Houston Estate Planning and Elder Law Attorney Blog

Deciphering The Technical Language Of Trusts

Published on: April 11, 2014 | By McCulloch & Miller, PLLC

NING, Ding, Grat. Ilit, Crat, Crut, Qtip.

So what are these oddly named trusts and what do people who need them need to know?

Ever been to a place where you don't understand the language? Learning a new language is no easy task. At least when it comes to French or Italian (or Hindu, Swahili or Balinese, if you happen to be that well-travelled) most us of who can’t speak a lick can get through with pointing and smiling. However, when it comes to technical languages there is a different type of difficulty.

Do Small Family Foundations Have Big Impact in Houston?

Published on: April 10, 2014 | By McCulloch & Miller, PLLC

… Large-scale strategic philanthropists are forcing family foundations of all sizes "to re-examine whether they're approaching their giving in a way that's likely to have the biggest impact." And, sometimes, as Pierce has found, a bigger impact can come from foundations of smaller sizes.

Small family charities and foundations can often be overshadowed by big-time charities– the Gates Foundations, the Case Foundations, former presidents and the Rockefellers of today. It’s an unfortunate problem of recognition that the Wall Street Journal points out over in “Small-Fry Family Foundations,” and many new charities face.

Many new retirees are ready for a new challenge and a second career of giving back. After all, once they are playing the “back nine” of life, several new retirees are looking to make a difference with the fruits of their life’s work. Many choose to create a family foundation to make the most meaningful use of their time and money, not to mention to achieve their charitable objectives.

Home Health Care Consideration: The Quality of Care in Houston

Published on: April 9, 2014 | By McCulloch & Miller, PLLC

Much is undoubtedly delivered with great love and compassion. But, sadly, it is also provided by family members who have no caregiving skills.

Deciding on medical care later in life or setting it up for a loved one is a difficult process that should be thoroughly evaluated. While there are many options available, essentially the decision comes down to care at home or in a facility. Is the quality of care comparable, especially when it comes to in-home care?

The answer seems to range from “we don’t know” to an unhelpful “it depends.” With so many people receiving care at home, either by default or by design, it is an important option to understand. A recent article in Forbes, titled “We All Want To Live At Home In Old Age, But Know Nothing About the Quality of Care We'll Get There,” to a look under the hood on this subject.

Houston Older Adults Should Get Wishes In Writing Before It’s Too Late

Published on: April 8, 2014 | By McCulloch & Miller, PLLC

Stop saying everyone knows what you want. Everybody probably doesn’t know. Or in their grief, they may not be able to make the decisions you would have preferred. If you don’t leave written instructions, emotions or unresolved issues can get in the way.

The amount of frustration a family goes through when someone’s affairs are not in order and not in writing is beyond measure. When tragedy strikes or life takes over, the importance of planning is not lost on those who realize there were no plans made. What can you really do after the fact? Proper planning needs to happen now.

For an impassioned voice on the matter and some advice you should heed, be sure to read a recent commentary published in The Washington Post titled “Put your estate plan on paper before it’s too late.”

Houston Business Owners Should Address Risk Management

Published on: April 7, 2014 | By McCulloch & Miller, PLLC

Asset protection is the process of employing risk management products and legally acceptable solutions to ensure a person’s wealth is not unjustly taken.

Ever heard of the rule of entropy? Roughly, it says that things tend toward chaos. So it is with business and the chaos of litigation.

If you are a small business owner, then you simply cannot have your greatest personal asset, the greatest family asset, and the activity you are most proud of eroded, chipped away or swallowed whole by litigants or creditors. You need a plan to protect the business as an asset.

Corporations 101: Structure And Taxes for Houston Businesses

Published on: April 4, 2014 | By McCulloch & Miller, PLLC

For many years, when an individual outgrew a proprietorship, a corporation was the norm. Today, limited liability companies (LLCs) are popular. But despite the inroads of the LLC, corporations persist. But there are key differences between S and C status.

If you own a business or are chosen to inherit one, it is important to know how the business is structured. Is it a C Corp or an S Corp? Are there other alternatives?

There is a significant difference between the C Corporation and the S Corporation. Fortunately, Forbes helps clarify the distinction in an article titled “Key Facts About Corporations, S Elections & Buy-Sell Agreements.” If nothing else, it might dissuade you from a “corporation” at all.

Assisting Loved Ones With Assisted Living in Houston

Published on: April 3, 2014 | By McCulloch & Miller, PLLC

Choosing whether assisted living would be the right option can be a complex decision requiring a dispassionate evaluation of the situation and careful consideration.

The challenges of helping an aging parent plan for their late-in-life care can be strenuous. There are financial, medical and even emotional aspects of this type of planning.

By way of a primer, consider reading (and sharing) a recent Forbes article titled “The Basics: Assisted Living For Your Parent.”

Houston Home Owners Should Know Key Issues Of Reverse Mortgages

Published on: April 2, 2014 | By McCulloch & Miller, PLLC

Death of the borrower triggers the loan payoff, but the estate and heirs will never owe more than what the home is worth.

Family homes are unique assets. And like many assets, family homes can be as complicated as they are meaningful. Even when heirs inherit a home with no strings attached, issues can arise.

But what about when there are strings that come with inheriting the family home? What if there is still a mortgage or, increasingly common, a reverse mortgage? Notably, when a reverse mortgage is in play there are a few more things an heir needs to know.

Houston Investors May Realize Tax Savings With Frozen Assets

Published on: April 1, 2014 | By McCulloch & Miller, PLLC

Estate freezing, under the right circumstances, can become a vital component of an intelligent wealth preservation strategy.

A “frozen asset” can be viewed as an investment that refuses to move with the market. Fewer things are more annoying to a savvy investor! If an investment isn't growing, what is the point?

No, Gordon Gekko is not the only one to see it this way, either. Then again, if you are not investing in growth, but in your family and a powerful estate plan, there are some times when capping or transferring growth and, yes, even “freezing” assets is a definite boon.

Houston Families Note: Alzheimer’s Deaths Higher Than Prior Estimates

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

"Understanding that AD may contribute to almost as many deaths as the two leading killers in America, heart disease and cancer, is an eye-opening figure that may convince the public and policy makers that AD funding should be increased," James said.

As you plan for old age, and even while planning for the estate itself, it is essential to plan accordingly. Unfortunately, some recently released news regarding Alzheimer’s deaths has brought the need for proper planning up a notch.

Earlier this month, Reuters reported on a recent Alzheimer’s study in an article titled “Alzheimer's deaths much more common than realized: study.”