Estate planning in Texas has great benefits whether you’re single or married. Being single, however, often leads Texans to overlook their need for organizing an estate. If you earn an income, receive investment profits or have savings, you have an estate. Creating an estate plan while you’re still single offers significant advantages.
Wealth building
Estate planning is often perceived as a morbid task. However, estate planning accounts for your current assets and hedges them. You can protect your assets from taxes, creditors and fraudsters.
Asset protection
The protections legally allowed for your assets are diverse. The types of financial accounts you have are a large facet behind the final estate tax you incur. How long you’ve had each account and the rate you withdrew from them are also factors. Here are some of the common risks that you can avoid by estate planning:
- Taxes: The money you shelter into trusts, retirement accounts and insurance policies could remain safe from the IRS.
- Debt: At the end of your life, probate pays your creditors, but estate planning gives you legal ways of keeping your assets from being liquidated to pay off debt.
- Publicity: Assets that are or become public are those that a judge or anyone in their courtroom can learn about. In most cases, those who make claims over your assets only do so when they’ve learned about those assets.
Estate planning in Texas
From the way your assets are disbursed to the way you receive medical care, estate planning can make your later years comfortable. You don’t have to organize your assets, but doing so will positively impact your finances.