Austin Estate Planning

Estate planning can be a complicated, but a well-informed plan can make a big difference.

Before you begin to take action on your estate plan, it's important to understand the key factors that may arise as you address your specific needs.

Working with an attorney and tax advisor

It's important to work with an attorney and possibly a tax advisor on your estate plan. The attorney's role will include guiding you through the creation of the estate planning documents that you need. These may include a will, health care power of attorney, and financial durable power of attorney. The tax advisor can help you with any associated tax questions.

The attorney will also help you communicate your wishes clearly, avoid mistakes, minimize taxes, and adjust your plans as circumstances change.

An attorney can be well worth the cost—significant savings can result from thorough, informed planning.

Give your family the most you possibly can

This will be  key throughout your estate planning efforts. It's important to get legal advice and think through how each asset will pass to your beneficiaries. The best options may vary due to your specific needs and case factors.

Plan now to make sure as little of your estate as possible is lost to taxes, court fees, and other expenses.

Estate, inheritance, and gift taxes

Texas does not currently levy their own estate or inheritance taxes.  The Federal government has a very high gift and estate tax exemption.  Unless your estate is larger than that amount, your beneficiaries should not have to pay inheritance tax. Many people use the gift tax exemption to transfer assets while they are still living, as part of their strategy to maximize what their beneficiaries receive.

Contact us to get started

Surell Law Firm offers free Austin estate planning consultations via phone, zoom or in office for your convenience. Contact us today!