Our Services
Estate Planning
We're not attorneys, but we help you arrange the financial side of your estate plan and make sure your accounts are titled correctly so your wishes are actually carried out.
What We Can Do For You
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- Review primary and contingent beneficiaries for brokerage accounts, retirement accounts, trusts, and more
- Assist with will updates
- Review powers of attorney, including medical
- Analyze the impact of trust strategies
- Review asset exposure to probate
One overlooked aspect of financial planning is the estate planning process. Done properly, estate planning can minimize estate taxes owed, limit probate, and ensure an efficient, proper transfer of assets between generations for families throughout The Woodlands and Greater Houston. This can include updating wills, minimizing gift taxes, planning estate transfers, and addressing generation-skipping taxes, among other important topics.
Estate Planning Strategies
Beneficiary Planning
Establish and maintain accurate beneficiary designations to help assets pass directly to your loved ones and avoid unnecessary probate.
Wills
Establish clear directives for asset distribution through a properly drafted will, and work alongside your attorney to keep it current as life events occur.
Trusts
Explore trust strategies that can limit the publicity of probate, help minimize gift and estate taxation, and protect assets for heirs who may need more structure.
Beneficiaries
The first step in estate planning is establishing beneficiaries for your financial accounts. Beneficiary designations are valuable because they typically remove those assets from the probate process entirely.
When choosing beneficiaries, you can name both a primary beneficiary and a contingent beneficiary. The contingent beneficiary receives ownership if the primary beneficiary is unable to take ownership or possession of the inherited assets.
Many life events can cause beneficiary designations to change, including marriage, divorce, or the birth of grandchildren. We help keep track of your beneficiaries and make sure these designations stay up to date with your latest life events.
Wills
A will is the most basic and familiar form of estate planning. It guides the executor of your estate on how your assets should be distributed through probate.
Most Americans still haven't written a will. A 2021 survey by the senior care group at Caring.com found that only 44% of people over age 55 have estate planning documents in place.1 We help guide you through the process of working with an attorney to get a proper will written, and help make sure it stays current as major life events occur.
Trusts
Trusts are an excellent estate planning tool that can limit the publicity of probate and help minimize the impact of gift and estate taxation. In certain cases, trusts are also invaluable for limiting risk when leaving assets to heirs who may not be ready to manage a large inheritance responsibly. Trusts have become increasingly popular recently through trusteed IRAs.
We help analyze how trusts fit into your overall financial planning process and work alongside the appropriate legal counsel to help you determine the best structure for your needs.
Common Questions About Estate Planning
What is estate planning and why is it important?
Estate planning involves preparing for the transfer of a person's wealth and assets after their death. It's crucial to ensure your wishes are honored and to minimize taxes and legal complications for your heirs.
How often should I update my estate plan?
It's advisable to review your estate plan every 3-5 years or after significant life events such as marriage, divorce, or the birth of a child.
What documents are essential in an estate plan?
Key documents typically include a will, power of attorney, healthcare directive, and any relevant trusts. Each plays a different role in managing your assets.
Can I make changes to my estate plan?
Yes, you can amend your estate plan at any time to reflect changes in your life or financial situation. Regular updates ensure your plan remains aligned with your goals.
What happens if I die without an estate plan?
If you die intestate (without a will), your assets will be distributed according to state laws, which may not reflect your actual wishes.
How can I minimize estate taxes?
Strategies like beneficiary planning, trust structuring, and proper account titling can all play a role in reducing estate tax exposure.
What is a trust and how does it work?
A trust is a legal arrangement where a trustee holds and manages assets on behalf of beneficiaries. It can help minimize probate exposure and, depending on how it's structured, offer certain tax advantages.
Who should I appoint as my executor?
Choose someone trustworthy, organized, and familiar with your financial situation. This person will manage your estate and help ensure your wishes are carried out.
How can Lloyds Intrepid assist with estate planning?
While we're not attorneys, we help you arrange the financial side of your estate plan, from reviewing beneficiary designations to analyzing trust strategies, and work alongside your attorney to help make sure your plan is properly executed.
Secure Your Legacy Today
Don't leave your family's future to chance. Schedule a consultation with Lloyds Intrepid to discuss your estate planning needs and ensure your wishes are honored.