Estate Planning

Are You ‘One of the Many’ Headed toward Financial Disaster?

Published on: April 7, 2020 | By McCulloch & Miller, PLLC

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Managing your finances likely isn’t the most exciting task on your to-do list, but it’s crucial if you want to reach all your financial goals and set yourself up for long-term success.”

You may be saving for retirement, paying down debt or simply budgeting for your everyday expenses. Whatever your goal is, it’s critical to have a plan in place. Some planning now can go a long way in making sure your finances are as healthy as possible. Without any type of plan, you’re just blindly throwing your money around and hoping for the best.

Motley Fool’s recent article entitled “A Whopping Number of Older Adults May Be Headed Toward a Financial Disaster” says that millions of older adults are making a critical mistake as they plan for the future. If they don’t make any changes soon, it could be extremely expensive.

Estate Planning During Your Current Downtime

Published on: March 18, 2020 | By McCulloch & Miller, PLLC

6a019b003fe4d5970b025d9b3dd866200c-600wi-300x200 For many Houstonians, the fear of the unknown health, social, economic, and financial challenges related to the COVID-19 pandemic are prompting intense concern and anxiety. If you are self-isolating or quarantining at home, you probably are already creating your new “normal” schedules, researching online resources, and creating ways to find comfort for yourself and your family.

Experts have suggested that in addition to movie marathons and being on social media, the time at home can be used to accomplish those things that you have been putting off, like spring cleaning and taxes. We suggest that now is a good time to revisit your estate planning goals. Now, more than ever, we’re experiencing the magnitude of just how essential planning for your future is. While most of these Coronavirus events are out of our control, we CAN plan for how important decisions about our estate and our health will be dealt with in the case of the unexpected. As experienced Houston estate planning and elder law attorneys, all too often we see the dangers and unexpected consequences of not planning.

The bare bones of an estate plan start with a Will. Every adult needs a last will and testament, drafted by an experienced attorney, that will guide your executor to distribute your assets as YOU want them. The next minimum requirement for pre-planning are your powers of attorneys. If you become incapacitated or disabled, your financial (durable) and medical powers of attorneys can empower the right people to legally act for you, make transactions, consent to treatment, and potentially save time, money and even your life.

Don’t Forget to Include These Three Items in Your Will

Published on: February 4, 2020 | By McCulloch & Miller, PLLC

A will or trust explains what you want to have happen to your assets when you die, hopefully in a very, very long time. While most people understand that a will explains what to do with money, property, and children, there are other parts you might be surprised by.

MSN’s recent article entitled “3 surprising things you might not think to include your will” tells about three things to include in your will that you may not have thought about before.

Mistakes to Avoid when Planning Estates

Published on: January 17, 2020 | By McCulloch & Miller, PLLC

“Five of the most common mistakes are easy to avoid with the right information and support, as well as a little creativity.”

Because estate planning has plenty of legal jargon, it can make some people think twice about planning their estates, especially people who believe that they have too little property to bother with this important task.

Comstock’s Magazine’s recent article entitled “Five Mistakes to Avoid When Planning Your Estate” warns that without planning, even small estates under a certain dollar amount (which can pass without probate, according the probate laws in some states) may cause headaches for heirs and family members. Here are some big mistakes you can avoid with the help of an experienced Houston estate planning attorney:

Why You and Everyone Else Needs a Will

Published on: December 11, 2019 | By McCulloch & Miller, PLLC

Once you understand what a will can do, the reason that everyone needs one becomes a lot clearer, especially if you have any minor children or any assets.

A will is a legal document used to provide clear and binding instructions on how you want your assets to be distributed after you die. Everyone should have a will, because they can also be used to identify a person who you want to handle your property, known as the executor and who should be the guardian of your minor children, if both parents die.

Yahoo Finance’s article, “What Does a Last Will and Testament Actually Do?” explains that a last will and testament has instructions for what you want to happen with your assets. A will also designates an executor, names beneficiaries and more. You should work with a qualified estate planning lawyer, when preparing one.

What’s the Best Way to Hold Title to Real Property?

Published on: December 6, 2019 | By McCulloch & Miller, PLLC

There are different types of property. What we informally call real estate, is known in the law as “real property.” That includes any property that is made of land and any structure that sits on it. That also can include assets that appear on that piece of land, like crops, water, livestock or other natural resources.

The ownership of real estate takes several different forms, and each has different requirements for transferring ownership, obtaining financing, paying taxes and collateralization. How the property is owned is based on its title, which is used to convey ownership.

Investopedia’s recent article, “5 Common Methods of Holding Real Property Title,” explains that each title method has its pros and cons, depending on a person's specific situation and how they want ownership to pass after death, divorce, or sale. The most common of these methods of title holding are joint tenancy, tenancy in common, tenants by entirety, sole ownership and community property.

Why Estate Planning Matters for People Without Children

Published on: November 27, 2019 | By McCulloch & Miller, PLLC

Estate planning is even more important for individuals and couples without children. Without an estate plan, your assets may go to long-lost relatives you’ve never met. You also need to plan for incapacity, especially if there are no living relatives.

While your legacy may be different if you don’t have children, you still need to have an estate plan.

Motley Fool’s article, “5 Estate-Planning Tips for Child-Free Couples,” suggests that you may want to leave some of your money to friends, family members, charitable organizations, or your college. No matter the beneficiaries you choose, these estate planning tips are vital for childless couples.

Talking About Financial Planning with Aging Parents

Published on: September 19, 2019 | By McCulloch & Miller, PLLC

Unless you are raised in a family that talks about money, values and planning, starting a conversation with elderly parents about the same topics can be a little awkward. However, it is necessary.

In a perfect world, we’d all have our estate plans created when we started working, updated when we married, updated again when our kids were born and had them revised a few times between the day we retired and when we died. In reality, a recent report by Merrill Lynch and Age Wave says that only half of Americans have a will by age 50.

More than 50% said their lack of proper planning could leave a problem for their families.

Did Groucho Marx Have Estate Planning and Elder Care Problems?

Published on: September 13, 2019 | By McCulloch & Miller, PLLC

“By the time Groucho was an old man, however, he experienced significant problems in his daily activities, medical decision-making and the management of his estate. He suffered from elements of dementia, a heart attack and congestive heart failure, falls resulting in a broken hip, and after that hip was repaired, another fall and broken hip, urinary tract infections, strokes and hypertension.”

Julius Henry Marx, better known as Groucho, died 42 years ago on Aug. 19, 1977, at age 86. Groucho teamed with three of his four brothers—Harpo, Chico, and Zeppo—to become stars of vaudeville, Broadway, film, radio and television. (A fifth brother, Gummo, wasn’t part of the act).

PBS News Hours’ recent article, “How Groucho Marx fell prey to elder abuse” reports that the legal battles over Groucho’s money and possessions went on long after he died. The unrest of his last few years is familiar to adult children concerned with the well-being of their elderly parents.

How Does “Community Property” Work in Texas?

Published on: August 14, 2019 | By McCulloch & Miller, PLLC

One of the reasons for a pre-nuptial agreement, is to clarify who owns what in the marriage, and what happens to property if the marriage should dissolve. In a community property state, everything is “ours.”

If you live in a community property state, like Texas, and you are married, both spouses own and have an equal right to assets, which are considered marital property. The issue is explored in nj.com’s recent article, “Does this house really become community property after marriage?”

Let’s imagine you own a home before your second marriage and created a will leaving the condo to a child. However, you sold the home and purchased another house in your name using funds from the sale and your own funds.