How many seniors in Beaumont and the state as a whole are participating in estate planning?
All older Americans can preserve their legacy and help their loved ones remember them by filing a trust, but sadly, many seniors procrastinate making their wishes known until they can no longer do so. That means that their estate winds up in probate court where state laws and judges determine how to distribute their assets. The IRS keeps track of how many people have filed for some type of trust and here is the information for Texas:
The raw numbers above are substantially higher than those for many other states, but Texas also has a larger population than most other states. The estate planning participation rate is far lower than it should be, and an estate planning lawyer in Beaumont can help nudge your senior into making their wishes known before it’s too late.
When might a senior in Beaumont plan to give their money away?
Many seniors don’t want to think about dying and therefore put off estate planning, but older adults do not need to pass away for their final wishes to take effect. As illustrated by the following statistics from Bank of America, a clear majority of older adults want to distribute some of their assets before passing away:
Giving heirs early access to their inheritance allows seniors to see the joy it brings to their loved ones, an underappreciated aspect of estate planning. A Beaumont estate planning attorney can help your older adult realize this benefit while still leaving enough money in their retirement account for food, shelter, and medical care. A lawyer can also help your senior leave a portion of their nest egg to any charitable causes they feel strongly about.
How to choose the best estate planning attorney in Beaumont
With so many estate planning services in Beaumont to choose from, finding a great fit for your senior can feel challenging. Thankfully, Seasons has prepared a comprehensive guide to choosing an estate planning attorney to help you focus on the right things throughout your search.
The first step is identifying what kind of assets your older loved one owns and choosing a Port Arthur or Beaumont estate planning attorney with demonstrable expertise in them. Assets such as real estate and stock options carry unique tax implications that a lawyer can explain to your senior. Cost is also an important consideration, especially if your senior has a complex estate involving multiple moving parts that could take hours to sort through. Your older adult has to feel comfortable communicating with their estate planning attorney, so arrange several meetings to make sure that your top candidates will treat your older loved one with the respect they deserve.
Estate planning solutions for Beaumont seniors
Nobody can deny that estate planning can be emotional, scary, and difficult. However, it must be done since the alternative is letting the government decide your older loved one’s legacy. Seasons makes it easy to find a great estate planning lawyer, so use our free resources to empower your senior to make tough decisions.
