LAFAYETTE FAMILY LEGACY / ESTATE PLANNING
Family Legacy / Estate Planning
Hux Capital Management can help you invest prudently for the benefit of your children and grandchildren.
Estate planning involves creating a plan for the distribution of one’s assets after their death. The main components of estate planning include a will, a trust, and powers of attorney. A will is a legal document that specifies how an individual’s assets will be distributed upon their death, and it also allows them to appoint a guardian for their minor children. A trust is another legal instrument that allows an individual to transfer their assets to a trustee who will manage them on behalf of the beneficiaries. Powers of attorney are legal documents that grant someone the authority to make decisions on the individual’s behalf, should they become incapacitated.
Family legacy planning goes beyond estate planning and aims to preserve a family’s values, traditions, and beliefs for future generations. The components of family legacy planning include creating a family mission statement, identifying the family’s core values, and developing a plan for passing on wealth and knowledge to future generations. This may involve creating a family foundation or trust, establishing a family business, or setting up educational opportunities for younger family members. Family legacy planning also involves discussing important issues such as philanthropy, charitable giving, and how to handle family disputes. By taking a holistic approach to planning for the future, families can create a lasting legacy that reflects their values and ensures the continued success and prosperity of future generations.
To learn more, give us a call at 800-988-7855, or make an appointment now by clicking the Book a Meeting button on the top right of this page.
HUX CAPITAL MANAGEMENT'S
View on IRA Legacy Planning
We take any advantage we can with the current tax code to benefit our clients. This view fits with our overall 5-point investment strategy, which includes making sure:
● You have a great income plan
● Your investment strategy is strong
● You take advantage of all potential tax breaks
● You have a good plan for health care
● You take time for legacy planning
Taxes and IRA legacy planning go hand-in-hand – working with us will allow you to pass on your wealth to your family without serious tax implications.
Hux Capital Management’s IRA Legacy Planning Strategy
An Inherited IRA is a special type of IRA with considerable tax benefits that must be implemented at the time of death of the benefactor. If beneficiaries are unaware of the advantages of an Inherited IRA and take their inheritance in cash, they may have to pay significant taxes on those funds.
We advise our clients to thoughtfully prepare for and handle this situation as follows:
● The firm’s clients are taught early on to establish an Inherited IRA as part of their overall retirement investment strategy.
● This becomes part of a checklist that is revisited during every meeting with the client.
● As time goes on, the importance of the Inherited IRA moves into sharper focus for clients who begin to consider their legacy plan and how it will benefit their families.
● When the time is right, all documents are prepared so there is a smooth transfer of funds from the portfolio to the Inherited IRA.
● The firm’s staff is always available to answer any questions that beneficiaries may have about these accounts.
HUX CAPITAL MANAGEMENT'S
View on Estate Planning
Estate planning is not just for the ultra-wealthy. It is a plan for who will look after your children and what should happen to your assets if something happens. It is important to have a plan in place so that your loved ones are taken care of in the event of your death or incapacity.
Why Estate Planning Is Important?
An Estate Plan is necessary to control what happens to your estate. Without an Estate Plan, the state, lawyers, or individuals that don’t have your interests in mind could determine what happens to your estate.
What We Can Do For You?
● Helping you understand the importance of a will: It is important to have a will as it forms the cornerstone of your estate plan. There are different types of wills, ranging from simple to complex, and we can help you understand each one. Joint wills and living wills are two examples of more complex wills. Don’t stress over the details – we can help you figure it all out!
● Creating Powers of Attorney (POA): It’s important to have a POA in place to manage assets or make decisions in case of illness. Without a POA, someone else may have to go through the court system to be appointed as your decision maker, which can be costly and time-consuming. There are two types of POAs: Financial and Medical. You can name one person or several people in your POA.
● Choosing an Executor: The Executors of your Estate have strong powers that determine how your Estate is dealt with upon your passing. It is important to choose an executor for your Estate, and consider what criteria you should when appointing someone to discharge this role – especially if minor children/guardians are involved.
● Designating beneficiaries: •Not choosing beneficiaries for assets carefully can result in those assets going to individuals the owner never intended to benefit.
● Considerations for dependents’ needs: An Estate Plan will take into account the needs of all dependents. The plan will be tailored to the specific desires of the individual. All family members should be considered when making an Estate Plan.
● Tax planning considerations: •Without a well-thought-out Estate Plan, a considerable part of your estate could erode through taxes, fees and other levy’s. Even before your designated beneficiaries see a cent!
HUX CAPITAL MANAGEMENT
Headquarters
Located in Lafayette, Louisiana and primarily serving Acadiana.
337.366.9892 Call or Text
800.988.7855 Call Toll Free
Please note that message and data rates from your carrier may apply. By texting us, you are giving consent for us to also contact you via text.
OUR LOCATION
Where to find us?
4023 Ambassador Caffery Pkwy
Suite 201
Lafayette, LA 70503
Investment advisory and financial planning services are offered through Simplicity Wealth, LLC, an SEC-registered investment adviser. SEC registration does not constitute an endorsement of the firm nor does it indicate that the adviser has attained a particular level of skill or ability. Insurance, Consulting and Education services offered through Hux Capital Management is a separate and unaffiliated entity from Simplicity Wealth.
The presence of this website shall in no way be construed or interpreted as a solicitation to sell or offer to sell investment advisory services to any residents of any state other than where legally permitted. All written content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions.
Hux Capital Management, LLC and Randy Hux are not affiliated with or endorsed by the Social Security Administration or any government agency.
Images and photographs are included for the sole purpose of visually enhancing the website. They should not be construed as an endorsement or testimonial from any of the persons in the photograph.
The information being provided is strictly as a courtesy. When you link to any of the websites provided here, you are leaving this website. We make no representation as to the completeness or accuracy of information provided at these websites. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, websites, information and programs.
Copyright 2023 Hux Capital Management. All Rights Reserved.
Copyright 2023 Hux Capital Management.
All Rights Reserved.