The Pax Financial Blog

Estate Planning in Texas

Can Your Texas Financial Advisor Help With Estate Planning?

Financial Planning, financial advisor San Antonio, estate planning Jan 16th, 2023 by: Darryl Lyons

While an estate planning attorney is certainly an integral part in planning out your estate, your financial advisor can also play a key role in your estate plan. There are many important decisions to make regarding your plan, and your financial advisor is invaluable in working out all of the complexities to make your plan and goals a reality.

Planning one’s estate comprises various aspects, including financial planning, investment management for assets, and legal liabilities. Based on the intricacy of all the moving parts and their need to work smoothly together, allowing your Texas estate planning attorney and financial advisor to be on the same page is key to your estate's success.

Your financial advisor is likely already handling your retirement planning, which goes hand-in-hand with your plan for your estate. They can help you, and your estate planning attorney better understand how everything fits in with your overall financial goals and plan. 

THIS INCLUDES ESTATE PLANNING IN SAN ANTONIO, TX, WHERE OUR PAX TEAM IS READY TO SUPPORT YOU. 



COOPERATION IS KEY

Your estate planning attorney is an invaluable legal asset to your plan and can prevent you from getting into legal issues with sound legal advice. However, your financial advisor is the architect and manager of your overall financial plan and manages the wealth and assets you are creating a structure for after you pass, so they too are a key component. A good advisor should help ensure consistency with your financial goals and ensure that your estate plan fits in seamlessly with your overall financial plan. 

An estate planning attorney is unlikely to consider how your investments and assets have their own plans and how they figure into your overall estate. Both real estate and tax planning are two other factors that your financial advisor is likely to be much more adept at knowing as opposed to your estate planning attorney.

Working with certified financial planners, such as the professionals at PAX Financial, ensures that all of your bases will be covered, from tax planning to financial planning and retirement planning. Our knowledgeable team of San Antonio, TX, financial advisors will help to ensure that all of your investments and other financial elements integrate smoothly with your estate plan. 

 

THE BENEFITS OF INCLUDING AN ADVISOR IN YOUR ESTATE PLAN

Your estate planning attorney will bring their legal knowledge and experience to the table to help with estate planning and probate issues, which will help your plan avoid legal issues and function appropriately. Likewise, a good advisor has much to bring to the table. A financial advisor will have a much more intimate understanding of their client's financial needs and wants and their personal situation. These could include:

  • Knowledge of your beneficiaries and how you want to structure your assets when you pass
  • The tax implications of your different assets and retirement accounts
  • An idea or input on who you may appoint as a durable power of attorney in case you become incapacitated
  • An overall inventory of all assets, money, life insurance, and other assets that may need to be included in your estate
  • If your current assets and insurance can or will cover your financial needs

With this intimate knowledge, your financial advisor will understand your desires and motivations at a deeper level, and they will be able to ask your estate planning attorney the appropriate questions. Their knowledge and expertise in your own finances allow them to recommend better solutions and help implement them more efficiently.  

 

THE WEALTH TRANSFER PROCESS

Your financial advisor will have in-depth knowledge of the various pathways for transferring assets to your beneficiaries and other loved ones, as well as charities if you leave behind parts or all of your estate to qualified charities. This level of efficiency is certainly welcome, although working without an advisor through this process could mean that you may fall into pitfalls and make common mistakes that could be easily avoided. 

Your attorney will be able to draft all your legal documents for things like living trusts and your medical power of attorney. However, your advisor will be able to work through various scenarios to stress test your plan and ensure there is flexibility if needed and all contingencies are outlined. The wealth transfer process and how you will leave assets behind to your beneficiaries and, more importantly, the best strategies is something a good advisor should excel in. 

Like your estate plan, your financial assets and the plan for passing them down should have a clear and straightforward plan. Diligent planning and efficient maintenance is needed to ensure your assets are handled appropriately and passed down according to your wishes. A good advisor will help ensure that your estate plan seamlessly integrates into your overall financial and wealth-building strategy. 

 

WORK WITH A TEXAS FINANCIAL ADVISOR AT PAX WHO PROVIDES ESTATE PLANNING SERVICES IN SAN ANTONIO, TX

At PAX Financial, we specialize in retirement and investment advice as well as tax planning and guidance on all of your insurance needs. We also bring a wealth of experience to the table when it comes to helping our clients plan their estates and make them more efficient in serving their financial needs better.

While working with a law firm for your estate plan will undeniably add necessary legal guidance and counsel to your plan, the advisors at PAX are here to provide personal guidance and expertise to your overall financial plan and how your estate plan can be structured to help meet all of your financial goals. We can help you and your loved one's design and implement an efficient financial strategy to help achieve all of your financial and estate planning goals. 


To better serve you, the PAX team of CERTIFIED FINANCIAL PLANNER™ professionals, Accredited Investment Fiduciaries ®, will address your financial situation and estate planning needs with a personalized strategy and plan fit for you.


New Call-to-action

This material is provided by PAX Financial Group, LLC. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. The information herein has been derived from sources believed to be accurate. Please note: Investing involves risk, and past performance is no guarantee of future results. Investments will fluctuate and when redeemed may be worth more or less than when originally invested. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All market indices discussed are unmanaged and are not illustrative of any particular investment. Indices do not incur management fees, costs and expenses, and cannot be invested into directly. All economic and performance data is historical and not indicative of future results.



 

Darryl Lyons

Darryl Lyons

CEO and co-founder of the PAX Financial Group, Darryl Lyons has been a licensed professional in the financial services industry since 1999. A lifelong Texan, Darryl began his career in the financial sector just one day removed from earning his bachelor’s degree in corporate financial management and accounting at St. Mary’s University. Throughout his career, he has won awards for recruiting and development from Fortune 100 companies. In January 2007, he chose to begin and develop his independent practice. He joined Andres Gutierrez and Joseph Schuetze to form the PAX Financial Group. Darryl also served as the Chairman for Brooks Development Authority. Shortly after his service, Mayor Julian Castro, named a park “The Darryl W Lyons Park” in honor of his service. He was named to the 2010 San Antonio Business Journal’s “40 Under 40 Rising Stars,” which honors people making a difference in business and in the community.

GET THE PAX LATEST POSTS

Keep updated on how the latest financial trends impact you.

READY TO PIVOT TO YOUR BEST FUTURE?

Schedule a free, no-strings-attached retirement checkup today.

Talk With Us

Get Our Updates

Get our monthy newsletter that brings you news, tips, and tricks on meeting your financial goals.