Estate Planning

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The 3 Pillars of Successful Retirement Plans

    Estate planning involves the preparation of tasks to manage an individual’s assets (or estate) in the event of incapacity or death. Estate planning is key to ensuring that your wealth has a positive, lasting impact on your loved ones.

    Of course, there are many components to an effective plan for managing your estate. At Park Place Financial in Bellaire, Texas, we have the knowledge and expertise to guide you through all aspects of the estate planning process — from the basics, such as drafting a legally binding will, to more complicated situations, like managing business assets, or distributing wealth within a blended family.

    Our in-house estate planning specialist, Christopher J. Maurer can help you to adequately prepare for several life scenarios, and ensure that your wealth is managed the way you want, and by the people you want.

    Our Estate Planning Services

    The estate planning services that we offer cover a wide range of circumstances and situations. Some of our services include:

    • The creation of wills. We can help you to prepare both a testamentary will (to dictate the distribution of your assets after death) and/or a living will (an advance directive that expresses your wishes in the event of incapacity).

    • The development of health care proxies/durable powers of attorney. We can ensure that you have legal documentation in place to enforce your wishes in terms of medical treatment, and who will handle your financial assets, in the event of incapacity.

    • The drafting of trusts. These may include living trusts, insurance trusts, special needs trusts (to ensure that any children or dependents with special needs continue to receive the care they need), and charitable trusts (to ensure that the non-profit organization of your choice receives a designated portion of your wealth).

    Why You Should Consider
    Your Estate Planning Goals Now

    t is a reality of the world in which we live that unexpected sickness, injury, or even death can occur in the blink of an eye. For this reason, estate planning is absolutely crucial to achieving peace of mind, both for yourself and your loved ones. By considering your estate planning goals now, you can ensure that your spouse, children, and other relatives receive the benefits of your wealth in the event of your death. You can also set up a clearly defined plan for your own care in the event that you are no longer able to make decisions due to illness or old age.

    At Park Place Financial, our estate planning services enable you to be remembered the way you want, and to leave a lasting and secure legacy for your family members and friends. Thinking ahead and planning for such things is not morbid, but is wise. With the help of an experienced estate planning expert, you’ll be able to rest easy knowing that if anything does happen to you, you and your estate will be in good hands.

    Changes in Estate Law

    Another important reason to start the estate planning process right now is because of recent changes to estate law in the United States. The Tax Cuts and Jobs Act (TCJA) of 2017 and the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 not only opened the door to exciting estate planning opportunities for many Americans; they also made many estate planning strategies obsolete. If you haven’t updated your estate plans since the enactment of these new laws, then you could be at risk of:

    • Accidentally disinheriting your spouse

    • Losing the opportunity to take advantage of a temporary tax window (through 2025)

    • Leaving too much of your wealth to the government instead of your loved ones

    • Forcing your surviving family members to liquidate their inheritance because of new tax rules

    For these and other reasons, it’s important to consider updating your estate strategy with the help of an experienced specialist. At Park Place Financial, we can help you to do just that.

    Reach Out to Us for an Increased Peace of Mind

    Our in-house estate planning specialist can work with you to find the right strategies for your specific situation. He will ensure that your wishes are enforced by means of legally binding wills, trusts, advance directives, and other documents in the event of your incapacity or death. If you set aside for such estate planning now, you’ll be able to experience greater peace of mind for years to come.

    To learn more, reach out to our team of financial experts at Park Place Financial today. We’d be happy to answer any questions you have