Houston Estate Planning and Elder Law Attorney Blog

Are Online Estate Planning Forms Worth the Risk for Houston Families?

Published on: October 28, 2014 | By McCulloch & Miller, PLLC

The online forms you come across may or may not work. These forms tend to not be state specific which means your will may or may not be valid. If you are going to take the time to draft a will or any other estate planning document (which you should), you definitely want to ensure that it is valid. Visiting an attorney in your state will ensure that it is valid and properly executed so that your interests are protected.

Just like fixing up your house, there are jobs you can handle yourself and those that require the assistance of an expert.

A recent article in ABA Law Technology Today, titled "3 Reasons to Avoid Online Forms for Wills and Estate Planning,"points out some glaring problems with trying to DIY your estate plan.

Trustee, Co-Trustee … What Is the Best Houston Scenario?

Published on: October 27, 2014 | By McCulloch & Miller, PLLC

Whichever you select, consider ways you can structure the trustee’s duties and relationships to increase the probability of achieving your estate planning goals.

Selecting an executor or trustee of your estate plan is a very important decision that requires much thought. A recent Investing Daily article, titled "Making Your Most Important Decision," has some strategies to consider when selecting the financial fiduciaries for your estate.

The first is co-trustees. Both professional trustees and individual trustees each have advantages and disadvantages. You can try to get the best of both by naming co-trustees. There are different ways to structure a co-trusteeship, so ask your estate planning attorney about which way to go. Typically, the trust company could be the primary trustee. It would take care of the record-keeping, administration, and investments. Your trusted friend or family member serving as a co-trustee would have access to all the records, and he or she would be able to reviews them and spot any issues. The original article suggests giving the non-professional co-trustee the power to veto fees, investment decisions, and other key actions.

Plan Before Alzheimer’s Strikes Your Houston Family

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

Medical research confirms one of the first things people have trouble with in the very early stages of dementia is managing personal finances. This means people can make very expensive financial mistakes, often before anyone notices there is a problem. I have seen this happen, and it is heartbreaking.

You never know what the future holds, so early planning for late-in-life health issues is essential.

For instance, you may notice that a loved one seems more disorganized than usual. Bills may pile up. The loved one may have difficulty remembering names and fumble for the right words. See a doctor if there are concerns. Alzheimer's Disease and most forms of dementia are progressive. This means it will get worse over a few years.

Houston Families Beware: Elder Abuse by a Spouse Can Happen

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

The woman Benny claims took advantage of him was his second wife. He says after he had a stroke, she threw him in a nursing home and never saw him again.

At one time, World War II veteran Benny Goo was very affluent with a gorgeous home in Hawaii. Now, Benny has nothing. He says that a woman named “Barbara” stole $2 million from him, which forced him to sell his home.

According to a KLAS TV(Las Vegas) news report posted on the station’s website, titled "Veteran claims elderly abuse by ex-wife," Benny believes that “Barbara”—the woman who took advantage of him—was his second wife. Mr. Goo said that when he had a stroke, Barbara placed him in a nursing home. He never saw her again. However, Barbara was busy cleaning out his bank account and switching his Social Security and pension checks to be deposited directly into her accounts.

Five Estate Planning Tools for Houston Families

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

If you want to stay in control of your money and medical decisions until the end, here are the five most important estate-planning documents you need to have.

If you aren't sure which estate planning tools you really need, at least start with the basics.

A recentCNBC article, titled "Stay in control with 5 estate-planning documents," talks about essential estate planning documents that everyone should have.

Living Trust Advantages for Houston Families

Published on: October 21, 2014 | By McCulloch & Miller, PLLC

A revocable living trust is similar to a will in that it indicates how you would like your assets to be distributed after your death and can be amended anytime. While you should always have a will, a living trust—which is simply a trust set up during your lifetime as opposed to one created after your death—can be a valuable addition to your estate plan. Here’s why.

If you have a will, do you really need a living trust? Let's explore the advantages of living trusts to find out.

A recent article in Time, titled "Why This Estate Planning Tool Beats Just Having a Will," gives several reasons to consider living trusts.

Talking to Your Kids about Your Houston Estate Plan

Published on: October 20, 2014 | By McCulloch & Miller, PLLC

Talking to family members about estate planning and legacies can be difficult and even painful. Those discussions, however, will almost certainly be less painful in the long run than the stories children may make up after parents are gone about why they made the choices they did.

Should you tell the kids? When it comes to your estate plan, yes!

A recent Time article, titled "The Hardest Part of Making a Will: Telling Your Kids What’s in It" lists a few ideas to help you overcome the challenges of having these important conversations.

Financial Pointers: Providing Care for Aging Parents in Houston

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

Dealing with aging parents is not only tough emotionally, but financially.

As one's parents age, financial and health care discussions are essential for families to have in order to plan ahead for any care they may require.

A recent Newsday article, titled"Money Fix: The cost of caregiving," tackled this tough issue and offered some financial and non-financial advice to help with providing care for aging parents.

Consider These Inheritance Planning Questions for Houston Estates

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

Making decisions about the disposition of your assets can be an emotionally fraught and time-consuming process. Take small steps and seek expert guidance to realize your plans for the financial care of your families.

Who gets what when it comes to your estate? The process of distributing your assets is no easy task.

A recent Forbesarticle, titled "Estate Planning 101: Picking Your Heirs," provides some very useful instructions on basic estate planning. The article lists a series of questions that can help you organize your thoughts and prioritize your planning.

Sibling Tug-of-War: Estate Planning Nightmare

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

Dealing with an ill parent or their estate once they pass can be difficult, and having support through your siblings is important. However, sibling feuds can get in the way and cause conflicts during this time. Having your parents’ estate planning documents in order not only ensures their health care, finance and estate decisions are being taken care of, but that siblings are able to be there for each other instead of fighting.

If you think fights with your siblings are in your childhood past, wait until one of your parents turns ill or passes away. You'd be surprised at the feuds that can break out over an estate!

A recent Law Depot article, titled "Estate Planning: 4 Things Siblings Feud Over," compiled four items that commonly cause sibling fighting in estate planning, as well as some ideas to prevent fights from happening: