Texas Retirement Planning
Helping you create financial stability for the future
Whether you plan to travel the world or spend quality time with your loved ones, funding your retirement properly can help you achieve your long-term retirement goals. But while there are many options available to secure your financial stability and your legacy, it’s essential to start planning your retirement sooner than later.
At the law firm of Shann M. Chaudry Esq., Attorney at Law PLLC, our experienced attorneys provide retirement planning services alongside down-to-earth advice. We collaborate with our clients and their financial planners to help them create a customized strategy for their retirement and legacy. Schedule a consultation and take control of your financial future today.
Why Is Retirement Planning Important?
None of us wants to work indefinitely as we get older or pass on financial liabilities to our loved ones. You may have plans to spend time pursuing your passions in art or gardening or traveling with friends once your career is over.
No matter what goals you have in mind, having a legal strategy to maximize your benefits is crucial.
Retirement planning services can help you maximize the benefits you receive and support your family. Because most wealth is held in qualified accounts, many individuals need a strategy to get the most benefits out of their retirement savings without paying unnecessary taxes.
And with the right strategies in place, you can ensure that your beneficiaries can manage their inheritance with the least amount of stress after you pass on.
Minimize the financial demands you place on your loved ones by carefully planning and funding your retirement. With the right documentation and planning, we can help you structure your estate so you can offset taxes and reduce the stress of probate for your beneficiaries.
Why Work with a Trust and Estates Attorney for Retirement Planning?
While there are many tasks we can handle online, retirement planning services aren’t one of them. From costly mistakes to overlooked assets, downloadable cookie-cutter templates won’t adequately address all aspects of your unique needs and financial goals.
Working with a knowledgeable estate and trust attorney is often more convenient and provides you with numerous benefits, including the following.
Informed decision-making
Every choice you make regarding your retirement accounts and other assets will have financial consequences that impact your and your family’s long-term well-being. The attorneys at SMC ESQ PLLC have an extensive understanding of this reality. We can explain all the options at your disposal and help you find the best solutions to meet your goals.
Informed decision-making
Every choice you make regarding your retirement accounts and other assets will have financial consequences that impact your and your family’s long-term well-being. The attorneys at SMC ESQ PLLC have an extensive understanding of this reality. We can explain all the options at your disposal and help you find the best solutions to meet your goals.
Retirement planning beyond finances
When planning for your retirement, you’re not just trying to ensure your finances are taken care of—you’re also trying to provide for your loved ones and protect your legacy.
Retirement planning is a team effort. We work closely with you, your financial advisors and planners, and other professional services providers to ensure you achieve your goals for your golden years and beyond.
At SMC ESQ PLLC, we provide retirement planning services that are fully customizable to address the unique needs of your future. From setting up trusts and legal documentation to keeping your assets aligned over the years, our legal team has the training and experience you need to get it done right.
Up-to-date and legally compliant documentation
One of the biggest mistakes a person can make when creating a retirement plan is not ensuring their information and documentation meet Texas legal standards. Worse, failing to keep this plan current with your life circumstances can lead to serious headaches later. Trust and estate lawyers provide up-to-date retirement planning services that protect your financial future.
Up-to-date and legally compliant documentation
One of the biggest mistakes a person can make when creating a retirement plan is not ensuring their information and documentation meet Texas legal standards. Worse, failing to keep this plan current with your life circumstances can lead to serious headaches later. Trust and estate lawyers provide up-to-date retirement planning services that protect your financial future.
Your loved ones benefit too
Attorney-led retirement planning services don’t end when you pass away. Instead, your family can rely on your experienced Texas retirement planning attorney to assist them in navigating the retirement system and receive their defined benefits from your estate.
Our Texas Retirement Planning Services
Your long-term well-being depends on a sound retirement plan that meets your goals on your terms.
Retirement trusts
A retirement plan trust allows you to name your trust as the beneficiary of your IRA. When you pass away, it can distribute funds in the way you deem fit. This is a smart choice for individuals wanting to protect their assets from creditors, spendthrift beneficiaries, and tax burdens. It combines the tax benefits of an IRA with the long-term benefits of a trust.
Retirement trusts
A retirement plan trust allows you to name your trust as the beneficiary of your IRA. When you pass away, it can distribute funds in the way you deem fit. This is a smart choice for individuals wanting to protect their assets from creditors, spendthrift beneficiaries, and tax burdens. It combines the tax benefits of an IRA with the long-term benefits of a trust.
Secure Act compliant retirement trusts
In 2019, the Secure Act put a 10-year limit on the payout period for inherited IRA assets. This means that while annual distributions are no longer mandatory, they must be taken by the end of this period. Again, a knowledgeable estate attorney can help your beneficiaries avoid a potentially significant tax bill on this financial asset.
Charitable retirement trusts
If you have a charity you want to support, a charitable retirement trust can provide ongoing funding from your retirement income stream. You can opt to set a time limit or make it a lifetime contribution until the trust term has ended. Plus, charities receive significant tax deductions for these donations.
Charitable retirement trusts
If you have a charity you want to support, a charitable retirement trust can provide ongoing funding from your retirement income stream. You can opt to set a time limit or make it a lifetime contribution until the trust term has ended. Plus, charities receive significant tax deductions for these donations.
Are you ready to start planning for your future?
The attorneys at the law firm of Shann M. Chaudhry Esq., Attorney at Law PLLC, are eager to help you meet your retirement goals. Our team offers customized financial guidance based on your financial goals for the future. We can help you develop a plan that maximizes your assets and addresses possible tax issues and beneficiary needs.
Schedule a consultation and take control of your financial future today.
Retirement Planning FAQs
When should I start retirement planning?
The sooner, the better.
In all seriousness, you should ideally have a retirement plan started when turning 21—but if you haven’t started planning yet, now is the best time to start.
What happens if I don't have a retirement plan in place?
Procrastinating your retirement planning may leave you financially short of income after retirement. You can improve your retirement outlook. SMC ESQ PLLC works with you and your advisors to help you understand your options for retirement planning.
Moreover, without sufficient documentation for your retirement, your beneficiaries may not receive all of the benefits you’d like them to. Setting up trusts and keeping them appropriately funded now can reduce the burden on your loved ones after you pass.
Will my beneficiaries have to pay an inheritance tax?
As a state, Texas does not impose estate texas—the inheritance tax was repealed in 2015. Individuals still are required to pay federal estate in Texas, though. The federal estate tax is based on the net value of one’s estate and is paid by the estate.
However, the estate tax generally applies to estates with significant assets. In 2021, the IRS estate tax was $11.7 million per individual and $23.4 million per married couple.