Will Category Archives — Page 12 of 14 — Houston Estate Planning and Elder Law Attorney Blog Published by Houston, Texas Estate Planning and Elder Lawyers

Will Battles Happen in New Zealand Too

Published on: November 6, 2014 | By McCulloch & Miller, PLLC

Although the vast majority of estates aren't contested, the more money that is at stake, the more incentive a family member has to try to get some of it.

Certain family issues in the United Staes are unique to our country. However, some people tend to have the same behaviors and problems everywhere in the world.

One example is the tendency of people to fight over a wealthy estate. Whenever there is enough money involved in an estate to make it worth fighting over, people who are not happy with a distribution plan tend to fight anywhere in the world.

Suspicions Arise When Doctor Is Added to Will

Published on: October 31, 2014 | By McCulloch & Miller, PLLC

Donna Spears, a longtime friend of centenarian Helen Schlesinger, claims in her Manhattan civil suit that New York-Presbyterian physician Dr. Lawson Moyer has broken the law by both treating the 470 Park Ave. resident and appointing himself as her power of attorney.

Can you trust your doctor with your will?

A recent article in The New York Post, titled "Doctor wrote himself into 102-year-old patient's will: suit," tells the story of a lawsuit recently filed in New York. Helen Schlesinger is 102 years old and has assets worth millions of dollars. In 2003, she wrote a will leaving the bulk of her estate to her friend, Donna Spears, and an unnamed family member. Spears has filed a lawsuit against Dr. Lawson Moyer. She alleges that after he began caring for Schlesinger, Moyer rewrote her will. The new will allegedly gives Spears only $25,000. It also leaves $100,000 to Moyer with the remainder to be distributed to charities.

Talking to Your Kids about Your Houston Estate Plan

Published on: October 20, 2014 | By McCulloch & Miller, PLLC

Talking to family members about estate planning and legacies can be difficult and even painful. Those discussions, however, will almost certainly be less painful in the long run than the stories children may make up after parents are gone about why they made the choices they did.

Should you tell the kids? When it comes to your estate plan, yes!

A recent Time article, titled "The Hardest Part of Making a Will: Telling Your Kids What’s in It" lists a few ideas to help you overcome the challenges of having these important conversations.

Tragedy Can Strike at Any Time, Don’t Delay Your Estate Planning!

Published on: October 13, 2014 | By McCulloch & Miller, PLLC

Family law practitioner Andy Low Hann Yong also noted a "significant increase" in inquiries for will writing service of late. He said this could be due to rising public awareness on the importance of having a will, or the occurrence of unfortunate incidents such as Malaysia Airlines Flight MH370 and earthquakes, and reports of bitter fights over estates involving well-known personalities or tycoons.

When tragedy hits the news, do you tend to think of your loved ones? Many people start evaluating the plans they have in place for the "what ifs" of life.

Malaysia Airlines Flight MH370 went missing with 239 people aboard in March, and in July Flight MH17 with 298 aboard crashed near the Russia-Ukraine border.

Tom Clancy’s Unintended Thriller: His Estate Battle

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

A tax battle is brewing over his $83 million estate, pitting Mr. Clancy’s wife against the adult children of his former marriage. His widow Alexandra Clancy is taking legal steps aimed at shifting all state and federal estate taxes—estimated in court papers at as much as $16 million—to the portion of the estate Mr. Clancy willed to the four grown children he had with his first wife.

A high-profile estate battle is brewing for a certain famous author. The late Tom Clancy likely didn't anticipate adding this "thriller" to his list of works.

Tom Clancy’s estate includes a 12 percent stake in the Baltimore Orioles baseball team—estimated to be worth $65 million—and a collection of unique items, such as a World War II tank "with very low mileage,” according to Maryland probate court filings. In 2013, he died in Baltimore. He was survived by his daughter from his current marriage.

Estate Planning 101 from Famous Celebrity Stars

Published on: October 2, 2014 | By McCulloch & Miller, PLLC

Several recent celebrity estate issues in the news highlight how important it is to plan ahead and get professional advice when setting up your estate plans.

When celebrities pass away, aspects of their estates hit the news almost immediately. These high-profile cases can offer some valuable lessons for the rest of us.

A recent Forbes article, titled "Lessons Celebrities Can Teach Retirees About Estate Planning," advises us to learn a thing or two from famous stars who have passed recently—some with solid estate planning and some without.

Houston’s Billionaire, Bunny and Big Court Battle

Published on: September 22, 2014 | By McCulloch & Miller, PLLC

After nearly 20 years of litigation and fighting in the press, the conflict between the estates of Anna Nicole Smith and her billionaire husband J. Howard Marshall has been resolved.

A celebrity estate battle that held center state in Houston gives us another valuable estate planning lesson. A recent WealthManagement.com article, titled "Anna Nicole Smith’s Estate Runs Out of Options," illustrates the critical importance of creating estate planning documents that have as much detail as possible.

Anna Nicole Smith was a famous Guess Jeans model and Playboy Playmate. She married J. Howard Marshall in 1994, after meeting in the Texas strip club where Smith worked. Smith was 26, and he was 89. Marshall died 14 months later and left his entire $1.6 billion estate to his son, Pierce. Anna Nicole received nothing.

Hollywood Couple’s May-December Marriage Sheds Light on Estate Planning Challenges

Published on: September 15, 2014 | By McCulloch & Miller, PLLC

Lauren Bacall's loss of husband Humphrey Bogart when her children were young does point to some of the issues surviving spouses face when there is a difference of age of 20 years or more. Of course, May-December marriages don't only happen in Hollywood, and the resources and circumstances can be very different.

Lauren Bacall lost husband Humphrey Bogart when her children were young. When interviewed by Vanity Fair in 2011, she considered herself lucky to be married to Humphrey Bogart, benefitting greatly from his knowledge of Hollywood. Bacall was 25 years younger than Bogart, but she didn't mind the age difference at all. However, losing her husband emphasizes the issues surviving spouses face when there is a significant age difference in the couple— in Hollywood or otherwise.

In May-December marriages, there is a strong possibility one spouse will survive the other by many years. Typically it is an older man and a younger woman, although vice versa as well. Since women generally live longer than men, when it is the husband who is the older spouse, the estate planning issues are even more critical. A young mother with children can be placed in a very tenuous position if she has stopped working to raise the family and the husband passes away. A young mom needs a financial plan that contemplates this situation.

Houston Scam Alert! Don’t Fall Victim to Estate Planning Cons

Published on: September 11, 2014 | By McCulloch & Miller, PLLC

Constantly in the news, it seems like there is a new scam making headlines. One surprising area in which scams are becoming more common is estate planning. Each year, more people fall victim to unscrupulous and unqualified sellers of ineffective estate planning documents. Often, these scammers are door-to-door salesmen or telemarketers.

Estate planning is a very personal and essential process to protect your loved ones and your assets. And all it takes is a scammer to mess that all up. A recent Webwire article, titled "How to Avoid an Estate Planning Scam," points out things to keep in mind when considering your estate planning options.

Employ a qualified estate planning attorney. Do-It-Yourself is very popular these days, from home improvement to filing income taxes. There are many websites that offer DIY wills. Beware! Estate planning is not a point-and-click or fill-in-the-blank proposition: it is a complex area of law with different rules depending on where you reside. Use a licensed, experienced estate planning attorney to prepare your estate plan. Check with the state bar and make sure he or she is licensed to practice law in your state.

Yes, Houston. You Really Do Need a Will

Published on: September 10, 2014 | By McCulloch & Miller, PLLC

If for no other reason, you need a will to name an executor (or executrix).

So, do you really need a will? Yes. Really.

A recent Forbes article titled "Do I Really Need a Will?" recommends that you should have a will to at least designate an executor or executrix to administer your estate. This individual will be responsible for taking care of your affairs after you pass away. Without a will, the probate court will appoint an administrator—this could end up being almost anyone. Anyone with a decent reason has the ability to petition the court to be appointed—like your cousin Reggie (who you last saw at your fourth birthday party) or your Uncle Ted (who is always dressed like it is 40 below, even in July).