Probate

The Unexpected Threat to Estate Planning

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

Neglecting to plan for family dynamics can destroy the best estate plans. Make sure to address both difficult personalities and tax liabilities. They can be equally problematic.

Saving loved ones from a large tax bill and maximizing the transfer of wealth across generations is great, but your estate plan needs to do more than that. The plan must consider the dynamics of your family, how they may treat each other after you pass and what can be done to protect them from each other.

CNBC’s recent article, “This threat could devour thousands of dollars from your estate,” notes that even families that look like they're perfect, are not. Perfection doesn't exist. When families fail to address these types of issues in their estate plans, it can create conflict between beneficiaries.

A Legacy of Service Will Continue Now that Estate Battle is Settled

Published on: May 24, 2017 | By McCulloch & Miller, PLLC

At last, a happy ending for the estate of the late Veronica Shoemaker, a community activist who made service the heart of her life and business.

With the conclusion of the estate battle, Mattie Young, the daughter of the late Veronica Shoemaker, will now be able to keep her mother’s flower shop open and maintain her mother’s legacy of community service. Shoemaker devoted many years of her life to serving the Fort Myer’s community and Young was faced with a contested will struggle that threatened her ability to keep the shop open.

The Fort Meyers news-press.com reported on this saga in “Shoemaker estate issue settled; florist shop stays open.” Apparently, family members reached an agreement that assured Mattie would continue to run the Veronica S. Shoemaker Florist Shop in the Dunbar community its founder served for decades.

Minus Michael, the Jackson Estate is All Business

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

Without the spending habits of Michael Jackson and the involvement of members of his inner circle, the Jackson estate has been transformed into an efficient multi-million dollar empire.

As it stands now, the only factors that might keep the Michael Jackson money machine from moon-walking into eternity are his heirs.

The estate recently severed ties to Jackson’s publicist and former management team, after a multi-year courtroom battle. The losers said they stood by the star at a really low point in his life. In return, they claimed, he promised them 15% of his business. Trust Advisor’s recent article, “Michael Jackson Estate Reveals Mr. Hyde Side: Dead Star Now Fighting His Friends,” explained that since the estate wanted all of the cash, whatever Michael really wanted is of little consequence without legal documentation. Since a judge has dismissed the claim, the estate can continue consolidating its hold over every aspect of the Michael Jackson brand. All the old relationships that he once had with partners and advisors are gone.

A Checklist for Post-Funeral Tasks

Published on: December 12, 2016 | By McCulloch & Miller, PLLC

There are a number of tasks that need to be done after a loved one passes. A Houston estate planning attorney can help make these tasks easier.

Most people don’t know that there is a time limit on certain tasks that need occur after someone passes away. According to WXYZ Detroit’s article, “Tips you need to know to take a loved one's estate through probate,” you’ll need to contact the Probate Court within 42 days of the death to find out whether you’ll need to have either a formal or informal administration of the estate. That’s just for starters. Here are other things that need to be done after the funeral:

Don’t rush to have an obituary notice published. There are scam artists who use the obituaries as an information source for going after estate assets, planning burglaries and engaging in identity theft.

Father’s Wish to Disinherit Daughter Upheld by Court

Published on: August 30, 2016 | By McCulloch & Miller, PLLC

A woman’s suit to contest her father’s decision to give his estate to a not-for-profit failed, as his will was found to be valid. The family’s split over religion was never resolved, and there are no winners here.

A panel of three judges upheld a previous ruling that Stacy Wolin was legally disinherited by her father, according to an article in The Algemeiner, entitled “New Jersey Woman Fails to Contest Father’s Will Over Alleged Bias Against Jewish Spouse.” The estate of Kenneth Jameson will instead go to the Hospitaller Order of St. John of God Community Services, which serves people with developmental disabilities. As unpleasant as her father’s wishes were, the will was found to be valid.

Wolin told the court that because her parents disowned her when she refused to stop dating a Jewish man, who was the man she eventually married and with whom she had three children, she was forced to pay for her college education by herself. She also had to spend her semester breaks at her boyfriend’s house because her father didn’t want her around.

Can You Successfully Contest a Will?

Published on: July 11, 2016 | By McCulloch & Miller, PLLC

Estate battles among high profile celebrities are all over the news, but can a regular person contest a will if they feel that they were unjustly treated?

You may have seen a million movies where kids are cut out of a will, but when it happens to you or someone you love, the intensity of feeling hurt or rejected may come as a surprise. If your parent or family member did not discuss his or her intentions with you while he or she was alive, getting rejected from the beyond might come as a surprise. An article from business2community.com, “How to Successfully Contest a Will,” examines what can be done to fight back.

Contesting the will as a spouse: the right of election. If your spouse left you out of his or her will, you would be entitled to the right of election in most states. This means that you can reject the will and get a certain dollar amount or percentage of the estate pursuant to state probate law.

Picking an Executor, a Critical Part of Your Estate Plan

Published on: July 1, 2016 | By McCulloch & Miller, PLLC

Choosing an executor is not easy, but it is very important. A person who is not capable of managing the tasks can drive even the best estate plan off the path.

Part of creating an estate plan is naming an executor who will be responsible for carrying out the wishes of the decedent, according to a recent item on InsuranceNewsNetMagazine.com, “The Wrong Executor Can Destroy Even the Best Estate Planning.” These tasks include everything from making sure that assets are distributed to tidying up outstanding debts and cleaning out houses. It’s important to select a person who can manage these tasks and—if they are stymied—who will recognize when they need help from professionals.

Executors sometimes are under the impression that it’s a quick and easy job. This might be the fault of the testator or the person who has executed the will. They select an executor and believe that he or she possesses the ability, acumen, time, and desire to carry out the duties of the position. Many don’t inquire as to whether the executor is interested in and capable of serving, or the chosen executor may be hesitant to say no.

Judge Sealed Probate Records in Rare Oklahoma Case

Published on: October 2, 2015 | By McCulloch & Miller, PLLC

Probate records are open to the public and many individuals seek planning methods that may protect the privacy and security of survivors. Estate planning is one tool where individuals may keep the contents of their wills, details of assets, and private matters private.

Interestingly, judges have the authority to seal probate records on a case-by-case basis if there is just cause to do so. However, that authority is rarely used. Nevertheless, in the case of Mark Costello, an Oklahoma judge has sealed his will.

So, who was Mark Costello? The Labor Commissioner in Oklahoma.

Is a TOD (Transfer on Death) Registration Right for Your Houston Planning?

Published on: July 23, 2015 | By McCulloch & Miller, PLLC

Certain assets, including life insurance, IRAs, 401(k) plans and other retirement accounts pass directly to beneficiaries outside of your will. Typically, brokerage accounts pass only through your will, and then only after probate. But there is a way to ensure that brokerage accounts transfer at death to your beneficiaries.

A recent item in Kiplinger's, "How Your Brokerage Account Can Bypass Probate" explains how to use a transfer on death (TOD) registration to have your brokerage accounts transferred directly to your beneficiaries upon your death. This is a special kind of investment account that is recognized under state law and it may solve the challenges posed by having your estate pass through probate, which can be an expensive and time-consuming process. In some states, a "TOD" can also be used to allow real estate to be transferred. An experienced estate attorney is needed to understand where this works best, and what it can and cannot accomplish.

A TOD lets you keep control over the account, and you are able to change the beneficiary designation any time you'd like.

Death and Debts: What Can You Do?

Published on: April 21, 2015 | By McCulloch & Miller, PLLC

Sometimes, a loved one’s estate may include debt. Do you know what to do should if you are the spouse or heir that inherits debt?

If you aren’t sure what to do with a loved one’s debts after they pass – or what to tell others to do with your own debts – you may want to read a recent article in The Huffington Post titled “Debt and the Deceased: How Should Spouses and Heirs Proceed?”

Be honest about your financial situation. It’s not that easy for some family members to discuss debt issues, especially older Americans who hoped for better at the end of their lives. Even so, parents and their adult children or spouses should thoroughly talk about any outstanding debts that could affect the borrower's estate.