If you’ve worked hard your entire life to support your family, the thought that they could lose everything after you pass may be too much to bear. Luckily, Ronald D. Zipp, Attorney at Law in New Braunfels, TX, understands the importance of preserving your assets for generations to come, and he will be happy to help you do so. Here are a few strategies that could help.

3 Strategies for Keeping Your Money in the Family

1. Distribute Assets Before You Pass

By gifting certain assets before you pass away, you can reduce the total value of your estate and minimize estate taxes. As long as you do not gift more than $14,000 per person per year and more than $5.45 million in your lifetime, neither you nor the recipient will have to pay taxes on the money.

2. Update Your Beneficiaries

If you started estate planning when you first got married or had children, you may need to update the beneficiaries on your legal documents. Whether you have divorced and remarried or had additional children, there’s a good chance that your current estate planning documents are not up to date. Updating your beneficiaries with your attorney every few years is a good way to ensure your assets and insurance policies stay in the family.

3. Draft a Will

If you die without a will, the state will determine how your assets are divided regardless of any last wishes you might have had. In order to ensure your money ends up in deserving hands, it is critical to draft a will as soon as possible and update it after every major life event.

If you want to protect your family and put an estate plan in place, turn to Ronald D. Zipp, Attorney at Law in New Braunfels, TX. Visit his website to learn more about his areas of practice, including family law and criminal law, and call (830) 629-5600 to schedule an initial consultation today.