Houston Estate Planning and Elder Law Attorney Blog

Houston Parents May Consider ABLE Accounts for Special Needs

Published on: March 4, 2015 | By McCulloch & Miller, PLLC

"I think it's great because it's not overreaching and it's not underreaching. It just kind of fits that one spot where we didn't have something: How does somebody with a disability put some money aside to do something? To basically be living like their peers," said Lori Guzman, an attorney in Apple Valley who works with families who have individuals with disabilities.

According to a recent article in the Pioneer Press, titled “Minnesota law would help parents of children with disabilities save for future,” right now people with disabilities can lose eligibility for public benefits once they reach $2,000 in savings. With an ABLE account, contributions of up to $14,000 per year are allowed under current rules, and the account could grow to $100,000 before Social Security Supplemental Security Income would be suspended.

These "ABLE" accounts—which stands for “Achieving a Better Life Experience”—allow parents to sock away money for blind or disabled children in the same kind of tax-advantaged 529 account they now can set up to pay for higher education for their college-bound kids.

Financial and Estate Planning Houston Parents

Published on: March 3, 2015 | By McCulloch & Miller, PLLC

While not all encompassing, these guides serve as a starting point to help your parents. There are many family dynamics at play when these types of planning conversations arise, so you need to be cognizant of patterns and relationships. Starting earlier will reap dividends for everyone; delaying these conversations can cause more anxiety and tension.

Do your parents have all of their financial and estate plans in order? How do you have “the talk” without causing hurt feelings?

A recent article in The (Manchester, NH) Union-Leader, titled “Helping parents navigate their finances as they get older,” recommends a proactive approach as the best way to broach this delicate subject. Starting the conversation can be difficult for some, but waiting can cause even more headaches. For example, there are an increasing number of scams targeting our seniors. You want to be ahead of the curve to protect their nest egg and your time.

Elder Abuse Is Real, and Houston Needs a Solution!

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

How big a problem is impossible to say, because hard data is scarce. “The reality is that we don’t even have national data on the scope of the problem,” Sen. Claire McCaskill (D-Mo.), said at the hearing.

It has been found that much of the financial abuse involving seniors goes unreported. According to a New York State Elder Abuse Prevalence Study, only one in 44 cases is reported. And knowing that makes for a real problem when reviewing some of the data we do have.

It’s a problem that Kathleen Quinn, Executive Director of the National Adult Protective Services Association, called “rampant, largely invisible, expensive and lethal” at a recent Senate Special Committee on Aging hearing on the subject. In fact, as reported in a recent Forbes article titled “Why Elder Financial Abuse Is Such A Slippery Crime,” a new study asserts that financial elder abuse costs $36.5 billion annually—more than 12 times the figures that MetLife has published in the past few years.

Finances and Medicaid Planning: What Houston Seniors Need to Know

Published on: February 27, 2015 | By McCulloch & Miller, PLLC

In continuation of the series on estate and life planning, this column focuses on how Medicaid factors into financial planning for long-term care.

Seniors need to have a plan in place for long-term care, should they need care assistance in the future. A recent article in The Victoria (TX) Advocate titled “How does Medicaid factor into financial planning?” recommends that seniors need a strategy to pay for the costs of long-term care. In some instances, however, some individuals may have to rely on Medicaid if they don't have enough income to purchase long-term care insurance, the assets to pay for care themselves, or they are uninsurable.

Medicaid planning was often thought of as a viable tool for long-term planning. However, estate planning attorneys are now rethinking this strategy. Medicaid planning—which was, in essence, planning to make asset transfers, used to be the primary tool used by seniors considering long-term care costs. However, law changes and the advent of new financial products and plans will work better, they say. Medicaid "planning" is actually a misnomer as most seniors don’t plan to go on Medicaid, but rather experience an urgent care need, and there aren’t any other options. A better alternative is to obtain a long-term care insurance policy.

Elder Abuse Accusation in DJ Casey Kasem’s Estate Feud

Published on: February 26, 2015 | By McCulloch & Miller, PLLC

"Detectives are still actively investigating the elder abuse case," LAPD spokesperson Jane Kimtold THR. "They want to be as thorough as possible before a case is presented to the DA's office."

The hits just keep coming in DJ Casey Kasem’s estate battle.

The Hollywood Reporter quoted private investigator Logan Clarke in its recent article titled Casey Kasem's Daughter Demands LAPD Arrest Widow for Elder Abuse. "

Blending Families? Estate Planning a Must for Houston Families

Published on: February 25, 2015 | By McCulloch & Miller, PLLC

Blended families without a proper estate plan for wealth transfer could run into additional obstacles not observed by traditional families.

For example, state inheritance rules, intestate laws, and conflicts in beneficiary designations could be inconsistent with the will. In addition, a disinheritance of new family members without the knowledge of the entire family can cause emotional friction between the surviving family members.

There have been some laws enacted that have changed how beneficiary designations are handled, so make sure your estate plan is in sync with your retirement accounts. Do this because those beneficiary designations generally supersede what is directed in your will.

Massachusetts is Behind on Dementia Care Compliance

Published on: February 24, 2015 | By McCulloch & Miller, PLLC

Arlene Germain, president of Massachusetts Advocates for Nursing Home Reform, said the new rules, once implemented, could substantially improve the lives of nursing home residents. But, she said, “strong oversight and greater nursing home participation are critical to ensure that the law’s benefits are meaningful and widespread.”

The process for dementia care compliance checks in Massachusetts has been slow, as the state handed out its dementia special care checklist for inspectors in December—almost six months after the rules were adopted.

The Boston Globe article, titled “Dementia care lacks oversight in Mass., data show,” says that despite the delays, state regulators are not conducting spot checks for compliance—they’re already just too busy with routine monitoring of more than 400 nursing homes. However, the state health department recently announced that its inspectors would now review dementia care during their annual visits to each facility. But this means some nursing homes may not be subject to these compliance checks for months.

Lessons Learned from Robin Williams’ Estate Battle

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

There’s barely a person over the age of 40 or so who does not come with a family squabble about, well, things following the death of a well-loved parent, grandparent, or family friend. Even Robin Williams, who planned his estate well, could not avoid a family feud after his passing.

Sadly, it’s true. In just four months after the comedian’s death, litigation has begun between Williams’ three children and his third wife. Even a well-thought plan can be challenged by those you leave behind.

The recent slate.com article, titled “Robin Williams’ Family Is Like Yours” says that a good talk with the family is the best way to avoid post-death struggles over your estate after you pass away. Sit down with your loved ones and tell them about your will, and how you’d like to see your belongings divided up. Convey some life values while you’re at it. You can even ask for their input.

Houston Families: Money-Makers (or Money-Savers) for NOW

Published on: February 20, 2015 | By McCulloch & Miller, PLLC

Here are money tasks to do this week that will help 2015 be more prosperous. Most can be done in about an hour.

As reported in a Chicago News Service article titled “Got an hour? Tackle these money tasks,” a recent survey from the National Endowment for Financial Education found 64 percent of U.S. adults will make a financially focused goal in 2015. The article also notes that in making those goals, you should be specific and make individual tasks to keep the job manageable.

The first question you might ask is “Where the heck do you get the money to fund these goals?”

Houston Millennials Should Start Saving Now

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

Don't think savings is a big deal? Ask anyone who is running their own business, decided to retire early or abandoned their old job to go after their dream career. Savings was their saving grace, no pun intended.

The Fall 2014 Merrill Edge Report showed that 80 percent of millennials think about their long-term finances when they are paying bills; nonetheless, they also need to pay themselves.

A recent The Huffington Post article, titled ”4 Things I Wish I Knew About Money in my 20s,” emphasizes that the most important thing a millennial can do today to improve his or her financial future is to start saving. It's important for millennials to find a balance between paying off any debt and saving for their future goals and retirement.