Texas Wealth Planning for US, Mexican and UK Families
Byline: Karen Jones, founder of Citywealth, has more than 20 years’ experience in global private wealth.
Oil is still there. Advisers say the new work is cross-border estates, Mexico, UK pensions and family governance. Part of the American summer series.
Oil has shaped private wealth in Texas for generations. But advisers say the state’s wealth is becoming more diverse and more international, bringing new questions around cross-border estates, succession and family governance.
See the Citywealth Leaders List Top 50 Texas Wealth Advisors and Managers 2026
In brief
Texas has no personal state income tax and no state estate or inheritance tax. That is why advisers keep seeing moves from high-tax states, including California ahead of the November billionaire-tax vote. Houston is still energy; Dallas is corporate and financial; Austin is tech. The newer work is international: Mexican families with assets and heirs on both sides of the border, and UK arrivals bringing pensions and ISAs the IRS does not treat as HMRC does. UK inheritance tax does not fall away on a Texas move. Foreign-owned US accounts can be frozen until the IRS issues a transfer certificate, which can take 12 to 18 months. Private trust companies are one structure used for US–Mexico families. Texas is often combined with Delaware, South Dakota or Wyoming rather than replacing them.
Texas has been home to substantial private wealth for generations, much of it built on oil and gas. That remains an important part of the state’s economy and its family fortunes. But advisers say the picture is becoming broader.
Houston remains closely associated with energy, while Dallas has developed as a financial and corporate centre and Austin has become known for technology. Wealthy individuals, businesses and families are also continuing to move to Texas from elsewhere in the US as mentioned in the Citywealth California article last week.
Bonnie Lynn Chmil, Private Wealth Litigation Partner at Katten in New York, says: “There is a massive flow of corporate headquarters and UNHW people moving to Texas, particularly the Dallas-Fort Worth area, that is driving explosive growth. Mainly tax driven.”
Stephen Dyer, Private Clients Chair at Baker Botts, also points to tax as one reason for the movement. “Texas has no income tax, estate or inheritance tax, so there is nothing much at the state level that would drive a trend or theme. However, as has been true for years, we continue to see wealthy persons located in high-tax states considering or actually moving to Texas. In particular, outmigration from California to Texas (and other low-tax or no-tax states) is notable lately because of the proposed Billionaire Tax Act that is on the ballot in California later this year.”
Julie Neitzel, Partner at WE Family Offices in Miami, says tax is not the only consideration. “Texas has become one of the top migration states given its business-friendly environment, large and diverse economy, large population and a solid infrastructure. It is also good for Latam families in personal security matters.”
Oil remains important
Oil remains central to the story. A wealth manager based in London with offices in the USA said “we certainly see a lot of wealth still being generated by oil companies”.
But advisers say the assets held by wealthy families are increasingly varied.
Andy Moore, CPA and Principal at CLA (CliftonLarsonAllen LLP) in Houston, says: “Texas remains attractive due to its lack of state income tax, business-friendly environment, and depth of entrepreneurial wealth, but the families we see are generally not making decisions based solely on tax savings. They are focused on managing liquidity events, preparing the next generation, reducing litigation risk, and creating governance structures that can survive multiple generations. Oil and gas wealth is still very much a factor in Texas, although today it is often accompanied by significant holdings in private equity, real estate, energy infrastructure, technology, manufacturing, and closely held operating businesses. In many cases, ‘old oil money’ and new business money’ have converged into sophisticated family office and private investment structures.”
The state’s main cities also have distinct economies and sources of wealth.
Abbas Somji, CFP Chartered MSCI, Partner & Financial Advisor at Tanager Wealth Management, is Houston-educated and UK-raised, with a transatlantic career spanning Texas and London. “Texas’ scale is easy to underestimate. The state now has four of the ten largest cities in the US, five if you widen to the top twelve, and its business environment reflects that. Houston built its reputation on oil and gas, but that’s changed enormously over the past two decades: energy’s share of the local economy has fallen dramatically, replaced by healthcare, aerospace, and the energy transition itself. Dallas has grown into a genuine financial hub; Austin is the state’s tech center. All of this is underpinned by no state income tax and a business environment that actively courts corporate relocation: which is why Texas has added more new residents than any other state for several years.”
The five cities Somji is referring to are Houston, San Antonio, Dallas, Austin and Fort Worth. Each has developed a distinct economic identity: Houston in energy, healthcare and aerospace; Dallas as a financial and corporate hub; Austin as the state’s technology centre; and San Antonio and Fort Worth as major centres for corporates in healthcare, defence, manufacturing, logistics and aviation.
For advisers, that means the needs of wealthy families can vary considerably across the state, from technology entrepreneurs in Austin to energy families in Houston and family offices in Dallas.
A more international client base
Advisers also point to a growing international dimension.
Moore says: “A trend that stands out to me is the increasing internationalisation of Texas wealth. We continue to see significant cross-border activity involving Mexican families and business owners with operations, investments, and family members on both sides of the border. For these families, planning frequently centers on succession, U.S. estate tax exposure, trust structures, and residency considerations. Families are increasingly willing to adopt sophisticated structures, including private trust companies, directed trust arrangements, family limited partnerships, and family offices that allow them to retain influence over investment and business decisions while still benefiting from institutional governance.”
Mexico is an important part of that picture, with longstanding business and family connections across the border. Advisers say they are also seeing families arriving from further afield.
Somji says: “Increasingly, those arrivals aren’t just Americans relocation from California or New York; we’re seeing a real increase in European and particularly UK arrivals, which tracks with the UK losing a record number of millionaires last year. From where I sit, that’s the real story: an affluent and increasingly international community is forming here, and it comes with a wealth management problem most of the state wasn’t built to solve. A British family moving to Texas isn’t just changing address, they’re bringing their UK pensions, ISAs and other assets that the IRS doesn’t recognize in ways the HMRC does. UK inheritance tax doesn’t disappear on relocation. Twenty years ago, Texas wealth management, estate planning and tax advice was a close-knit, domestic industry built around few sectors. Today it’s having to catch up fast with a state that’s doing international business and seeing more international UHNW families.”
On the influx of Europeans Somji says. “European and UK families are moving to Texas for wealth generation. Most people aren’t coming to Texas for a cultural experience, but instead to further enhance their wealth. Better cost of living, lower tax, lucrative jobs, big and affordable houses, the ability to create wealth for their kids and grandkids. Not so much a labour government as a catalyst.”
For families with assets in more than one country, a move can raise questions about tax, pensions, investments and succession.
The complications of US assets
The issues are not confined to families who move to Texas.
Jaremi Chilton, Partner at Troutman Pepper Locke in San Francisco and Houston, says internationally held US assets are increasingly producing estate-planning issues. “Exposure to US stock market is now the norm for any high net worth family in Europe. Having a real property is also pretty common. Because of this, in 2026 we’ve noticed an uptick in situations arise of foreign decedents whose estates hold US assets or investments in US financial accounts. As you are probably aware, US estate tax issues, including estate tax treaty interplay, often arise in these situations. US financial institutions will freeze the financial account until the IRS issues a clearance certificate showing a US estate tax return has been filed by the decedent’s estate in these situations. In one case, we were able to plan around the issue of freezing of US accounts by utilization of a grantor US trust prior to the matriarch passing.”
The consequences can extend beyond the eventual tax bill. The IRS says that obtaining a transfer certificate can in some cases take 12 to 18 months. That can create practical problems where accounts are frozen while an estate is being administered.
The US–Mexico family
For Mexican families, businesses, investments and family members may already be spread across both countries.
Marina Cristiani, Head of Client Solutions, Private Capital Services Division at JTC Group in New York, says: “Mexico and the United States are deeply interconnected, not only through their economies and business relationships, but also through the movement of families across borders. Many Mexican families have US beneficiaries in the next generation, while others have family members who have relocated to the United States for professional opportunities and ultimately established their lives there.”
“For ultra-high-net-worth families, these cross-border circumstances can create significant complexity, particularly where family wealth includes both operating businesses and substantial private investment or financial assets. The ownership, management, and eventual transfer of these assets require careful consideration of the legal, tax and succession implications in both jurisdictions.”
One structure being used in such circumstances is the private trust company, or PTC.
One trustee summed up the appeal simply: “PTCs are a fantastic planning tool for US/MX and any other cross border family.”
Private trust companies
PTCs can allow families to combine a trust structure with greater involvement in governance and decision-making. Cristiani says: “Private trust company (PTC) structures can provide families with a flexible and highly customisable framework for addressing these cross-border complexities. When appropriately designed, a PTC can serve not only as a fiduciary vehicle for holding and administering family trusts, but also as an important component of the family’s broader governance and succession framework. It can also facilitate a coordinated approach to the Mexican and US planning environments while allowing the family to establish the principles and processes that will govern important decisions affecting family wealth, business interests and future generations.”
Cristiani says governance can become particularly important as control passes between generations.
Cristiani adds: “One of the particular advantages of a PTC structure is the ability to incorporate family and business governance provisions into its governing and constitutional documents. These provisions can establish appropriate roles and responsibilities for family members and other decision makers, define how significant decisions are to be made and establish processes for the appointment, removal and succession of directors, officers, or other members of the governing body. Thoughtfully designed governance provisions can provide clarity around decision-making authority and help reduce the potential for disagreement or conflict among family members as ownership and control transition from one generation to the next. In this respect, the PTC can become more than a mechanism for trust administration; it can form part of the family’s long-term architecture for continuity, accountability and intergenerational governance.”
Texas versus the traditional trust states
Texas is one of several US jurisdictions used by wealthy families. Delaware, South Dakota and Wyoming are also well-established in the trust industry, and families may use more than one jurisdiction.
Some Texas families prefer to keep administration and decision-making closer to their businesses and advisers.
Moore explains: “Texas also presents an interesting contrast to traditional trust jurisdictions such as Delaware, South Dakota, and Wyoming. While many families continue to utilize those states for trust situs and directed trust advantages, Texas families often place a premium on maintaining administration and decision-making closer to home through private trust companies and family-controlled governance structures. As a result, the conversation is less about choosing one jurisdiction over another and more about selecting the combination of jurisdictions and advisors that best aligns with the family’s long-term goals.”
For advisers, the choice is therefore not necessarily between Texas and another trust jurisdiction, but which combination best suits a family’s circumstances.
From tax planning to family governance
Advisers say tax is only part of the challenge facing wealthy families.
Succession can also depend on how decisions are made, how disagreements are handled and whether younger family members are prepared to take responsibility. Moore says: “Finally, if there is one issue many wealthy families still underestimate, it is governance. Many families spend an enormous amount of effort on tax planning and asset protection, but transitions often fail because the next generation is unprepared to manage it. The most successful families are investing in governance frameworks, family councils, education, and communication processes long before a transfer of wealth occurs.”
Texas’s oil fortunes are not going away, and neither is its attraction to wealthy Americans from other states. What advisers describe is an additional layer: more varied sources of wealth and more families whose assets, businesses and relatives cross national borders.
For the state’s private client industry, that is making questions of succession, cross-border planning and governance increasingly difficult to separate from the management of the wealth itself.
More on Texas
Church wealth and who controls it
Texas’s wealth landscape also includes substantial assets held by churches and religious organisations. That brings some of the same questions about governance and control that arise in wealthy families, although in a very different legal setting.
A recent dispute involving Second Baptist Church of Houston has put those questions before the Texas Business Court. Samuel G. Davison, Partner and Nathaniel Johnson, Associate of Greenberg Traurig in Dallas, who work in disputes, have examined the case and the effect of new governance arrangements on who controls church assets.
The dispute followed changes to the church’s governing documents which eliminated members’ voting rights, replaced its Board of Trustees with a self-perpetuating Ministry Leadership Team with broad discretion over church assets, and gave the senior pastor authority to select his successor. The court found that the amendment to the church’s Articles of Incorporation was invalid because the required notice had not been given, while finding that the amended bylaws had been validly adopted.
The case highlights an unusual but important part of the Texas wealth picture: where significant assets sit inside religious organisations, corporate structures in litigation may not rule on perceived unfairness in internal church management: just whether corporate rules were followed.
How Philanthropy Shaped Texas Art Museums
Private donations have played a central role in the development of Texas’s major art museums. In Dallas, gifts promised in 2005 by Marguerite and Robert Hoffman, Cindy and Howard Rachofsky, and Deedie and Rusty Rose were valued at around $400 million. Eugene and Margaret McDermott donated or funded the acquisition of more than 3,100 works for the Dallas Museum of Art. Their final bequest comprised 32 works from the nineteenth and early twentieth centuries, which were left to the Eugene and Margaret McDermott Art Fund for the museum’s benefit.
In Houston, the Kinder Foundation committed $50 million, followed by a $25 million challenge grant, towards the Museum of Fine Arts, Houston’s $450 million capital and endowment campaign. John and Audrey Jones Beck assembled a collection of more than 70 paintings now held by the museum, including Vincent van Gogh’s The Rocks. The Moody Foundation gave $20 million towards the transformation of the Blanton Museum of Art’s grounds in Austin. The Walton Family Foundation also established a $20 million endowment to support exhibitions and education at the Amon Carter Museum of American Art in Fort Worth.
Earlier patrons had an equally important influence. Marion Koogler McNay left more than 700 works of art, her home, 23 acres of land and an endowment to establish a museum in San Antonio. Kay and Velma Kimbell assembled 260 paintings and 86 works in other media. Other prominent patrons included Norma and Lamar Hunt and John and Dominique de Menil. Their support helped make Texas home to works such as Frederic Edwin Church’s The Icebergs, Caravaggio’s The Cardsharps and René Magritte’s Golconda. See list of philanthropists below.
Ten Famous Paintings in Texas Museum Collections
- Frederic Edwin Church, The Icebergs (1861), Dallas Museum of Art—purchased by Norma and Lamar Hunt for $2.5 million in 1979, then the highest price ever paid for an American painting, and subsequently donated to the museum. In its frame, it measures more than seven feet high and eleven feet wide and weighs 425 pounds.
- Caravaggio, The Cardsharps (c. 1595), Kimbell Art Museum—rediscovered in a European private collection and acquired by the Kimbell in 1987.
- Michelangelo, The Torment of Saint Anthony (c. 1487–88), Kimbell Art Museum—believed to have been painted when Michelangelo was 12 or 13. It is regarded as his first known painting and was the first painting by him to enter an American collection.
- Vincent van Gogh, The Rocks (July 1888), Museum of Fine Arts, Houston—part of the John A. and Audrey Jones Beck Collection and given to the museum by Audrey Jones Beck.
- René Magritte, Golconda (Golconde) (1953), Menil Collection, Houston—the celebrated Surrealist painting depicting rows of nearly identical bowler-hatted men apparently suspended in or raining from the sky.
- Andy Warhol, Twenty-Five Colored Marilyns (1962), Modern Art Museum of Fort Worth—an acrylic-on-canvas Pop Art work measuring 82 by 66¼ inches unframed.
- Thomas Eakins, Swimming (1885), Amon Carter Museum of American Art—acquired by the museum in 1990 with grants and donations from Fort Worth foundations, businesses and residents.
- Vincent van Gogh, Women Crossing the Fields (1890), McNay Art Museum—part of Marion Koogler McNay’s founding bequest.
- Diego Rivera, Delfina Flores (1927), McNay Art Museum—one of Marion McNay’s first major art purchases and part of the 700-object bequest that established the museum’s collection.
- Claude Monet, The Water Lily Pond (1903), Dallas Museum of Art—one of 32 artworks in Eugene and Margaret McDermott’s final bequest to the Eugene and Margaret McDermott Art Fund for the benefit of the DMA.
| Donor | Who they were |
| Marguerite and Robert Hoffman | Dallas contemporary-art collectors and civic leaders. Robert was an entrepreneur whose businesses included the National Lampoon and a Coca-Cola bottling company; Marguerite became a prominent DMA trustee and arts patron. |
| Cindy and Howard Rachofsky | Dallas contemporary-art collectors. Howard made his fortune in investment and hedge-fund management; the couple also established prominent exhibition spaces and the TWO × TWO charity auction. |
| Deedie and Rusty Rose | Dallas collectors and philanthropists. Rusty founded the investment firm Cardinal Investment Company; Deedie became a nationally recognized arts advocate and museum supporter. |
| Eugene and Margaret McDermott | Eugene was a scientist and industrialist who helped create Texas Instruments; Margaret was a longtime DMA trustee and one of Dallas’s leading cultural philanthropists. |
| Nancy and Rich Kinder | Houston philanthropists. Rich co-founded the energy-infrastructure company Kinder Morgan; Nancy leads much of the couple’s civic and charitable work. They established the Kinder Foundation in 1997. |
| John and Audrey Jones Beck | Houston collectors who deliberately assembled art for eventual public use. John was a businessman and MFAH trustee; Audrey was the granddaughter of Houston businessman and philanthropist Jesse H. Jones. |
| Moody Foundation | A charitable organization—not an individual donor—created by Galveston financier W. L. Moody Jr. and his wife, Libbie. It distributes the Moody family’s philanthropic funds throughout Texas. |
| Walton Family Foundation | The family foundation established by Walmart founders Sam and Helen Walton and now governed by their descendants. |
| Marion Koogler McNay | A San Antonio artist, teacher and collector who inherited an oil fortune. Her estate created the museum bearing her name. |
| Kay and Velma Kimbell | Fort Worth collectors. Kay was an industrialist whose businesses included milling, groceries, insurance and oil; Velma initiated and shared his interest in collecting. Their fortune and collection established the Kimbell Art Museum. |
| John and Dominique de Menil | Although absent from the donor list, they explain the reference to Magritte’s Golconda. They were Houston collectors associated with the Schlumberger oil-services fortune; their collection became the Menil Collection. Biography |
Sport in Texas
Houston Astros defeated the New York Yankees 9–7 in New York in August 2026. Great news for Houston.
The Houston Astros are THE Houston baseball team. The Astros compete in Major League Baseball as a member club of the American League West Division. They are one of two major league clubs based in Texas; the Texas Rangers belong to the same division (Arlington).
Sport in Texas is both a civic passion and a multibillion-dollar industry. On 25 August 2026, the Houston Astros defeated the New York Yankees 9–7 in New York, with Yordan Alvarez going three-for-five and delivering the go-ahead triple in the eighth inning. Texas teams have won at least 23 championships across six major leagues: the Dallas Cowboys have five Super Bowls; the Astros have two World Series titles and the Texas Rangers one; the San Antonio Spurs, Houston Rockets and Dallas Mavericks have eight NBA titles between them; the Houston Comets won four consecutive WNBA championships; the Dallas Stars captured the 1999 Stanley Cup; and Houston Dynamo won consecutive MLS Cups in 2006 and 2007. The financial scale is equally imposing: Forbes valued the Cowboys at $13 billion in 2025, while Texas A&M’s 102,733-seat Kyle Field underwent a $485 million redevelopment. The state’s sporting culture has been shaped by celebrated athletes and powerful owner-patrons, from Nolan Ryan, Hakeem Olajuwon and Simone Biles to Jerry Jones, Jim Crane and Tilman Fertitta.
Ten leading Texas sports figures
- Yordan Alvarez — The Cuban-born Astros slugger was the 2019 American League Rookie of the Year and hit the decisive home run when Houston clinched the 2022 World Series.
- José Altuve — The Venezuelan second baseman, 2017 American League MVP and multiple All-Star has been a central figure in both Astros championship teams.
- Nolan Ryan — The Texas-born Hall of Fame pitcher played for both the Astros and Rangers and holds MLB records with 5,714 strikeouts and seven no-hitters.
- Emmitt Smith — The Dallas Cowboys running back won three Super Bowls and remains the NFL’s career rushing leader with 18,355 yards.
- Hakeem Olajuwon — The Nigerian-born Houston Rockets centre won consecutive NBA titles, two Finals MVP awards and the 1994 league MVP award.
- Cynthia Cooper — The Houston Comets guard led the team to four consecutive championships and was named WNBA Finals MVP after each one.
- Sheryl Swoopes — A Texas Tech and Comets legend, Swoopes won four WNBA titles, three league MVP awards and three Defensive Player of the Year awards.
- Tim Duncan — “The Big Fundamental” spent his entire career with San Antonio, winning five NBA championships, two league MVPs and three Finals MVPs.
- Dirk Nowitzki — The German-born Mavericks forward transformed basketball in Dallas and led the team to its first NBA championship in 2011.
- Simone Biles — The Houston-area gymnast is the most decorated gymnast in history, with 11 Olympic medals and 30 World Championship medals.
Principal sports owners and patrons
Anthony Precourt — Austin FC — The investment manager founded Austin’s first major-league team, financed its launch and remains Austin FC’s chairman and majority owner.
Jerry and Gene Jones — Dallas Cowboys — Jerry has owned and managed the Cowboys since 1989, overseeing three Super Bowl victories; the family has also pledged $16.5 million to Arlington youth charities.
Cal McNair — Houston Texans — The son of founders Bob and Janice McNair became principal owner in 2024 and chairs a team foundation that has raised more than $51 million.
Jim Crane — Houston Astros — A logistics entrepreneur and former college pitcher, Crane bought the Astros in 2011 and oversaw their 2017 and 2022 championships.
Ray C. Davis — Texas Rangers — The energy investor is the Rangers’ managing partner and majority owner and presided over the franchise’s first World Series championship in 2023.
Tilman Fertitta — Houston Rockets — The Houston hospitality, restaurant and gaming entrepreneur purchased the Rockets in 2017 for a then-record $2.2 billion.
Miriam Adelson and Patrick Dumont — Dallas Mavericks — Their families acquired the Mavericks’ controlling interest for approximately $3.5 billion in 2023, with Dumont serving as team governor and Mark Cuban retaining a minority stake.
Peter J. Holt — San Antonio Spurs — Holt is managing partner of Spurs Sports & Entertainment and represents the family whose ownership era has produced five NBA championships.
Tom Gaglardi — Dallas Stars — The Canadian hospitality executive purchased the Stars in 2011 and has invested heavily in the team and the growth of youth hockey across North Texas.
Bill Cameron and Greg Bibb — Dallas Wings — Cameron is the WNBA team’s chairman and majority owner, while Bibb serves as its chief executive and managing partner.
Clark and Dan Hunt — FC Dallas — The sons of American soccer pioneer Lamar Hunt lead FC Dallas and have supported stadium development, youth academies and community football pitches across North Texas.
Ted Segal — Houston Dynamo and Houston Dash — The real-estate investor became majority owner of Houston’s MLS and NWSL clubs in 2021 and immediately announced more than $225,000 in community and youth-sport contributions.
Key Takeaways
- Oil money still drives wealth in Texas, but the state’s affluent landscape is diversifying with a growing international component.
- Professionals note an influx of individuals from high-tax states seeking Texas’ zero income tax and business-friendly environment.
- Families now prioritise governance and succession planning alongside tax strategies, accommodating varied interests across sectors like technology and healthcare.
- Advisers highlight increased complexities due to cross-border wealth and international assets, especially for Mexican and European families moving to Texas.
- Private trust companies have emerged as a key tool for addressing the governance and succession challenges of cross-border families.
Karen Jones is the founder of Citywealth and a wealth management commentator with more than 20 years’ experience across global private wealth, family offices and succession. Before founding Citywealth in 2005, she held publishing roles at The Times and The Sunday Times, London; Legal Business magazine and worked on the Asia Pacific Legal 500.
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