Estate Plan

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."

Do You Have a Plan in Mind?

Published on: September 28, 2015 | By McCulloch & Miller, PLLC

We’ve been taught since childhood to plan for college, plan our careers, plan our families, and plan for retirement. However, end-of-life planning advice is rarely followed.

Survey after survey reveals that most Americans do not have estate plans. Recently, the Huffington Post published “5 reasons to Plan Ahead for the End-of-Life.” A doctor gives reasons why you should plan ahead, including:

Financial Legacy – If you do not have an estate plan, then your estate will be divided according to a default law that determines who gets what. Any wishes that you have about what will happen to your assets will be disregarded.

James Brown Estate Remains in Dispute

Published on: September 25, 2015 | By McCulloch & Miller, PLLC

The ongoing James Brown estate battle continues and the complexities begin with the value of the estate.

As you may recall, his estate plan called for his music empire to be put into a charitable trust and used to help needy students. Nevertheless, despite the fact that his will contained a no-contest clause that stated that anyone who contested the will could receive nothing, the will has been the source of ongoing challenges since the musician passed away in 2006.

At one point a settlement was brokered by none other than South Carolina’s Attorney General Henry McMaster. However, that settlement was ultimately rejected by the South Carolina Supreme Court.

Family Discord Likely When No Will Exists

Published on: September 18, 2015 | By McCulloch & Miller, PLLC

A recent article in Marketwatch’s Moneyologist column, "What to do when a parent dies and leaves no will," starts with a sad example of how families fall apart when the lack of estate planning pits children against each other.

The woman recounts how her father told her and her sister that he was making the sister a signatory on his bank account so that she could pay any bills of his estate out of it. He said that the rest of his estate would be divided equally between them.

Five months later the father passed away without a will.

Daughter’s Disinheritance Ruled “Unreasonable;” Mother’s Will Reversed

Published on: August 11, 2015 | By McCulloch & Miller, PLLC

In most cases, as long as basic principles are followed, a person is entitled by law to leave whatever he or she wishes to their heirs. There are no requirements to leave assets to adult children, but a recent ruling in a London Court of Appeals may change this.

When Thomas Jackson passed away in an industrial accident, he left behind a wife and a daughter who was only two months old. He left a small estate from his earnings and compensation for his death that went to Melita Jackson, the mother of his daughter, Heather Ilott.

At the age of 17, Ilott eloped with her teenage boyfriend. Despite the fact that the relationship continued for well over 40 years and the couple had five children, Melita Jackson never forgave her daughter and spurned all attempts at reconciliation.

Can Estate Plans Control Kids After Your Death?

Published on: August 5, 2015 | By McCulloch & Miller, PLLC

It is not unusual for wealthy parents to guide their children in their life choices while they are alive, and it’s also not unusual to control how heirs spend their inheritances. But using an inheritance as an incentive to reach specific benchmarks is a new one on us – and perhaps typical of the type of personality it takes to amass great wealth.

When New York real estate tycoon Maurice Laboz passed away, he left behind an estate worth approximately $35 million dollars, two daughters, 21 and 17, and an unusual estate plan.

As is often the case, Laboz did not leave all of that money to his daughters right away. Instead, they must wait until they are 35 years old to receive their inheritances.

You’re Getting Married? Is Your Estate Plan Current?

Published on: June 10, 2015 | By McCulloch & Miller, PLLC

At some point, everyone needs to consider estate planning. It’s time to create an up-to-date estate plan when you experience one of these life events.

Think estate planning isn’t for you? Think again! And it’s not just a one-time deal; changes in your life should result in changes to your plan, so be ready to make some updates.

The Richland Source notes in a recent article, titled “Do you need an estate plan?”, that it’s time to create an up-to-date estate plan when you have one of these life events:

Time to Review Your Houston Estate Plan: 4 Key Dates

Published on: June 5, 2015 | By McCulloch & Miller, PLLC

So how do you know if your estate plan is out-of-date? If your will or trust predates these four key “freshness dates,” it may be time to visit your attorney for a review.

Estate plans are not meant to be a one-time deal. If life changes – or the law changes – you need to update your plan accordingly.

The website nextavenue.org recently posted a very informative article, titled “Why Your Will May Be Out of Date,” which states that although your estate planning documents are still valid, they may no longer work the way you originally thought they would.

“The Widow Lincoln” Sheds Light on Financial Lessons for Houston Widows

Published on: March 13, 2015 | By McCulloch & Miller, PLLC

As Mary Todd Lincoln’s character in “The Widow Lincoln” faces dozens of unpaid bills for home furnishings, clothes and jewelry, she asks, “How will I ever pay these debts? I am nothing. I am no one.” On top of moving out of the White House, mothering her sons and moving forward with her life, Lincoln must deal with all these financial stresses. She no longer has her husband to rely on for emotional support, income or an identity. It’s a crisis many women in the 21st century face, too.

A recent article in U.S. News & World Report, titled “Modern Money Lessons from Mary Todd Lincoln,” reports that experts recommend participating in money management throughout marriage and preparing for the possibility of one day being on your own, like many women eventually are, due to divorce or death.

Becoming a widow often means a drastic change and a new way of life, whether in 1865 or 2015. For many, it means understanding how to manage finances by yourself and experiencing less income, along with debilitating grief.