Will Category Archives — Page 7 of 14 — Houston Estate Planning and Elder Law Attorney Blog Published by Houston, Texas Estate Planning and Elder Lawyers

Will You Need a Will in Texas if the Estate Tax is Eliminated?

Published on: October 28, 2016 | By McCulloch & Miller, PLLC

Regardless of which candidate becomes president and what changes are made in coming years, there will still be a need for estate planning in Texas, and that includes regular folks as well as the ultra-wealthy.

If the U.S. federal estate tax were to be eliminated, there will still be plenty for single family offices and estate planning attorneys to do, according to a Forbes article, “If the U.S. Federal Estate Tax Goes Away, What Will Single-Family Offices Likely Do?” Wills are still going to be needed to provide direction as to how assets are to be distributed, and all estate plans will likely need to be reviewed and revised in light of changes to the law. For the single family office, there will still be much to do.

Life insurance purchased to pay estate taxes will also need to be reviewed. One way to do this is to convert permanent policies with meaningful cash values into private placement life insurance policies (PPLI).

Make Sure Your Divorce Degree Aligns with Your Estate Plan and Vice Versa

Published on: September 6, 2016 | By McCulloch & Miller, PLLC

Forget to make these changes and your heirs may never forgive you. Forget to align these documents, and your estate planning attorney will never forget you.

Once the process of legally ending your marriage begins, you will need to make sure that your own interests are protected and that includes updating your estate plan to reflect this big life change. While some things may remain the same, like leaving your children certain assets, be assured that pretty much everything else will change, according to Forbes’ article, “The First Thing You Must Do When Your Divorce Is Final.”

Once your divorce is final, that is, the divorce decree has been approved by a judge, and a judgment rendered, contact your estate attorney and begin to review and revise the following legal and estate planning documents:

It Takes More than a Nest to Protect Your Retirement

Published on: September 2, 2016 | By McCulloch & Miller, PLLC

Having an emergency fund in place will help you deal with the unexpected. Surprising survey results point to this as a very weak link in many Americans’ financial plans.

Seniors who have finally reached retirement age after decades of work and smart planning may think they are all set once their nest egg is funded. But that nest egg needs to be protected by an emergency fund—something which most Americans seem to have forgotten during their retirement planning.

Fox Business’ recent article, “What Nest Egg? Two-Thirds of Americans Can't Cover $1,000 Emergency,” talks about the importance of maintaining an emergency fund so you don’t take withdrawals from your retirement accounts.

Not Having a Will is Risky Business

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

You know you need life insurance to protect your loved ones. But do you know that having a will is equally important to protect against risks?

Without a will, your family faces a number of potential financial disasters. If you think you don’t need a will because you aren’t wealthy or only own one home, you may be surprised to learn how not having a will leaves your loved ones open to a number of serious and costly problems.

Nerd Wallet’s recent article, “5 Hidden Dangers of Not Having a Will,” lists some of the most challenging issues, reminding you why it’s so important to have an up-to-date, signed will.

What You Don’t Know About Estate Planning Could Hurt Your Family

Published on: August 29, 2016 | By McCulloch & Miller, PLLC

Think of an estate plan as a love letter to your family after you have passed.

You’d be surprised at how many people you know don’t have a will or an estate plan in place. They may be among the many who have an unspoken belief that if they don’t have a will, they won’t die. That would be terrific—if it were true. Or, they think that only people who are wealthy or have complex tax issues require estate planning.

The Sabetha (KS) Herald’s recent article, “Understanding the estate planning process,” says that both of these ideas are wrong because your level of wealth and the ultimate tax consequences of your estate take a back seat to the planning and care of your family and other heirs.

Mid-Summer is Time for a Midyear Financial Checkup

Published on: August 19, 2016 | By McCulloch & Miller, PLLC

While the number of people making New Year’s financial resolutions are on the rise, we would do well to make a midyear financial check a regular part of the summer season.

The good news is more than 30% of Americans did give some thought to making financial resolutions this past New Year, according to a survey from Fidelity Investments. The goals were nothing out of the ordinary. They were simply the things we should all be doing with our money: saving more, spending less and getting rid of debt.

If you were one of these go-getter and goal-setters, this summer is a perfect time to look at your progress, says US News in “Keep Your Money Goals on Track with a Midyear Financial Checkup.”

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.

The High Price of Not Having a Will

Published on: July 8, 2016 | By McCulloch & Miller, PLLC

Celebrities without wills provide teachable moments for why “regular folks” need to have wills and estate plans in place.

When Prince died, he joined the ranks of multi-millionaire celebrities with a shared legacy of failing to plan for life after they pass away. This group lives on in endless articles and—in most cases—court battles that take years to conclude. Lacking a will, the courts of Minnesota will have to determine what happens to Prince’s estate.

According to KHON’s recent article, “What happens when you don’t prepare a will, and how much will it cost?”, you’d think Prince would’ve had some smart advisors to encourage him to create an estate plan. Maybe he thought he would live forever. We will never know why Prince failed to have a will prepared.

Selecting an Executor Who is Not a Family Member or Friend

Published on: June 15, 2016 | By McCulloch & Miller, PLLC

If you don't believe any friends or family members can serve as your executor, what are your options?

A question is raised by a well-to-do husband who is concerned that his wife is not prepared to handle a significant estate if he should predecease her. The couple has no children, and he is concerned about what will happen. In MarketWatch's "My wife and I don't trust anyone to be executor of our will," several different ways to prepare for this situation are examined.

One important note to consider: while mulling over the executor issue, do not table your estate planning. With both spouses still living, the planning should start right away.

When Power of Attorney Forms Are Refused

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

This is one of those problems that you think you've solved, only to discover that the problem still exists. The best workaround we can think of: overdoing due diligence, well in advance.

When you took the necessary and advisable step to have a parent or other relative sign a durable power of attorney, you might have felt relieved, secure in the knowledge that you were now prepared and protected to handle their finances if they become incapacitated.

However, The New York Times explains in “Finding Out Your Power of Attorney Is Powerless” that when you take the witnessed and notarized document to a financial institution, the officials there may not accept the documents. They may not honor your power of attorney and may insist that the account owners sign the institution’s own power of attorney form.