May 7, 2008

Texas has fared better than much of the country during recent financial market volatility. Texas didn't have the sharp boom in real estate prices, so it isn't feeling much of a bust in prices either. Due to Texas policies such as its zero income tax, the state is positive for jobs and income, especially compared to high-tax and high-regulation states. And finally, the rise in oil has helped. Although the Texas economy doesn't depend on oil as much as it once did, the oil industry in Texas is certainly doing well right now.

However, individuals in Texas face the same financial issues as everyone. The market volatility has still given residents a gut-check. Individuals need to meet with their financial planner or investment advisor (or search and find one if they haven't already), in order to check on their progress according to their financial plan.

In addition, federal income, capital gains, dividend and estate taxes are all up in the air right now. Your Texas wealth manager or advisor can help you understand the current law and keep your investment and estate planning ready for the various alternatives. However, you should find and meet the wealth manager or advisor who fits your specific financial needs for the best advice.