Considerations for Texans Planning for Retirement

It is never too early to begin thinking about retirement. In fact, the wisest people often begin planning and saving for retirement early on, understanding that doing so can pay off in a big way down the line. One question many Texas individuals have when thinking about their retirement plans is what type of assets they should plan to live off of in retirement and what assets they should be passing down to their children in order to be tax-efficient and living comfortably. A Houston estate planning attorney can be a vital asset in answering these questions.

What Are Your Retirement Goals?

An important first step in answering this question is asking an additional question: what are my retirement goals? Do you want to leave as much as possible to your children and grandchildren? Do you plan on supporting charitable organizations in retirement and through your estate? Once your goals are identified, you can begin to figure out how to have different accounts and assets titled and earmarked appropriately to ensure they transfer in the correct way. It is important while planning to plan for both your core assets and excess capital.

Long before retirement, and eventually death, and all Texans should have thought through a plan for all their taxable assets. For example, while some people think that children and other beneficiaries are better off inheriting an IRA, instead of taxable investment accounts, that is not always the case. In some situations, inheriting highly appreciated taxable investment accounts can pay off in a big way for beneficiaries, and so an individual should work with an estate planning attorney to figure out how to maximize this value. However, proposed changes to the tax code in Congress may change this, and it is always important to stay up to date on the current law when planning for retirement.

Clearly, this is a very complicated area of law, and planning for retirement may feel overwhelming at first. This is why many Texans choose to work with an estate planning attorney—someone they can trust to guide them through every step of this process. Estate planning attorneys know what questions to ask. More importantly, they know how to help you and your family achieve your retirement goals and maximize your value while minimizing your taxes. Working with an estate planning attorney is an important part of long-term financial success and prosperity. Working Texans wanting to get started on their retirement plans should reach out to one right away.

Meet with a Houston Estate Planning Attorney Right Away

If you’re looking for an estate planning attorney in Houston, Texas, look no further. The dedicated and experienced Houston estate planning attorneys at McCulloch & Miller, PLLC, are here to help you and your family with all of your estate planning needs. We understand that this area of law is complex, but we also understand how important it is to plan effectively and prepare for a prosperous future. Call us today to schedule an initial consultation and to learn more about how we can help you start your planning: 713-333-8900, or fill out our online form.


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