Houser Firm

Lone Star Legacy: Why estate planning matters for Texas titans

On Behalf of | May 29, 2024 | Estate Planning

Texas breeds business success stories. From booming tech startups in cities like Dallas and Austin to sprawling oil fields, the state fosters a can-do spirit that propels businesses to the top. 

But for highly successful entrepreneurs, securing their hard-won legacy requires more than grit – it demands a well-crafted estate plan. Here are three reasons why even the biggest Texas titans should plan for the future.

Business succession, allowing your legacy to carry on 

Imagine a thriving ranch without a designated heir. Without clear instructions, the future of the business – and the livelihoods it supports – gets tossed into probate court. 

An estate plan allows you to designate a successor for your enterprise, ensuring a smooth transition and continued success for your pride and joy.

Family matters, assuring security for your loved ones  

Building a business empire is impressive, but true fulfillment often comes from family. An estate plan promises continued security for your loved ones. 

It allows you to specify how your assets, including business interests, are distributed, minimizing conflict and hardship during an emotional time.

Tax burdens, keeping your assets within the family 

Texas may not have a state income tax, but federal taxes can still take a big bite out of your estate. A robust plan can help to minimize the tax burdens for your loved ones after your passing. 

Explore proven strategies like trusts and gifting with an estate planning representative to ensure your wealth benefits future generations, not the government.

As you can see, a solid estate plan benefits more than your family and personal assets. By prioritizing business matters in your plan, you can ensure security for all areas of your life.