Estate planning in Dallas requires a deep understanding of the current and future goals of our local clients. Multi-generational planning in the Dallas community demands innovative legal and tax strategies, along with sensitivity to the unique dynamics of intra-family relationships.
The various strategies and techniques often utilized for estate planning, wealth transfer, and tax optimization include:
A traditional estate plan in Dallas typically includes a Will, a revocable trust, and essential incapacity documents such as a medical power of attorney, durable power of attorney, directive to physicians, and HIPAA authorization. These components ensure your assets are distributed according to your wishes and managed effectively, while incapacity documents appoint trusted decision-makers should you become unable to make decisions yourself.
Individuals who pass away with a certain level of wealth require an estate tax return, which is filed with the IRS. An estate tax return is separate and apart from an individual’s income tax return. Gift tax returns are required for gifts that are more than a certain amount in any given year.
In Dallas, marital property agreements can take the form of a Prenuptial Agreement, established before marriage, or a Postnuptial Agreement, created after marriage. These agreements allow Dallas couples to clearly define their wishes regarding separate and community property during their marriage and in the event of divorce or other life changes.
In addition to a traditional estate plan, other complex trust planning may be appropriate in order to reduce estate taxes, gift assets, carry out charitable giving, or modify an existing trust.
Business Planning in Dallas starts with establishing the right entity structure and implementing tailored rules and policies. Once the foundation is set, strategic planning can include optimizing income tax savings and adopting best practices for efficient recordkeeping, helping Dallas businesses thrive.
An estate plan describes your wishes and legally allows those wishes to be carried out either upon death or incompetency.
Absolutely. Without an estate plan, assets pass pursuant to Texas law at death, which may not be in line with your wishes. Also, without incompetency documents, decisions are difficult and often require court involvement to provide someone with legal authority to make decisions on your behalf.
Individuals with certain levels of wealth will owe estate taxes upon death, which is in addition to income taxes. There are various ways to reduce estate taxes and plan for estate tax payments.
Book a consultation with Sharpe Law Group’s Experts. We focus on Estate Planning, and our office is located in Dallas near Central Expressway and Lover’s Lane. During your initial consultation, we’ll review your situation and assets and help build the best strategy to preserve your legacy and ensure a successful wealth transfer.
Call us at 214-742-6065 or Contact Us Here to book your initial meeting with one of our experienced estate planning attorneys in our Dallas or Plano office.
Sharpe Law Group
6688 N. Central Expy, Suite 450
Dallas, Texas 75206