer today for any specific questions you may have. Our team at Stuart Green Law, PLLC looks forward to assisting you.
The Importance Of Updating Your Trust In High Net Worth Estate Planning
As our Texas high net worth estate planning lawyer knows, a trust is one of the most effective tools for protecting assets and securing a financial future. For individuals with significant wealth, keeping a trust updated is essential to reflect changes in financial holdings, tax laws, and family circumstances. We believe in commitment to excellence and work hard so our clients are successful. An outdated trust can create complications that impact asset distribution, tax liability, and long-term financial goals. If you have attempted to make a DIY trust or estate plan online, speak with us about the risks that may have and how we can help.
Adapting To Changes In Financial Assets
High-net-worth individuals often experience changes in their financial portfolios, including new investments, business acquisitions, or real estate purchases. If a trust does not account for these changes, assets may not be properly distributed. Updating a trust ensures that all holdings are included and aligned with long-term objectives. Without regular updates, new assets could be subject to probate or higher taxes, reducing the value passed on to beneficiaries.
Accounting For Tax Law Adjustments
Our Texas high net worth estate planning lawyer knows that estate tax laws can change, affecting how assets are taxed and distributed. Trusts should be reviewed periodically to take advantage of tax-saving strategies and avoid unnecessary liabilities. Adjustments may be needed to incorporate updated exemptions, deductions, or gifting limits. A proactive approach can help protect wealth and provide financial security for future generations.
Addressing Family And Beneficiary Changes
Family dynamics can shift over time due to marriages, divorces, births, or other life events. A trust should reflect these changes to ensure assets are distributed according to current wishes. Without updates, an ex-spouse could remain a beneficiary, or newly born grandchildren may be left out of an inheritance. Keeping a trust current allows for clear instructions that prevent disputes and confusion among heirs.
Protecting Business Interests And Succession Plans
For business owners, an outdated trust can create challenges in succession planning. A well-structured trust should outline how business assets will be transferred, who will take over ownership, and how any proceeds will be distributed. As business structures evolve, trust documents must reflect any new partnerships, expansions, or changes in leadership. Without proper planning, business assets could become tied up in legal disputes or be subject to unnecessary taxation.
Securing Charitable Giving And Philanthropic Goals
Many high-net-worth individuals incorporate charitable giving into their estate plans. Whether through donor-advised funds, charitable trusts, or direct donations, updating a trust ensures that contributions align with current philanthropic priorities. If charitable organizations change or no longer align with personal values, adjustments can be made to redirect contributions effectively.
Keeping Your Trust Aligned With Your Goals
Trusts are not static documents. As wealth grows and priorities shift, regular updates help maintain a clear estate plan that reflects financial and personal goals. At Stuart Green Law, PLLC, we help clients review and update their trusts to protect their assets and their families. Our team is also serving Pearland, Sugarland, and more, so make a call to our office today. Contact our Texas high net worth estate planning lawyer today to discuss your estate plan and make sure it continues to meet your needs.