Estate Planning
Making an impact during your lifetime and beyond, Estate and gift planning can help to shape your priorities.
Estate planning is essential in defining your financial priorities and ensuring your wealth positively impacts future family generations or charitable causes.
We strive to comprehend and clarify your objectives. With a deep understanding of the complexities associated with inter-generational wealth transfers, and the tools available, we guide you in creating and implementing a strategy to meet these goals. Our estate planning services include the coordination and development of wills and trusts, estate tax strategies, asset titling and beneficiary designations, charitable contributions, and more.
Many clients aim for their wealth to benefit future family generations or support charitable causes. We focus on understanding and defining these objectives. Armed with this insight and knowledge of the tools available, as well as the challenges associated with inter-generational wealth transfers, we assist our clients in crafting and implementing a strategy that achieves their goals both effectively and efficiently.
Estate and legacy wealth planning
Estate planning ensures the protection of your accumulated wealth and assets for your family and cherished causes. While these safeguards primarily activate upon death, they also extend to various life situations, such as gift planning, establishing guardianships, significant life events, and more.
At Financial Plan Providers LLC, we offer the estate planning guidance necessary to protect your legacy and direct your wealth in ways that have a meaningful and enduring impact on your loved ones.
Some of the elements and data necessary for comprehensive estate planning include:
Assets and liabilities
Existing wills
Existing trusts
Privately held businesses
Business succession plans
Beneficiary designations
Life insurance policies
Relevant estate and tax laws
Probate laws
Retirement plans (company/personal)
College savings plans
Annuities
Charitable goals
Gifting plans
Your estate plan should be as distinctive as your fingerprint. The advisors at Financial Plan Providers LLC are dedicated to guiding you through every facet of the estate planning process, ensuring it reflects the aspirations you hold for your family and future generations.
Trusts and wills need to be drafted by a qualified attorney. Although Financial Synergies does not generate these documents, we will collaborate closely with your attorney to ensure that all records are up-to-date and align with your comprehensive financial plan.
Wills & Trusts
Convert your desires into directives for the future.
Wills and trusts form the cornerstone of estate planning and the management of wealth transfers. A meticulously crafted will ensures a systematic distribution of assets to beneficiaries. Trusts can be set up through a will or as standalone entities that complement the provisions of a will. Together, your will and trusts facilitate the strategic transfer and ongoing management of your assets over the long term.
Discussions with clients often focus on their aspirations, dreams, and concerns for future generations. Issues of control and management are usually the primary areas of worry for those crafting an estate plan, particularly when it involves shielding assets from creditors, predators, and in-laws.
Working alongside estate attorneys, we will assist you in ensuring that the wealth you intend to transfer to your family is securely protected.
Estate Tax
Preventable with the right planning.
With the current high federal estate tax exemption, most estates face no tax issues—though this could change with new legislation from Congress. For estates that exceed the exemption threshold, significant decisions need to be made regarding the management and treatment of the taxable portion.
A variety of strategies-including the use of trusts, family limited partnerships, charitable planning, and annual gifting-can completely eliminate estate tax. However, the complexity of these strategies and a person's readiness to relinquish ownership can influence the design of the estate plan.
When required, we will assist in coordinating estate tax reduction strategies with your estate attorney and CPA.
Title and Beneficiary Designations
Details make all the difference.
Many estate plans encompass various accounts and assets. Incorrect beneficiary designations and titling errors can unravel even the most meticulously crafted estate plan, potentially leading to a legal nightmare for your family.
A trust manages its own assets, whereas a will governs only those assets that go through probate. Retirement accounts and life insurance policies can circumvent these legal documents if they don't have the correct beneficiary designations. Additionally, improper titling can lead to unintended gifts or disinheritances. We thoroughly review all beneficiary designations and titling to ensure they align and coordinate properly with the broader estate plan.
As significant life events occur—such as marriage, the birth of children, death, or divorce.it is crucial that we revisit and refresh your legacy objectives to guarantee that your estate plan remains up to date.
Coordinating with Your Estate Attorney
While we are not attorneys, we are committed to working closely with your estate attorney to make sure your financial plan aligns with your estate and gift planning needs. If you do not currently have an estate attorney and wish to engage one, we have established strategic partnerships with several attorneys in the United States. We can facilitate this engagement and will continue to collaborate with them on your behalf going forward.
Attorneys play a vital role in estate planning, particularly in drafting essential legal documents such as wills and trusts. As your financial quarterback, we'll take on the responsibility of coordinating your team of financial professionals, easing the management burden for you.
2600 S Gessner Rd, Suite 420-1, Houston, Texas, 77063