Houston Estate Planning and Elder Law Attorney Blog

Ring In the New Year with a Roth IRA

Published on: January 1, 2015 | By McCulloch & Miller, PLLC

Sharron Epperson, who is CNBC’s senior personal finance correspondent, stressed the importance of retirement planning in the coming year — with two products in particular.

Need a financial resolution for 2015? Save as much money as you can in a Roth IRA. One of the best things you can do to set yourself up for financial success in the future is to be strategic with your savings.

According to a recent article at gobankingrates.com, titled “CNBC’s Sharon Epperson on Why You Need a Roth IRA in 2015,” in the event of an emergency make sure you're able to withdraw your contributions at any time without incurring penalties or fees. This is also a terrific way to save for retirement, because you might be in a higher or lower tax bracket when you’re in your 60s. Who knows?

Store-Bought Gifts? Give Assets to Houston Families Instead

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

Gifting can be an estate planning tool, for you can save on future estate taxes and have the pleasure of watching your dollars work for your children or grandchildren while you are still alive.

If you're tired of the standard store-bought items for gifts, you may consider a different spin on gifting. What about giving away some assets to your children or grandchildren?

In certain states, the estate exemption is just $1 million, not the $5 million (indexed for inflation) as at the federal level. CBS Boston's recent posting, titled “All About Gifting Assets,” warns that things can get complicated pretty fast and you should have a good estate planning attorney to help you.

Recent Survey Says 80% of Americans Failed Retirement Literacy Test

Published on: December 30, 2014 | By McCulloch & Miller, PLLC

“We’re not surprised by the fact that people don’t know a lot about retirement income planning,” says David Littell, program director at the American College. “I was surprised at how badly they did.”

Could you pass a retirement literacy test? Apparently, 80 percent of Americans surveyed did not.

These Americans were polled on 38 retirement literacy questions on basics like Social Security, life expectancy, IRAs, life insurance and investments, and the mechanics of bonds. Sadly, only 20 percent were given passing grades, the college said. This isn't the first survey to raise concerns about Americans’ retirement readiness. In an article titled “Americans fail in retirement literacy,“ The (Palm Springs, CA) Desert Sunnoted similar shortcomings in a 2011 report.

Who Gets Grandma’s Houston Keepsakes?

Published on: December 29, 2014 | By McCulloch & Miller, PLLC

There is no magic formula or solution available for transferring personal property because each family and their possessions are different. However, the Extension program "Who Get's Grandma's Yellow Pie Plate?" suggests there are some factors for every family to consider whether planning for the transfer an individual's own personal property or working together to plan the transfer of items belonging to a family member.

While an estate plan is critical in dealing with titled property, there are few individuals who take the time to plan ahead regarding the items in their household.

Longer Lifespan Can Affect One’s Inheritance

Published on: December 26, 2014 | By McCulloch & Miller, PLLC

Adult children have historically expected to inherit from their parents while in their 40s or 50s, yet now many aren’t doing so until their 70s or even 80s, as their parents live into their 90s or beyond.

When should you expect to receive your inheritance?

According to the Social Security Administration, a 65-year-old man now has a life expectancy of 84, and a 65-year-old woman about 87. These increases in longevity have created changes in financial planning—like retirement calculations and long-term care insurance costs. However, as a Barron's article titled "When Longevity Upends Trusts" notes, these numbers are just beginning to affect trusts and estates.

Caregiving for Loved Ones, Without Family Feuds

Published on: December 24, 2014 | By McCulloch & Miller, PLLC

Although nobody can be forced to participate as a caregiver, there are ways to approach the situation that are more likely to have a positive result.

Families encounter many issues when planning care for a loved one. A common issue is the unwillingness of siblings to “step up to the plate” and make a contribution to the caregiving tasks.

The (Carlisle, PA) Sentinel’s recent article, titled "Elder Care: Keeping family conflict to minimum," explains that even though no one can be forced to participate as a caregiver, there are some ways to approach the situation that may yield more positive results.

The Time for Giving Is Upon Us! Check Out Houston Opportunities

Published on: December 23, 2014 | By McCulloch & Miller, PLLC

The end of the year is a great time to consider making a contribution to a cause that is meaningful to you. Along with potential tax benefits, there is the enjoyment that comes from making a positive difference and helping the organization of your choice.

Is the holiday spirit prompting you to give back to charity?

Like many charities, the SPCA of Northern Nevada depends to a great extent on year-end giving in order to raise funds for its ongoing operations. The SPCA wants all of its animals to find homes during the holidays: the cost of caring for each animal is on average more than $350. It really adds up, given the thousands of animals the charity rescues every year.

Happy New Year? Review Your Finances, Then Celebrate!

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

Taken all together, these steps might seem overwhelming. But if you do one task each day, you can really change your financial life by year-end.

Is it too late in the year to get your finances ironed out?

Fortunately, a recent article from kjrh.com, titled “7 financial steps to take before New Year's Eve,” will help.

Checking Santa’s Estate Planning Tips for Houston

Published on: December 19, 2014 | By McCulloch & Miller, PLLC

Yes, nobody relishes thinking about the day when they will no longer be around. But with a little effort and foresight, you can give your family the ultimate gift: a piece of mind. Here's a quick checklist of estate planning essentials.

Not really ready for an estate planning talk around the fire this holiday season? It's definitely not a pleasant conversation when considering the end of one's life. Yet, if you could give your family the gift of "peace of mind", would you? Probably so. What does this gift look like?

The Street’s recent article, “The best holiday gift for your family: estate planning,” gives us a quick checklist of estate planning essentials:

Financial Guidance for Late-in-Life Divorces

Published on: December 18, 2014 | By McCulloch & Miller, PLLC

"There are no 'do-overs' after you agree to a settlement," says Vickie Adams, a certified financial planner and certified divorce finance analyst in San Pedro, Calif. "After 50, you'll have fewer years to recoup from financial errors, so it's essential to get this right." Here are a few tips for protecting your finances during a later-in-life divorce.

Unfortunately, divorce is possible at any age. But there are differences in financial tactics depending on your stage of life, particularly for divorce after age 50. A recent article in USA Today, titled "Protect finances in later-in-life divorce," provides some tips for protecting your finances during a later-in-life divorce.

Use a third party mediator. Although some couples can sort things out on their own, many others use an impartial third party to help with the process. The original article says that couples heading into a divorce who choose to litigate should give their attorneys permission to contact their accountant, estate planning attorney, and financial adviser.