Securing Your Beneficiaries' Futures
Although many believe that estate planning is reserved for only the wealthiest individuals, this is simply not the case. Everyone should have an estate plan ready as soon as possible because, even if you don’t feel like your assets are of high value, further down the road they may very well be more valuable than you expected. When you want to plan for the futures of your loved ones, our partners are available to facilitate the process.
What Is Estate Planning And How Can Our Houston CPA Firm Help?
Estate planning is a long process in which our clients must decide how to delegate responsibilities and assets for when they pass away or if they become incapacitated.
Estate planning involves more than making a document that lists out who gets what. This process also requires extensive tax knowledge to ensure that your beneficiaries will receive as much of your estate as possible while minimizing the taxes.
Further, as a business owner, you need to make certain that your business is in good standing and will continue to do well (and hopefully improve and grow) when the next person takes over. Our team can easily assist you with this and help you and your beneficiaries plan accordingly.
What Taxes Are Associated With Your Estate?
You may know of two different types of taxes associated with your estate at the federal and state levels:
Texas doesn’t collect estate or inheritance taxes, but you still have to abide by federal estate tax laws. When it comes to federal estate taxes, how much tax is owed by your beneficiaries depends on the estate’s FMV (fair market value) as opposed to how much you paid for the asset. This way, beneficiaries don’t owe more in taxes than what the assets are worth.
Simplify The Estate Planning Process With M&B CPAs In Houston
Our partners at M&B CPAs will not only help divide your estate amongst your beneficiaries, but we will also educate you about how taxes will impact your decisions, how we can strategically reduce the taxes your beneficiaries will owe, and what we can do to ensure your business succeeds for years to come even when someone else takes over. If you’d like to get started on your estate plan, please contact our Houston CPAs.