Texas Estate Planning as You Reach Retirement

While retirement and estate planning are distinct areas that contribute to financial stability, there is significant overlap between these considerations. Texas estate planning typically involves creating a system and plan for transferring the creator’s estate. In comparison, retirement planning refers to establishing retirement income and taking steps to accomplish these goals.

Retirement and estate planning are critical to financial readiness and stability. However, estate planning focuses on protecting the interests of the creator’s loved ones and beneficiaries, whereas retirement planning allows the creator to lead a stress-free life. Estate planning relates to when a person becomes physically or cognitively incapacitated. On the other hand, retirement planning relates to the time when a person exits the workforce because of their age or tenure.

Importance of Retirement Planning

Retirement planning focuses on the financial independence of the creator. Those who retire without a plan often face significant difficulties maintaining their living standards or supporting those they love. An attorney can assist individuals in developing a retirement plan that addresses the various issues that may impact a person’s financial livelihood.

In addition to building up savings, proper retirement planning involves many other essential steps. For instance, an attorney can help individuals develop a plan to pay off debt, keep up their health insurance, secure long-term care insurance, and establish a financial plan for maintaining home and auto insurance.

Estate Planning in Texas

Although many believe that estate planning only applies to the uber-wealthy, in reality, a person’s estate refers to any asset they own or control. Accordingly, an estate plan includes a person’s home, vehicle, or business interests. An effective estate plan includes specific instructions on how the creators’ estate must be divided. An estate plan allows the creator to name the people they wish to leave their assets and arrange gifts to limit their beneficiaries’ tax liabilities. Most importantly, an estate plan provides the creator with the mental peace and satisfaction of knowing their affairs are in order.

An attorney can help individuals evaluate their retirement and estate plans to make informed decisions about their financial future. In addition, a lawyer can help individuals address their estate and retirement plans in light of the SECURE Act (Setting Every Community Up for Retirement Enhancement), enacted in December 2019.

Texas Retirement and Estate Planning Attorney

If you are considering creating or modifying a retirement or estate plan, contact the experienced attorneys at McCulloch Miller, PLLC. The lawyers on our team have provided estate planning services backed by nearly 35 years of experience. The knowledgeable attorneys at our office represent clients in a broad array of estate and elder law matters. In addition to fundamental estate and retirement planning, our firm handles Texas probate proceedings, trust planning, public benefits planning, Medicaid crisis planning, and estate planning for business owners. Contact our office at 713-936-9073 to schedule a consultation with a Texas retirement and estate planning lawyer.


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