Houston Estate Planning and Elder Law Attorney Blog

Law Enforcement Offices Join in Fight Against Elder Abuse

Published on: May 19, 2015 | By McCulloch & Miller, PLLC

The Long Term Care Special Prosecutions Unit was created one-year ago and since then, special agents have opened 113-cases, filing five felony charges since last summer. San Diego families in search of quality care are now getting more allies in the fight against elder abuse.

As abuse against seniors is on the rise, the need for elder abuse resources is crucial to fight the mistreatment of our loved ones. We hope Houston-area enforcement agencies follow the lead established in San Diego County.

"Elder abuse is one of those areas that is under reported for a lot of reasons and we've shined a spot light on it here in San Diego County," District Attorney Bonnie Dumanis told sandiego6.com in a recent post titled “D.A. launches new resource to combat elder abuse.”

5 Estate Planning Must-Haves for Houston Singles

Published on: May 18, 2015 | By McCulloch & Miller, PLLC

"Everyone of majority age needs at the least a will, a health care directive and a named power of attorney," says Mike Sena, a certified financial planner with White Street Advisors, a money management firm. "The express purpose of estate planning is to make things as easy, as inexpensive and as simple as required for loved ones, friends and associates left behind. Every situation, every life is unique and some of us need more than others when it comes to estate planning."

Say that again. Everyone needs estate planning? Even singles?

You got it. But what estate planning items do Houston singles need the most?

Tips for Leaving an Inheritance for Houston Families

Published on: May 15, 2015 | By McCulloch & Miller, PLLC

Few people get excited about doing estate planning, even though they might recognize the importance of leaving a legacy for their children and grandchildren. If you want to be smart about making gifts to your loved ones, though, there are some things you should consider before just writing a check.

When leaving a legacy to your Houston heirs, you want to do it the right way. It’s always best to consult with the pros on important estate planning matters.

A recent article from The Motley Fool, titled “Thinking of Gifting an Inheritance to Your Grandchildren? Keep These 3 Things in Mind,” asks some of their experts for estate planning tips. Here are some of their answers:

Think You’ll Live to Celebrate 100? Planning for Medical Care is a Must!

Published on: May 14, 2015 | By McCulloch & Miller, PLLC

We understand people are living longer and many live into their 90s. More than 25 percent of seniors living at home receive help with day-to-day living activities. Ten percent of seniors older than age of 80 live in a long-term care facility. Have you made prudent plans for longer living?

Medical issues associated with aging are most apt to be the reason life gets expensive during your later years. It’s very useful to look forward and understand the types of medical issues that could happen down the road. That’s the advice from a recent article in the Oakville (ONT) Beaver titled“Living in your later years can be expensive – plan ahead.”Americans, just like our friends to the north, need to better understand how to plan for the future. This article gave some interesting perspectives on the aging process. Here are some facts:

People are living longer and many live into their 90s.

Houston Families Can Follow Guidelines for Children’s Guardians

Published on: May 13, 2015 | By McCulloch & Miller, PLLC

Without a formal direction, your wishes must be interpreted and your estate must be settled by a probate court judge. The process is expensive and encourages disputes. But divvying up wealth is a whole lot easier than handing your children off to the state to determine where they go and how their care will be paid for. Just imagine the two grandmothers fighting over custody of your children?

For many young parents death seems like a long ways away. Regardless of how one feels, Houston parents of all ages should have their affairs in order—including guardianship. New Hampshire Magazine’s May 2015 issue addresses this issue and offers sound advice through an article titled “Don't put off writing down your last words.”

If you just can’t decide on a guardian, you should still move ahead with your estate planning. It is better to have this issue undecided than to die without a will. That said, the article suggests that it’s a good idea to nominate two people. That way you have one to be the guardian of the children and a second to be a trustee of the funds dedicated to their care.

Team Houston: Who Are Your Estate Planning Team Mates?

Published on: May 12, 2015 | By McCulloch & Miller, PLLC

If a Loved One or you have an estate plan, or even part of one, then some team members already are on board via the planning process and likely are actively serving or are nominated in the documents. They can have roles in the testamentary will, trusts, business purchase agreement, powers of attorney, medical directives or any of the other estate-planning instruments created during life.

Some team members are fee-based professionals, while others can be volunteers. In many instances, not all of the specialties will be required. Your estate planning team should consist of the combination of members that best suits your situation.

The Myrtle Beach (FL) Sun News recently published an article titled “Assembling your team for estate management”which reminds us that one person or a firm can serve in more than one fiduciary or team-member role.

Garden State Leads Nation in Highest Estate Tax

Published on: May 11, 2015 | By McCulloch & Miller, PLLC

Sixteen states and the District of Columbia levy an estate tax with some taking a bigger piece of your estate than others. For this reason, it is critical to understand which states are going to take more out of your beneficiaries pocket when you die. So which states are the most costly?

Does your state have a death tax? While the federal applicable exclusion is $5.43 million in 2015 or $10.86 million for a married couple, many states have much lower thresholds. This casts a much wider net—meaning there’s a better chance that your estate will be subject to state tax.

An article in The Times of Trentontitled, “N.J. ranks among worst states to die from an estate tax perspective,” points out that some states don’t index their exemption amount for inflation, which gradually increases the number of taxpayers affected.

Twisted Sister Drummer’s Death Leaves Tangled Mess

Published on: May 8, 2015 | By McCulloch & Miller, PLLC

When Twisted Sister drummer AJ Pero died on March 20, it caught his fans and bandmates by surprise — and Pero’s own lack of estate planning has reportedly thrown his family into chaos as well.

Dee Snider stated in an article on the website ultimateclassicrock.com “not only did AJ Pero have a family history of heart disease, which he allowed to go unchecked, but he did not have a will, left behind two ex-wives, a longtime girlfriend, four children between the three of them and a mess of an estate to be sorted out.”

Now the article, titled “Twisted Sister Drummer AJ Pero Died Without a Will,”says there’s plenty of infighting, mistrust, and dissension among the family members about how to handle AJ’s estate. “What a mess.”

Subsequent Marriages Require Extra Planning

Published on: May 7, 2015 | By McCulloch & Miller, PLLC

Below are a few important considerations for estate planning for second (or subsequent) marriages.

If you find yourself looking at marriage for the second or third time, you may want to browse over to The Des Moines Register for an article entitled “Estate planning for a second marriage” that discusses several great tips to keep in mind. Here are a few:

Discuss Money. This is a major cause of stress in any marriage; however, it can be really challenging in a second one. You and your future spouse should talk about and come to an agreement on all of the important financial issues. Make plans that both of you are okay with. If you’re considering a prenuptial or postnuptial agreement, it’s all the more important to tell all (finances-wise).

Scams Come in All Sizes: Inheritance Tax Scam Was XL

Published on: May 6, 2015 | By McCulloch & Miller, PLLC

“I would strongly urge anyone who is offered a lot of money for an alleged short-term loan to be very wary, as it is often a scam and a sure way to lose your hard-earned savings.”

Scammed by your own friend? Hey, it can happen. And not always in the way you may think.

Normally an inheritance scammer pretends to be an attorney or estate agent. They tell a potential victim that the victim has inherited a large fortune from an estranged or long lost relative. However, before the victim can get the inheritance, the scammer claims that the victim must cough up large sums of money to pay off taxes or other debts that the estate holds.