Estate Planning

Checking Santa’s Estate Planning Tips for Houston

Published on: December 19, 2014 | By McCulloch & Miller, PLLC

Yes, nobody relishes thinking about the day when they will no longer be around. But with a little effort and foresight, you can give your family the ultimate gift: a piece of mind. Here's a quick checklist of estate planning essentials.

Not really ready for an estate planning talk around the fire this holiday season? It's definitely not a pleasant conversation when considering the end of one's life. Yet, if you could give your family the gift of "peace of mind", would you? Probably so. What does this gift look like?

The Street’s recent article, “The best holiday gift for your family: estate planning,” gives us a quick checklist of estate planning essentials:

Ask These Estate Planning Questions Prior to 2015

Published on: December 17, 2014 | By McCulloch & Miller, PLLC

Have a plan; either you decide or someone else does.

Year-end is a great time to evaluate your estate planning goals! This timely topic was the theme of a recent article in the Pittsburgh Post Gazette titled "Holiday season is the best time to update your estate planning."

Here are some questions you ought to ask yourself as 2015 draws near:

Should You “Leave It to Beaver” When It Comes to Houston Estate?

Published on: December 16, 2014 | By McCulloch & Miller, PLLC

Leave it to Beaver? Or do you prefer to leave your estate to someone else? Today’s families are a lot different than Ward and June Cleaver. There are more families today with non-traditional situations than ever before. This makes financial and estate planning all the more important.

If your family looks nothing like the family of Ward and June Cleaver, you are not alone. Families today are very different compared to the days of Leave It to Beaver. Our so-called modern families leave much to consider when it comes to financial and estate planning.

A recent article in The Patriot Ledger, titled "Estate planning for non-traditional relationships," takes a practical look at a common personal, financial and legal challenge.

Does Your Houston Estate’s Library Hold Great Value?

Published on: December 3, 2014 | By McCulloch & Miller, PLLC

Managing an estate can be complicated and overwhelming, but libraries can often be sources of hidden value, and thus should not be ignored. There's always a chance that tucked away in that library are a few rare first editions or hard-to-find antique items. But if you're facing hundreds of volumes and you have little experience with books, where do you start?

Libraries and rare books may not be your idea of a good inheritance, but they can actually be hidden treasures if you do your research. A recent JD Supraarticle, titled “California Estate Planning: What to Do if You Inherit a Library,” warns against failing to value books that are left as part of an estate.

You never know if the library has tucked away an inscribed first edition of “For Whom the Bell Tolls” by Ernest Hemingway. That’s going for $8,500 on Ebay right now. Or maybe a signed J.D. Salinger “The Catcher in The Rye.” Asking price for this is only $55,000 these days. These rare first editions or hard-to-find antique items are out there. If you are left with the responsibility of sorting through a collection containing hundreds of volumes, and you have little experience with books, where do you start?

Planning for Death Is Unpleasant; Critical for Houston Families

Published on: December 1, 2014 | By McCulloch & Miller, PLLC

Once someone dies there is much work to be done. These are a few suggestions to help you get administratively organized for death.

To make death easier for all involved, it’s critical to plan some of the issues related to death far in advance with some contemplation to make everything go as smoothly as possible when a loved one passes away.

When a loved one dies you have to remember IRS deadlines, Social Security Administration requirements, compliance with state laws, and dealing with other grieving family members. There’s also the chance you might have some relatives who feel entitled to more or different assets.

Houston Families: Estate Planning Document List Review

Published on: November 14, 2014 | By McCulloch & Miller, PLLC

A well-planned estate is a wonderful legacy you can leave your heirs — instead of untangling a messy estate, they can follow concrete steps, allowing them to take care of business while mourning their loved one.

Document gathering can be overwhelming when it come to a loved one's passing. What about when you are no longer here? Will your loved ones be able to gather the appropriate information for your estate?

Newsday's recent article, titled "Estate planning: Putting affairs in order before death," lists the basic documents you will need prior to passing away.

Houston Residents: What Can Happen If You Don’t Sign Your Will!

Published on: November 7, 2014 | By McCulloch & Miller, PLLC

The legal dispute surrounding the roughly $200 million estate of the late Charlotte developer Henry Faison has been resolved, with his company winning forgiveness of more than $100 million in loans he’d extended to it.

In this recent court case filed by Faison's sons, Jay and Lane, they asked the court to force Henry's company to allow the assets, including $105 million in loans extended by Faison, to pass to his foundation. The dispute centers on Henry's June 2000 will, which left the residuary of his estate to Faison Enterprises.

Schemers Steal Property of Deceased Neighbor with No Heirs

Published on: November 5, 2014 | By McCulloch & Miller, PLLC

Six Philadelphia men forged, cheated and lied their way into collecting a dead woman's house and car, police said.

If no heirs exist and no estate plan determines where your estate should go, it must be up for grabs. Right? Well, no. But unfortunately for one woman's estate, this scenario was all too real.

In 2010, a Philadelphia widow named Dorothy Kennedy passed away. She did not have an estate plan or any known heirs. By law her property, including her house and car, should have become government property, assuming no heirs could ever be found. However, Kennedy's neighbor had other plans.

Pass the Pie: Use Holiday Time to Discuss Estate Planning

Published on: October 29, 2014 | By McCulloch & Miller, PLLC

Thanksgiving weekend is a time to reflect, visit family, and of course, eat your fair share of pie. And while we may be thankful for the people and the wealth in our lives, not enough of us have planned to protect all that we have.

Pass the pie please! And not just the pumpkin pie. How about my slice of the Houston estate? Probably not something you'd really say at your Thanksgiving dinner, but maybe you should.

CBC News in Toronto recently cited a survey that 40 percent of Canadians aged 65 and older felt unprepared about their estate plan. It seems that our good friends to the north are unfortunately much like those of us here in the United States.

Are Online Estate Planning Forms Worth the Risk for Houston Families?

Published on: October 28, 2014 | By McCulloch & Miller, PLLC

The online forms you come across may or may not work. These forms tend to not be state specific which means your will may or may not be valid. If you are going to take the time to draft a will or any other estate planning document (which you should), you definitely want to ensure that it is valid. Visiting an attorney in your state will ensure that it is valid and properly executed so that your interests are protected.

Just like fixing up your house, there are jobs you can handle yourself and those that require the assistance of an expert.

A recent article in ABA Law Technology Today, titled "3 Reasons to Avoid Online Forms for Wills and Estate Planning,"points out some glaring problems with trying to DIY your estate plan.