Trust-Based Estate Planning in Wichita Falls
Contrary to popular belief, Trust-based estate plans are not just for the super wealthy. We can see how people think that as most people think of “trust-fund babies” when they hear talk of a Trust. But this is not the case.
Although you may not feel wealthy with a total estate of $350,000, but you better believe that money will help your loved ones. Maybe your son wants to start a business, or your granddaughter wants to go to college. Trust us, to your family, every little bit matters. So while you may not feel rich on an everyday basis, remember your family is counting on you to plan properly and preserve everything you have. How you manage your estate through proper estate planning can make all the difference in how much you leave to your loved ones when you are gone. Your family is counting on you to help build real multi-generational wealth.
The average 40-year-old driving around in Wichita Falls, Texas only has about $50,000 put aside for retirement. In fact, the baby boomer’s generation may have been the last generation of Americans to properly save for retirement, and we’ve heard for years that Social Security is going to run out, so for the sake of our families, we must make a commitment to prepare an estate plan that will ensure everything you spent your whole life building lives on.
Not only do you want to plan properly so you always live comfortably, though this is still an important aspect to cover with estate planning as well, but you want to pass along everything you worked for in your life so you can begin to construct a legacy of security and prosperity that will endure for generations.
You get one chance to do this right, so allow our firm to personally serve your family with care and integrity. You have sacrificed so much for your family over your lifetime, and in some instances may have sacrificed time with them, to ensure that they are adequately provided for. That frame of mind must continue with good estate planning. Let’s honor that lifetime commitment to those you care about with establishing a comprehensive, customized Trust-based estate plan.
And for those of you that have aging parents potentially entering a nursing home or assisted living community in the future, before you sign any paperwork, you must make sure you have the proper estate plan in place, so you and your family don’t go broke. You aren’t creating an estate plan just to protect your children; you are trying to protect your whole family and everything you have worked for. That’s why you also need to ensure that your parents have the right plan.
Trust-based estate planning allows us to protect your assets from medical collections and nursing home, assisted living, and/or in-home care fees.
What About Probate?
Did you know a Will-based estate plan still means your family must go through probate? Probate is the legal proceedings your estate (everything you own) must go through once you pass away and it often has fees ranging from $2,500 to $5,000.
With a Trust-based estate plan, probate is avoided, thereby, saving thousands of dollars in fees. For couples who have a Trust, that means saving thousands of dollars in probate fees for the death of each spouse. The right estate plan is cheaper in the long run than not having a plan at all, and we can show you how. We love being a part of a family that has made the commitment to ensuring a legacy of prosperity and security is established for their family for generations to come.
Other Advantages of Trusts Include:
- Protecting your assets
- Providing for disabled and/or special needs children
- Managing financial assets on behalf of loved ones who would potentially mishandle the finances
- Preventing second and subsequent spouses from disinheriting your children after your death
- Protecting yourself in the event you become disabled or incapacitated
- Ensuring your assets remain with your loved ones even if they go through a divorce or other life-changing circumstance
- Peace of mind knowing a Trust is private and none of your affairs have to be public
- Peace of mind knowing no governmental agency or court intervention is required and your estate plan dictates exactly what happens
Trust-Based Estate Plan Overview
At Booker Law, we believe in proper and comprehensive estate planning tailored specifically to meet your and your family’s needs. Of course, we offer individual documents, but we advocate for comprehensive and thorough estate planning through our Trust-based estate planning package which comes complete with an Estate Planning Portfolio for you to keep your estate plan and all other important documents neat and organized.
Our Trust-Based Estate Planning Package Includes:
After the Will-based plan, clients should consider a Living Trust.
Our Trusts are designed to work for you, not against you, in a real and practical way. Everything stays the same, meaning you still file taxes the same way and you still maintain complete and total control of all your assets. Only thing that is different is now you have the added protection and benefits that a Trust provides. Yes, you may pay a little more upfront, but trust us, the time and money you save your family on the back end is worth it.
Our firm’s Living Trust planning includes:
- Revocable Living Trust with a Beneficiary Trust to Protect Your Children’s Inheritance: Our plans are designed so exactly who you want will get exactly what you want them to have in the right amounts at the appropriate times and under the right conditions. By adding a Living Trust to your estate plan, your family gets the added benefit of avoiding probate, conservatorship, and guardianship proceeding, as well as reducing or eliminating federal estate taxes. In our Trust we can protect your beneficiaries’ inheritance from spouses, divorces, unforeseen deaths and accidents, lawsuits, creditors, loss of governmental assistance benefits, and additional estate taxes when your assets pass to subsequent generations.
- Pour-over Will: This document serves as a backup to the Trust, capturing any asset that is not placed under the Trust to immediately pour over into your Trust upon your death allowing you to avoid probate, even on the assets you forgot to put in the Trust before you passed away. This document will also name a guardian for your minor child(ren) if you have any.
- Financial Power of Attorney: This document authorizes an appointed individual, your agent, to manage any property and finances outside of a Trust if you become incapacitated and are unable to do so.
- Medical Power of Attorney: This document authorizes an appointed individual, your agent, to make health care decisions for you if you become incapacitated.
- Healthcare Directive: This document, also known as a Living Will, makes your wishes known as to whether or not you want to withdraw life support given you are in a vegetative state without any hope of recovery.
- HIPAA Authorization: This document permits access to your health information when/if the need arises without having to go through a court. This document is particularly helpful for your medical agent.
- Emergency Info & Medical Directives Wallet Card: Now that you have a plan in place, it is important to be able to access that plan when it is needed. We recognize that you will not carry your estate planning portfolio binder around with you, so we have provided you with an “Emergency Information & Medical Directives” card that you can fill out and carry with you in your wallet, so you always have it in case tragedy strikes. The aim of this card is to let people know who to contact in case of an emergency, and to ensure that it is known that you have an estate plan in place.
- Digital Copies & Emergency Access: We understand the importance of digital copies during this day and age, so we will provide you with a free USB drive containing a digital copy of your estate plan. On top of that, we maintain digital records of all of our estate planning clients, so we can ensure your family has access no matter where you are.
The Booker Law Estate Planning Portfolio Binder
All our package deals come with an “Estate Planning Portfolio”. In this portfolio, you will have your estate plan neatly tabbed and organized along with the additional helpful sections provided for you to fill out and maintain organization of your estate for the convenience of your family.
In addition to having all your estate planning documents neatly organized and together, you will be provided with the following:
- Essential Documents: This section allows you to keep track of personal information, contact information for family members and for any other important persons or agencies as well as where all your important documents are.
- Assets: This section allows you to keep track of all your assets for the ease and convenience of your family. Much of the burden in estate administration comes from tracking down and locating all assets. By maintaining a list of your assets within your estate planning portfolio binder you are making life much easier for your loved ones.
- End-of-Life Instructions: This section provides a checklist of things to do upon your passing and it provides a basic template of things to do and letters to send to notify certain agencies of your passing.
- Q&A and Glossary: This section provides answers to the most frequently asked questions about estate planning, and it defines some common estate planning terms.
- Blank Sections: We provide blank sections for you to fill in as you see fit. If there are any type of instructions or information we have not accounted for in the above sections, this is where you would add those in.
- USB Drive: We also understand the importance of having digital copies in this day and age, so we provide you with those digital copies on a USB drive.
Booker Law’s Estate Planning System:
Estate Planning Questionnaire: Quick and easy way for us to get a good understanding of your unique situation.
Discovery and Strategic Planning Session: Understand your option and select the estate planning solution that is right for you.
Signing Meeting: Review and sign your estate plan.
Estate Plan Maintenance and Client Care: Enjoy calls, emails, and review meetings with our firm to make sure your plan remains up to date and accurately reflects your current circumstances.
We will be here for you as a trusted family attorney and counselor.
Estate Plan Maintenance and Client Care
As a client of ours, we encourage you to take advantage of the services we offer in support of estate plan maintenance and client care.
Our services go far beyond simply setting up a Will or Living Trust. Our team and our resources are also available through:
- Free phone calls
- Helpful videos
- Informative articles
The Cost of a Customized Estate Plan is Invaluable
All our estate plans are prepared for a fixed price quoted in advance at the discovery meeting and agreed to by you in writing before we finalize your plan. There will not be any surprise changes or fees ever. Additionally, payment plans are available if needed. We welcome the opportunity to serve those vital to our communities, including teachers, military service members, and first responders.
In the end, you will walk away with a comprehensive, customized estate plan tailored specifically to meet yours and your family’s needs. But more importantly, you walk away with the peace of mind knowing your affairs are in order and your family is provided for.
Contact a Wichita Falls Trust-Based Estate Planning Attorney
At Booker Law, our desire is for our clients to understand all their options and make an educated decision.
You need to protect your loved ones from these outcomes by having a Will-based estate plan in place.
Do not delay! Plan for the inevitable and secure your family's future. Call us at 940-569-4000 or fill out our contact form to schedule a free, confidenital, no-obligation consultation.