Henry Vail II is a Houston, Texas-based wealth advisor with over 20 years of experience at his jointly owned Sucré-Vail Wealth Advisors. He specializes in advising physicians and affluent families in planning protection, insurance, charitable giving, wealth transfer strategies, and more. In 2011, Henry Vail II was named a Five Star Wealth Manager by Texas Monthly Magazine for his work in estate planning.
Estate planning is the legal process of developing a plan for the future, and structuring the dispersal of assets in a way that minimizes loss due to taxes and legal fees. The process ensures that loved ones are provided for in the event of death or disability, giving the estate holder the benefit of peace of mind. Estate planning helps to avoid court interference, both in financial issues and guardianship of minor children by spelling out the wishes of the estate holder in legal terms.
It is important to seek professional help from a financial advisor and/or experienced attorney. Prudent wealth management that includes estate planning is absolutely essential for the very affluent, as well as middle and working class families to avoid compounding the loss of a loved one with the additional heartache of financial hardship.
Wealth advising specialist Henry E. Vail II operates as a partner at Sucre-Vail Wealth Advisors in Houston, Texas. A member of the Financial Planning Association, Henry Vail II provides a wide variety of client services, including estate planning strategies.
Nearly half of Americans do not have a current estate plan to ensure their assets go to the right people after they pass away. Throughout your life, there are several ways that you can successfully manage your estate and the eventual division of your assets.
Hire Professionals to Help You
If you don’t know where to start when looking to manage your estate, you can enlist the help of professionals from the financial sector. Advisors, tax specialists, and estate planners can all help you oversee wills and investment portfolios. Before hiring any of these professionals, consult with them to assess how they can best serve your needs.
Create a Will
A will provides you with legally binding assurance that your assets will go to the correct people or organizations. As well as finances and property, wills dictate who will receive your possessions or look after your children. Without a will, state laws will dictate where your assets go after your lifetime.
Minimize Estate Taxes Sooner rather than Later
You can curb any future taxes or estate charges by giving monetary gifts throughout your life. Each year, you can give tax-exempt gifts of up to $13,000 to a varying number of beneficiaries. You can also leave your taxable assets to nonprofit organizations and all other possessions and funds to additional recipients.