Rounding Out the Year

November 17, 2023

2024 is right around the corner

Can you believe it? 2024 is right around the corner! Our awareness is heightened to the fact that although we may have put off what we were meaning to do all year long, we have a glimmer of hope that maybe we can squeeze in the most procrastinated things within these last two months of the year. Well, we feel the same way. Of course, you can squeeze in your estate planning that you put off all year. But I don’t recommend waiting any longer. Why? Because it’s true. 2024 is staring right back at us on the horizon and those who are hopeful that they will indeed accomplish their 2023 goals are taking action right now and stretching for just a little more time, and making it happen. How are they making it happen? They are calling on their expert team of estate planners and I have to tell you our phones have been ringing at a steady pace. What does that mean for you? In simple terms, we’ve got your back and if you take heed, like our many of our clients, we got you covered, but we will have a short December because we like to give back to our team and allow for an extra-long holiday, so please don’t hesitate to contact us this November and December and take care of scheduling an appointment for an estate planning review or review of the health of the protection of your business and assets. In order to get you even more ready, here are some important estate planning logic you need to know before you enter the new year.

Why estate planning is important.

Whatever your age or how much money you currently have in the bank, estate planning now can help your heirs sidestep complicated tax and legal issues later. Our philosophy is to avoid probate completely and we think it is very doable.

With estate planning that is tailored for you, you can also map out the kind of personal legacy you wish to leave. Perhaps you want to protect your loved ones and assets or make a generous gift to your favorite charity or alma mater, it’s up to you.

In other words, putting a plan in place this year can give you greater peace of mind and comfort or inspire others down the road.

4 simple steps to creating an estate plan.

While it may seem like a challenge, creating an estate plan is an achievable goal, especially when you’ve tapped proper guidance and resources.

Here are some simple steps to create your estate plan before the new year.

1. Evaluate your financial situation

To get started, write down or type out a comprehensive list of your assets and debts. This will not only give you a better understanding of your financial status but also help you calculate your net worth.

Your list should include the following:

Assets

· Bank and investment accounts

· Personal property (i.e., jewelry, collectibles, motor vehicles)

· Retirement plans

· Life insurance

· Real estate

Debts

· Credit cards

· Auto loans

· Personal loans

· Student loans

· Mortgages

2. Determine your beneficiaries

Anyone you name in your estate plan as an heir is considered a beneficiary. Many people choose their spouse, children or even a charity to inherit their belongings when the time comes.

While this personal decision may seem easy, understanding particular implications and how certain assets are distributed can be quite complicated. There are legal restrictions, for instance, on what minor children can inherit and how.

When you take active steps to get the paperwork in order this now, you can make things easier on your heirs and perhaps help them avoid a costly, time-consuming probate process.

3. Develop a contingency plan

After you’ve figured out the value of your estate and mapped out a draft plan for its distribution to your beneficiaries, take time to consider possible issues — both seen and unforeseen — that may come up.

This brainstorming will help you develop a contingency plan for your wealth, health care and heirs. Think about what might happen if you (or close living relatives) were to become extremely ill and need care. How would you want to provide for them? Think through, too, whom you might name as a contingency beneficiary if a primary beneficiary were to predecease you.

Jot down your contingency plan concerns and objectives. Then, schedule time to review it with an board-certified estate planning attorney and financial advisor so that all your estate planning documents (e.g., will, living trust, power of attorney, medical power of attorney, etc.) are completed correctly and placed in the hands of a professional whom you trust to ensure your wishes are followed.

4. Revisit your estate plan every 3 to 5 years

Once you have established your estate plan, schedule time on your calendar to review it regularly. In addition to making routine adjustments, note that you may want to update the documents after key life events, such as (but not limited to):

· The birth or adoption of a child or grandchild

· Marriage or divorce

· Death of a beneficiary

· Inheritance

· A change in careers

· The purchase of a house, land, or vehicle

· Significant gains or losses in investments

· The creation, sale, or closure of a small business

· Changes in federal or state estate or tax laws

Where to turn for estate planning assistance

If you decide to create an estate plan this year, remember to consult a board-certified estate planning expert. I can help develop a customized and structured financial strategy that protects your finances and supports your loved ones for generations. I offer a continuum of estate planning support, and our team is comprised of highly trained professionals committed to helping you. You can make a plan for your assets by meeting with me and my team. Contact our office to set up an appointment in Laredo via zoom or in person and let’s finish strong in 2023!

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Molding Your Financial Future in 2025

January 17, 2025

As we step into the new year, I find myself reflecting on the countless entrepreneurs, professionals, and business owners I’ve worked with throughout my career. Helping clients mold a shield of protection around their assets has been one of the most rewarding aspects of my practice. Time and time again, I’ve witnessed that success isn’t reserved for geniuses, nor does it require a fancy degree. The secret lies in action, strategy, and discipline—traits anyone can cultivate to achieve and maintain wealth. The Myth of Instant Wealth How often have we heard someone say, “When I win the lottery, I’ll finally be set”? It’s a common refrain, but let’s examine the reality. Imagine winning $10 million in the lottery. After choosing the lump sum option and paying taxes, you might walk away with only a fraction of that—perhaps $2 million. Without a solid financial plan, it’s no surprise that many lottery winners end up broke within a few years. True wealth isn’t about luck or flashy possessions. It’s about what you do with your resources and how you protect them. If you look around your community, the truly wealthy aren’t necessarily the ones with the biggest houses or newest cars. They’re often the ones who’ve taken calculated risks, lived within their means, and built unglamorous but steady businesses. These individuals mold the clay they’re given, creating shields of protection around their assets that ensure their financial stability for generations. The Trap of Looking Rich We’ve all seen it—the big house, luxury car, and designer wardrobe. But appearances can be deceiving. Many who look wealthy are drowning in debt, spending more than they earn, and chasing the illusion of success. As my wife lovingly calls it, Dickersonism #7: “Looking rich does not MAKE you rich.” True wealth is built on a foundation of solid, income-generating assets, not consumables. Falling into the trap of “keeping up with the Joneses” (or Kardashians) often leads to financial instability and missed opportunities to create lasting wealth. The Cost of Inaction One of the greatest obstacles to wealth and protection is inaction. Henry Ford famously said, “If you think you can, you can. If you think you can’t, you can’t. Either way, you’re right.” Inaction is the path of least resistance, but it’s also the path to missed opportunities and unfulfilled potential. Some hesitate out of fear or over-analysis, a condition I call “analysis paralysis.” It’s easy to get caught up in what could go wrong, but this mindset keeps you stagnant. Every successful person I’ve worked with has one thing in common: they took action. They understood the risks but focused on the rewards, moving forward despite uncertainty. Setting Your Course for 2025 If you haven’t taken steps to mold your financial future, now is the time. Ask yourself: Where do you want to be a year from now? In five years? In ten? Define your goals and begin building the path to reach them. Just as importantly, protect what you’ve built. Not having a plan to shield your assets is like running exposed electrical wiring—sooner or later, you’ll face unnecessary risks. A board-certified estate planning attorney can help you design a plan to safeguard your wealth, ensuring it stays secure for you and your loved ones. Take Control of Your Future Success doesn’t just happen—it’s molded. Listen to trusted advisors, but remember that the final decisions are yours to make. Clarify your vision, take bold steps, and build the life you’ve always dreamed of. At The J.M. Dickerson Law Firm, we’re here to guide you every step of the way. Whether in person, by appointment, or via Zoom, we’re committed to helping you create a legacy of success and security. Contact us today, we can help! South Texas: 956-791-5422 Central Texas: 830-302-4577 Let’s make 2025 your year of action, growth, and protection.

Embracing the Holidays as a Time for Estate Planning

December 20, 2024

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Start the New Year Strong: Four Steps to Success

December 13, 2024

As the end of the year approaches, it’s easy to feel the weight of unfinished tasks and the hustle of the holiday season. Between wrapping up work projects, preparing for family gatherings, and making plans for the future, this time of year can feel overwhelming. But amidst the busyness lies a valuable opportunity—the chance to press reset and prepare for a fresh start. The New Year offers a clean slate, making it the perfect time to reflect, reorganize, and refocus your goals. By dedicating some time to the right activities now, you can set yourself up for success in the months ahead. Here are four key steps to help you start the New Year on solid footing. Step 1: Reflect on the Past Year As the calendar flips to a new year, many of us naturally find ourselves looking back at the previous 12 months. This is the perfect moment to assess your professional and personal accomplishments, challenges, and growth. Ask yourself: • What were my biggest successes this year? • What goals did I miss, and why? • What strategies or habits worked well for me? • Where can I improve moving forward? Reflection isn’t just about identifying wins and losses; it’s about understanding the “why” behind them. Seek feedback from colleagues, mentors, or trusted peers to gain new perspectives. The more honest and thorough your evaluation, the more valuable it will be as a foundation for future planning. Step 2: Create a Game Plan for the Year Ahead Reflection is only the beginning. To make real progress, you need a clear and actionable plan for the year ahead. Start by defining your big-picture goal for the next 12 months. What’s the most important outcome you want to achieve? Once you have that, break it down into smaller, measurable objectives. For example, if your goal is to expand your business, your smaller objectives might include increasing marketing efforts, attending networking events, or launching a new service. Outline the steps needed to achieve each objective and set realistic timelines for completion. Revisit your goals regularly—at least quarterly—to ensure you’re staying on track or to adjust for any changes in your circumstances. Flexibility is key to maintaining momentum throughout the year. Step 3: Declutter Your Inbox An overflowing email inbox can be a constant source of low-grade stress. Ending the year with a streamlined and organized inbox can give you a fresh sense of control as you head into January. Here’s how to tackle it: • Respond immediately to any urgent or unresolved messages. • Delete emails that are no longer relevant. • Unsubscribe from newsletters or mailing lists you no longer find useful. • Create folders and filters to better organize incoming messages moving forward. To keep your inbox manageable, schedule regular cleanups throughout the year. Whether monthly or quarterly, these maintenance sessions will prevent clutter from building up again. Step 4: Knock Out Small Tasks The small, unfinished tasks lingering on your to-do list can be more draining than you realize. Use this time to cross off as many as possible before the New Year begins. • File paperwork that’s been piling up. • Respond to emails you’ve been avoiding. • Wrap up loose ends on ongoing projects. Completing these small but nagging tasks will give you a sense of accomplishment and free up your mental bandwidth for bigger goals in the New Year. Starting January with a clean slate will allow you to hit the ground running. Your Fresh Start A new year is a chance to realign your priorities, set meaningful goals, and approach your work with renewed focus. By reflecting on the past year, setting actionable goals, decluttering your space, and tying up loose ends, you’ll create the foundation for a successful year ahead. Whether you spread these steps out over a few weeks or tackle them all in one day, the most important thing is to commit to the process. A little effort now can make a big difference in how you start the year—and how you finish it. Here’s to making the most of your fresh start!