Legally Reviewed by Jennifer Anne Rabbitt Murray on July 16, 2026
Building meaningful wealth is only part of the work. Protecting it, transferring it efficiently, and making sure it supports the people and causes that matter to you takes a different kind of planning than a standard will and power of attorney package. For business owners, real estate investors, and multigenerational families in The Woodlands, a plan built around simple asset distribution can leave real value exposed to unnecessary taxation, family conflict, or a business that struggles through a change in ownership.
At Quadros, Migl & Kilmer, our wealth and legacy planning work is part of the firm’s broader estate planning practice, led by attorney Jennifer Murray, who lives in The Woodlands and brings a background across business organizations, real property, and multigenerational wealth planning to every engagement. That range matters for families whose personal and business finances are closely connected. An estate plan built by an attorney who also understands the operating agreement, the buy-sell provisions, and the tax posture of a family business tends to hold up better than one assembled piecemeal by separate advisors who never coordinate.
What Wealth and Legacy Planning Means for The Woodlands Families
Wealth and legacy planning starts with the same foundation as any estate plan: a will, a durable power of attorney, a medical power of attorney, and advance directives. For families with significant assets, the harder questions come next. Texas has no state estate, inheritance, or gift tax, which is a real advantage for families building wealth here. Federal estate tax is a separate matter. For 2026, the federal estate and gift tax exemption is $15 million per individual and $30 million for a married couple using portability, according to the IRS. Estates above that threshold are taxed at 40 percent on the excess, so a family business or investment portfolio that has appreciated significantly can approach the threshold more quickly than expected.
Texas is also a community property state, which affects how a married couple’s assets are treated and can provide a valuable basis step-up on both halves of community property at the first spouse’s death. Coordinating that treatment with a trust structure, a business succession plan, and any charitable intentions is where legacy planning becomes distinct from a basic will.
Planning Tools for Complex and Growing Estates
A comprehensive wealth and legacy plan typically draws on several coordinated tools, matched to the size and structure of your estate:
- Revocable Living Trusts: Keeping assets out of probate and providing continuity of management if you become incapacitated
- Irrevocable Trusts: Removing assets from your taxable estate while directing how and when beneficiaries receive them
- Business Succession Planning: Coordinating buy-sell agreements and ownership transitions so a company continues operating through a change in leadership
- Asset Protection Structures: Separating personal wealth from business risk and shielding assets from future creditor claims
- Charitable and Multigenerational Giving: Structuring gifts and trusts to support the causes you care about while managing tax exposure
- Powers of Attorney and Advance Directives: Naming trusted decision-makers for financial and medical matters if you cannot act for yourself
Which of these tools apply to your situation depends on the full picture of your assets, not a standard template.
How Attorney Jennifer Murray Approaches Legacy Planning
Jennifer Murray’s estate planning work grows directly out of her background in business organizations and real property, which she draws on whenever a client’s estate plan and business interests intersect. Rather than treating an operating agreement and a trust document as separate projects handled by separate attorneys, she reviews both together so the succession language in a buy-sell agreement actually matches what the trust says should happen to that ownership interest. For clients considering a business sale or a merger, she can coordinate estate plan updates with the deal timeline so the two do not work against each other.
For families with several types of holdings, such as a closely held company, investment real estate, and retirement accounts, she builds a plan that accounts for how each asset actually transfers, not just what a generic document assumes.
When to Start or Revisit Your Wealth and Legacy Plan
A wealth and legacy plan is not a one-time document. It needs a fresh look after a business sale or acquisition, a significant increase in the value of your holdings, a marriage or divorce, the birth of a child or grandchild, or a move to or from Texas. It is also worth revisiting whenever federal exemption amounts change, since a plan built around an outdated threshold can leave a family with a materially different tax picture than intended. If your last estate planning documents predate any of these events, or your personal estate plan has never been coordinated with your business documents, that is a reasonable place to start the conversation. Families looking for foundational estate planning rather than a wealth-focused strategy may want to start with our Woodlands estate planning overview instead.
Frequently Asked Questions
Does The Woodlands Follow The Federal Estate Tax Rules, Or Does Texas Have Its Own?
Texas does not impose a state estate tax, inheritance tax, or gift tax. Families in The Woodlands are only subject to the federal estate tax, which applies to estates above the federal exemption amount.
How Is Wealth And Legacy Planning Different From A Basic Will?
A basic will addresses who receives your assets. Wealth and legacy planning also addresses how those assets are taxed, how a business or investment interest transfers, how incapacity is handled, and how charitable or multigenerational goals are carried out.
Do I Need A Trust If My Estate Is Below The Federal Exemption?
Many families use trusts for reasons beyond estate tax, including avoiding probate, protecting assets from creditors, and controlling how and when beneficiaries receive funds. Whether a trust makes sense depends on your specific goals and assets.
How Does A Business Ownership Interest Fit Into An Estate Plan?
A business interest should be addressed in both your estate plan and your business governing documents, such as an operating agreement or buy-sell agreement, so the two are consistent and the business can continue operating through a transition.
How Often Should A Wealth And Legacy Plan Be Updated?
A reasonable practice is to review your plan every few years and after any major life or business event, including a sale, a marriage or divorce, a significant change in asset value, or a change in federal tax law.
Does Quadros Migl Kilmer Serve Clients Throughout Montgomery County, Not Just The Woodlands?
Yes. Our Woodlands office serves clients throughout Montgomery County and the greater Houston area, including business owners and families located outside The Woodlands proper.
Quadros, Migl & Kilmer brings more than 60 years of combined legal experience to business owners, investors, and families throughout The Woodlands and Montgomery County, with offices also serving Houston, Dallas, and Austin. Attorney Jennifer Murray coordinates estate, tax, and business planning under one roof rather than splitting your family’s wealth strategy across separate firms.
If your estate plan has not kept pace with your business or your assets, or you are building a plan for the first time, contact Quadros, Migl & Kilmer to schedule a consultation with our Woodlands wealth and legacy planning team.