Leave a Legacy With Texas Financial & Retirement
Put your money where your values are for the people and causes that matter to you.
For a lot of people, the money left over isn’t really about the money. It’s about a grandchild finishing college without loans. A church that’s been part of your family for three generations. A grown child who won’t have to sort through paperwork during the worst week of their life.
Legacy planning is how you turn those intentions into something specific. We help you sort out what goes where, when it goes and how much of it survives the tax bill along the way.
Our Legacy Services
If you have qualified money or annuities, those inherited funds may push your beneficiaries into higher tax brackets during their peak earning years. There may be more tax-efficient ways to pass those assets along. We can walk you through options like Roth conversions and repositioning through life insurance to make sure your heirs are getting more than the IRS.
Neither the firm nor its agents or representatives may give tax or legal advice. Individuals should consult with a qualified professional for guidance before making any purchasing decisions.
Helping with a grandchild’s education is one of the more common goals we hear, and there’s more than one way to do it. A 529 plan, a custodial account or a gift made during your lifetime each come with different rules around control, taxes and financial aid. The right approach depends on how much flexibility you want to keep and when you want the money to be available.
How you give can matter as much as the amount. Qualified charitable distributions let people 70½ and older give directly from an IRA, which may satisfy part of a required minimum distribution without adding to taxable income. Donating appreciated assets and bunching several years of gifts into one are other approaches worth considering.
We’ll help you look at which methods fit your situation and coordinate with your tax professional on the details.
Working With Your Other Professionals
Some parts of a legacy plan call for an attorney or CPA. We work with a network of professionals in East Texas who handle:
Trusts
Probate
Estate Planning
Tax Planning
If you already have people you trust, we’re glad to coordinate with them. If you don’t, we can make an introduction.
Let’s Talk About What You Want to Leave Behind
Start with a conversation about what matters to you. Schedule a meeting with our Tyler or Longview office, or call us at 903.534.5477.
