Asset Protection & Wealth Management Attorney

Estate Planning to Preserve Wealth for Texas Families

Here at Albin Roach, we coordinate asset protection and estate planning using a variety of tools tailored to our clients’ individual financial and familial needs and goals. We take a two-pronged approach:

  • First, we preserve wealth during your lifetime by using estate planning and financial management tools to minimize tax liability and avoid financial depreciation.
  • Second, we use a variety of Wills, Trusts and other probate alternatives to protect as much of your property as possible from the time and expense of probate.

It is always the right time to start thinking about protecting your assets from taxation. Talk to asset protection and wealth management attorney Jeffrey Yates at Albin Roach. Call 214-430-4440 or contact him online to schedule a visit at our Prosper, Plano or Frisco law office.

Asset Protection Tools

Establish a Trust: Assets held in Trust belong to the Trust, not to the individual grantor or to the beneficiaries. Trusts can be used to protect your assets while still allowing you to enjoy the benefits of your wealth. You can use a Trust to:

  • Reduce taxes during your lifetime
  • Reduce estate taxes owed by your estate after your death
  • Protect your property from creditors
  • Limit or avoid the need for probate
  • Maintain real property, art or a charity
  • Transfer life insurance to beneficiaries (ILIT)
  • Manage funds on behalf of minor children
  • Support your family into the future
  • Ensure money is available to care for surviving pets

Make an Annual or Lifetime Gift to Those You Care About: When it comes to large financial gifts, the IRS taxes the giver, not the receiver, with a gift tax. However, the IRS allows financial gifts to be made up to the level of the annual gift tax exclusion (in 2018, that amount is $15,000 per recipient) without incurring a gift tax. And if you are married, that amount is doubled.

Do you want to gift more? Your gift is non-taxable up to the level of a lifetime gift tax exemption of $11.2 million (per donor, not per recipient).

Why gift now? Not only can a gift of $15,000 or $30,000 a year make a difference in the lives of your loved ones, it can reduce the taxable value of your estate. (However, once a lifetime gift tax exemption has been reached, any remaining gifts above the annual gift tax exclusion are taxable.)

Make a Non–Taxable Gift for Services: Not every financial gift is subject to the IRS gift tax. You can make the following gifts without worrying about the annual or lifetime gift tax exclusion:

  • Gifting between spouses
  • Gifting to a charity
  • Gifting directly to a healthcare provider for medical reasons
  • Gifting to an educational institution to pay for a student’s tuition

Sign a Prenuptial Agreement: Texas is a community property state, which means that your spouse has a right to a portion of the income and assets accrued during the course of your marriage. This may include assets related to a business, income earned on prior investments and retirement accounts, and inheritances.

When there are children from a prior marriage, inheritance rights can become a thorny issue. When a business is involved, a new spouse’s financial interests can become a concern to business partners, as well. Before you marry, it may be wise to talk with to a lawyer about options. At Albin Roach, our family law and estate planning attorneys work together to protect your assets in a manner that is respectful and fair to your soon-to-be spouse.

Keep an Eye on Estate Tax Minimums: Upon your death, your estate is responsible for paying estate taxes to the IRS and the State of Texas if your property is above the value prescribed by the tax codes. The limit for 2018 is $11.2 million, but this limit is adjusted periodically.

Keep in mind that that amount is reduced by any lifetime gifts you make over and above the annual gift tax exclusion amount. However, you can leave an unlimited amount to your spouse without estate tax consequences. Attorney Yates stays current on the estate tax requirements and can advise you on your options when your portfolio nears the estate tax exemptible amount.

Work with a Asset Protection Lawyer Now

The sooner you work with an asset protection lawyer, the more options will be available to you to transfer assets tax free. Mr.Yates will tailor a plan specifically for your objectives. Call Albin Roach at 214-430-4440 to schedule a consultation at our Plano, Frisco or Prosper law offices, or contact us online.

We serve clients in McKinney, Celina, Allen, and communities throughout Denton County