January 10, 2022 | By: Haley Morrison |Estate Planning
Deciding who will receive your assets and who will take care of your responsibilities after you’re gone isn’t the lightest of tasks. While estate planning can be emotionally and logically difficult, we recognize the importance of making sure our customers, their businesses, and their families are taken care of. To help you better understand what steps need to be taken, we are here to give some tips and tools that will not only ease the planning process, but will also set you up for success.
Before getting into helpful tools for estate planning, let’s highlight the importance of having an estate planning team. For those with sizable estates, planning is especially crucial. However, thinking ahead for future generations can become an overwhelming thing to do alone. Working with an attorney who specializes in succession planning and trusts as well as a CPA throughout this process is beneficial and a great way to ease that burden. Make sure to pick someone you trust and who understands your needs and don’t be afraid to ask questions.
Finding a team that is well versed in the most current trends and laws relating to estate planning is essential. Both your attorney and CPA should be able to keep you up to date and help you create a solid plan.
One tool we have seen used successfully is the use of an entity. Creating entities like trusts and family limited partnerships are ideal to help with estate planning purposes. Texas Farm Credit accommodates these and other types of entities. Please talk to your estate planning team about the benefits of the different options and potential tax consequences before making your decision.
Credit life insurance is another very useful tool in estate planning. Credit life helps families when there is an unexpected death by taking care of those covered debts. We have a team dedicated to answering your questions about credit life so give us a call and we can direct you to the right person.
We know these can be difficult discussions, but find the right team and using different tools can help lessen the weight of estate planning. Texas Farm Credit is here to work with your team to help ensure a smooth transition. We look forward to working with you and are happy to answer any questions on ways Texas Farm Credit can partner with your team.
Frequently Asked Questions
The fee schedule for estate planning in Texas varies depending on the attorney you use and the complexity of your estate. The average cost of estate planning in Texas is $750 for individuals and $1000 for couples.
Everyone in Texas needs estate planning regardless of the size of your estate. An estate plan will help your loved ones avoid legal hassles after you die and minimize the taxes and expenses they will incur. It will also make sure your final wishes are carried out.
Estate planning in Texas requires a team that includes an attorney who specializes in succession planning and trusts as well as a CPA. Both your attorney and your CPA should be able to walk you through the process of estate planning in Texas, keep you up to date on the progress of your estate plan, and help finalize a solid plan for your estate.
The documents that you will need for estate planning are a last will and testament, a trust, a living will, a financial power of attorney, and a durable healthcare power of attorney. The lawyer you hire for estate planning will help you draft and notarize these documents.
Estate planning is important in Texas because it protects your assets for your heirs and makes sure that your final wishes are carried out upon your death. An estate plan also helps your family avoid having to have difficult discussions if you should become incapacitated because it outlines your wishes and dictates who will make those decisions for you.
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