Estate Plan

Tom Benson Excludes Daughter and Grandchildren from his Will

Published on: April 9, 2018 | By McCulloch & Miller, PLLC

Before he died, the owner of the New Orleans Saints and Pelicans gave millions of dollars of property to his daughter and her children, but they were not included in his last will and testament.

The last will of multi-millionaire Tom Benson, who owned several professional sports teams and other businesses, did not include his daughter and her children, according to an article from KPVI, “Though excluded from his will, Tom Benson’s daughter and grandchildren received much from family patriarch.”

Following Benson’s death, court records indicate that his third wife Gayle became the sole beneficiary of an estate controlling New Orleans’ NFL and NBA franchises, as well as the Dixie Brewing Co. There were other valuable businesses or properties in the estate: three car dealerships, the site of Benson Tower and Champions Square, a $3.6 million Uptown mansion, a racing stable and a parking lot used by fans attending Saints or Pelicans games.

Does Your Estate Plan Match Your Life Right Now?

Published on: April 3, 2018 | By McCulloch & Miller, PLLC

Remember to update your estate plan, especially if your life includes events like new kids, a new marriage or the death of a loved one.

If you love your family, you’ll keep them in mind when considering whether to make an appointment to update your estate, as you go through the inevitable changes of life. Not doing so can create financial and emotional burdens. That’s probably not how you want to be remembered.

According to a recent Newsday article, “Make sure your estate plan keeps up with life changes, experts say,” estate planning may seem overwhelming and depressing because it deals with issues of aging. Some people believe that estate planning is just for the very rich.

How Estate Planning Protects Your Loved Ones

Published on: January 19, 2018 | By McCulloch & Miller, PLLC

Estate planning is not just for people who live in mansions. Quite the opposite! Everyone needs to have an estate plan to protect themselves while they are living and to protect loved ones when they pass.

Having an estate plan can eliminate confusion, expensive delays and overall bad outcomes, according to an article appearing in The Martha’s Vineyard Times, “Estate planning.” Think of it as a way to communicate your wishes and cushion your family during a really tough time.

Work with an experienced estate planning attorney. If you’re a couple, you each need to have your own will to say who gets your property following your death. In many instances, the spouses select each other.

Why “Regular Folks” Need an Estate Plan

Published on: May 26, 2017 | By McCulloch & Miller, PLLC

An estate plan does a lot more than distribute your assets among family members and organizations that share your values. It also protects you and your loved ones. That’s why everyone needs an estate plan, especially if you have minor children.

It’s amazing that some people still think they don’t need an estate plan. According to an article in Trust Advisor, “Why An Estate Plan Is Beneficial,” a small estate needs the protection that an estate plan can offer against unnecessary expenses and ensures that personal, financial and charitable goals will be fulfilled. There are four key reasons why everyone needs an estate plan:

Stipulating Care for Yourself. This includes a healthcare proxy, power of attorney and living will that states how you want to be cared for, if you become incapacitated.

Over 21? You Need an Estate Plan

Published on: June 27, 2016 | By McCulloch & Miller, PLLC

If you are old enough to drive, work a job and have a bank account, you need to have an estate plan. It’s part of being a responsible adult.

Leaving adolescence behind means a life that includes responsibility for yourself and for those you love. That has traditionally included basics like a paycheck, a bank account and life insurance. But today, we also include an estate plan, which The Huffington Post says in “Why Estate Planning Makes Sense at Any Age” is just as important when you are 20 as it is when you are 64.

It should be noted that an estate plan is essential no matter what your financial situation or age.

Not Your Everyday Yard Sale: Houston’s New Estate Sale

Published on: June 3, 2016 | By McCulloch & Miller, PLLC

Whether for reasons of death or divorce, an estate sale can be an emotional roller coaster. Prepare yourself for challenges so that you are not taken by surprise when possessions unleash a flood of memories.

It's not always easy to make rational decisions when handling the logistics of an estate sale, explains a recent post on WCPO, "4 tips for dealing with the emotional side of estate sale planning." Here are four good suggestions for dealing with the emotions that often accompany such an endeavor.

Get advice. Don't take on this responsibility alone. As you begin the process of selling the contents of an estate, find yourself a support system. This can include members of your family, friends, and experts (like an estate planning attorney). These folks can provide you with valuable advice, and you may feel more comfortable when you've considered input from others. Given that this is an extremely emotional experience; you might also want to talk with a member of the clergy or a counselor as you go through the steps of preparing for the estate sale.

Recent Changes in Estate Planning Laws May be Cause for Review of Your Houston Estate Plan

Published on: May 13, 2016 | By McCulloch & Miller, PLLC

Recent change in tax laws have many people rethinking their estate plans. Also, changes in the normal course of life make it a good idea for persons with estates that range from small to large to review wills, trusts, powers of attorney and beneficiary designations of insurance, IRAs, and other interests to achieve the most beneficial tax advantages.

In the beginning of January 2013, Congress made permanent the ability of a person to acquire his or her deceased spouse’s unused estate tax exemption through portability, and approved the larger estate and gift tax exemption of $5.45 million (for 2016) per person adjusted every year for inflation. For a married couple the exemption is potentially double that amount, or $10.9 million (for 2016). We believe that it is important for you to know that you may have an alternative to simplify your current trust structure without paying any estate tax, and in fact, for your beneficiaries to pay less income tax.

You may have an “AB Trust” or “ABC Trust,” or a Family Trust that creates a Decedent’s Trust (also referred to as a “Bypass Trust”) and a Survivor’s Trust on the death of the first of you or your spouse. The recent legislation makes it useful to examine whether such trusts should be changed to simplify their operation. The trust could be simplified by eliminating the need to create new trusts if one spouse passes away survived by the other. Simplification of a trust would result in several benefits:

No Kids? You Still Need Houston Estate Plan

Published on: October 29, 2015 | By McCulloch & Miller, PLLC

When most people think of wills and estate plans, they usually think about the primary function of distributing assets to children. The natural next thought is, if they have no children, then they don't need a will. But estate plans, and especially wills, actually serve a number of important purposes, only one of which is conveying assets to children.

As U.S. News & World Report points out in, "No Kids? You Still Need an Estate Plan," people without children need, at the very least, to have a will if they want to have a say in who gets their assets after they pass away.

People who pass away without a will are said to have died intestate. Every state has a law that determines who gets the assets of people who die intestate. The laws all operate similarly, in that the assets are given to the person's closest living relatives.

Is Your Estate Plan In Place?

Published on: October 22, 2015 | By McCulloch & Miller, PLLC

Perhaps the biggest reason to have an estate plan is to decide who will raise and care for your children if you and your spouse should both pass away. An experienced estate attorney who is knowledgeable about guardian ship laws in your state can help you make a plan, as noted in Houston (MO) Herald's recently published article, "Establish an estate plan before death comes knocking."

It is easy to put off these tough decisions by thinking we have plenty of time, but the truth is that we really don't know how much time we're going to have.

It's also easy for disagreements and misunderstandings to occur when someone passes away, particularly when the ownership of assets isn't clear. A professionally drafted will and other estate planning documents can eliminate much of this stress and heartache. The cost of settling an estate may be high, but it's even higher if an estate plan isn't in place.

Estate Claims Nude Photos Disparaging

Published on: October 16, 2015 | By McCulloch & Miller, PLLC

Several nude photographs of the late artist Jean-Michel Basquiat were taken by his ex-girlfriend Paige Powell. The photographs, which were shown as part of an art exhibition in 2014, show Basquiat reclining on the bed, smiling at the camera. Subsequently, they were posted on several art websites.

One of those websites, Animal, posted the images in 2014.

The attorney for the artist's estate, however, recently sent a letter to the website demanding that the images be removed as they are disparaging to the artist. Powell claims that Basquiat was proud of his body and would want the photographs to be seen. Page Six reported this story in "Estate fighting release of Basquiat's nude photos."