Houston Estate Planning and Elder Law Attorney Blog

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.

Ask These Estate Planning Questions Prior to 2015

Published on: December 17, 2014 | By McCulloch & Miller, PLLC

Have a plan; either you decide or someone else does.

Year-end is a great time to evaluate your estate planning goals! This timely topic was the theme of a recent article in the Pittsburgh Post Gazette titled "Holiday season is the best time to update your estate planning."

Here are some questions you ought to ask yourself as 2015 draws near:

Should You “Leave It to Beaver” When It Comes to Houston Estate?

Published on: December 16, 2014 | By McCulloch & Miller, PLLC

Leave it to Beaver? Or do you prefer to leave your estate to someone else? Today’s families are a lot different than Ward and June Cleaver. There are more families today with non-traditional situations than ever before. This makes financial and estate planning all the more important.

If your family looks nothing like the family of Ward and June Cleaver, you are not alone. Families today are very different compared to the days of Leave It to Beaver. Our so-called modern families leave much to consider when it comes to financial and estate planning.

A recent article in The Patriot Ledger, titled "Estate planning for non-traditional relationships," takes a practical look at a common personal, financial and legal challenge.

A Review of Perpetual Trusts?

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

“Why do we care about these perpetual trusts?” Mr. Sitkoff said. “Because there’s a lot of money in them. Billions of dollars is pouring into these jurisdictions.”

Perpetual trusts: good or bad? The principle of this tool is up for debate.

Perpetual trusts allow trust creators to maintain some control after they pass, and help protect fortunes from taxes and creditors. However, people who set up these perpetual trusts in states where they’re legal could have some headaches as lawsuits brought in a state where the trusts are prohibited could mean the out-of-state assets could be counted in any settlement.

Houston Residents and Roth IRAs

Published on: December 12, 2014 | By McCulloch & Miller, PLLC

These three questions merely scratch the surface of other factors that may need to be considered. Keep in mind that your estate at age 45 is likely very different from the one you’ll have at age 65 and 85 — your accounts change, you spend/inherit assets, and you gain/lose family members. The more complex your situation, the more you’ll benefit from working with a skilled financial adviser, tax specialist, and estate attorney.

If you are considering a Roth IRA, ask yourself these three questions:

1. Will your Roth outlive you? In estate planning, the top two reasons for Roth conversions are to bequeath tax-free assets and to reduce your taxable estate. It’s critical to project your spending lifestyle relative to your net worth to understand how your assets may be used in retirement. This allows you to see what assets are likely to be part of your remaining estate.