Hux Capital Management can help you invest prudently for the benefit of your children and grandchildren.
Estate planning involves creating a plan for the distribution of one’s assets after their death. The main components of estate planning include a will, a trust, and powers of attorney. A will is a legal document that specifies how an individual’s assets will be distributed upon their death, and it also allows them to appoint a guardian for their minor children. A trust is another legal instrument that allows an individual to transfer their assets to a trustee who will manage them on behalf of the beneficiaries. Powers of attorney are legal documents that grant someone the authority to make decisions on the individual’s behalf, should they become incapacitated.
Family legacy planning goes beyond estate planning and aims to preserve a family’s values, traditions, and beliefs for future generations. The components of family legacy planning include creating a family mission statement, identifying the family’s core values, and developing a plan for passing on wealth and knowledge to future generations. This may involve creating a family foundation or trust, establishing a family business, or setting up educational opportunities for younger family members. Family legacy planning also involves discussing important issues such as philanthropy, charitable giving, and how to handle family disputes. By taking a holistic approach to planning for the future, families can create a lasting legacy that reflects their values and ensures the continued success and prosperity of future generations.
To learn more, give us a call at 800-988-7855, or make an appointment now by clicking the Book a Meeting button on the top right of this page.
We take any advantage we can with the current tax code to benefit our clients. This view fits with our overall 5-point investment strategy, which includes making sure:
● You have a great income plan
● Your investment strategy is strong
● You take advantage of all potential tax breaks
● You have a good plan for health care
● You take time for legacy planning
Taxes and IRA legacy planning go hand-in-hand – working with us will allow you to pass on your wealth to your family without serious tax implications.
An Inherited IRA is a special type of IRA with considerable tax benefits that must be implemented at the time of death of the benefactor. If beneficiaries are unaware of the advantages of an Inherited IRA and take their inheritance in cash, they may have to pay significant taxes on those funds.
We advise our clients to thoughtfully prepare for and handle this situation as follows:
● The firm’s clients are taught early on to establish an Inherited IRA as part of their overall retirement investment strategy.
● This becomes part of a checklist that is revisited during every meeting with the client.
● As time goes on, the importance of the Inherited IRA moves into sharper focus for clients who begin to consider their legacy plan and how it will benefit their families.
● When the time is right, all documents are prepared so there is a smooth transfer of funds from the portfolio to the Inherited IRA.
● The firm’s staff is always available to answer any questions that beneficiaries may have about these accounts.
Estate planning is not just for the ultra-wealthy. It is a plan for who will look after your children and what should happen to your assets if something happens. It is important to have a plan in place so that your loved ones are taken care of in the event of your death or incapacity.
Why Estate Planning Is Important?
An Estate Plan is necessary to control what happens to your estate. Without an Estate Plan, the state, lawyers, or individuals that don’t have your interests in mind could determine what happens to your estate.
What We Can Do For You?
● Helping you understand the importance of a will: It is important to have a will as it forms the cornerstone of your estate plan. There are different types of wills, ranging from simple to complex, and we can help you understand each one. Joint wills and living wills are two examples of more complex wills. Don’t stress over the details – we can help you figure it all out!
● Creating Powers of Attorney (POA): It’s important to have a POA in place to manage assets or make decisions in case of illness. Without a POA, someone else may have to go through the court system to be appointed as your decision maker, which can be costly and time-consuming. There are two types of POAs: Financial and Medical. You can name one person or several people in your POA.
● Choosing an Executor: The Executors of your Estate have strong powers that determine how your Estate is dealt with upon your passing. It is important to choose an executor for your Estate, and consider what criteria you should when appointing someone to discharge this role – especially if minor children/guardians are involved.
● Designating beneficiaries: •Not choosing beneficiaries for assets carefully can result in those assets going to individuals the owner never intended to benefit.
● Considerations for dependents’ needs: An Estate Plan will take into account the needs of all dependents. The plan will be tailored to the specific desires of the individual. All family members should be considered when making an Estate Plan.
● Tax planning considerations: •Without a well-thought-out Estate Plan, a considerable part of your estate could erode through taxes, fees and other levy’s. Even before your designated beneficiaries see a cent!
4023 Ambassador Caffery Pkwy
Lafayette, LA 70503
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Copyright 2023 Hux Capital Management. All Rights Reserved.
Copyright 2023 Hux Capital Management.
All Rights Reserved.