Houston Estate Planning and Elder Law Attorney Blog

From the Birds and Bees to the “Aging Talk” with Houston Adult Kids

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

“This time it’s not about the beginning of life or how babies are made. It’s about the end of life — yours — and the many issues and decisions that will confront you and your children.”

Back when the kids were kids, it seemed like the “birds and the bees” talk was tricky. However, according to a recent article in The Washington Post, the “aging talk” is far more difficult to grasp. Why is that?

Be sure to read (and share) this article titled “Having ‘the other talk’ with your kids — not storks, but aging.”

No Need For Your Life Insurance? Donate It To A Houston Charity!

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

There are several ways to donate a life insurance policy to charity, according to the Planned Giving Design Center, Monroe, NC.

There are many advantages to life insurance as it can be a cushion against high-cost issues or a source of much-needed cash flow for your family. However, you might end up not needing it all. If this is the case, what do you do with the policy?

The good news is that you can kill two birds with one stone. Have you thought about donating your life insurance to a worthy cause?

The Family Limited Partnership: Your Key To Control In Houston

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

FLPs offer multi-layered benefits by providing senior family members with several advantages—all without ceding control of the assets to junior family members.

Estate Planning is often a game of give and take. So what if you want to give away your assets, but not just yet?

As is so often the case, where there’s a need there’s a tool. A particularly powerful tool in this case is the Family Limited Partnership (FLP). An FLP can do double duty as a tool for asset protection as well as for estate planning.

Proper Planning For Alzheimer’s Patients in Houston

Published on: April 14, 2014 | By McCulloch & Miller, PLLC

Alzheimer’s patients live for years with diminished mental skills, which makes it crucial that they make decisions early on about how their care should proceed.

Planning for one’s estate and for one’s late-in-life plans requires more than a bit of wherewithal. This is not only an empirical fact but also a legal one. Because Alzheimer’s and dementia affect the mind means certain legal choices, whether regarding healthcare or disposition of property to one’s heirs, simply have to be down and in writing well before they are questionable.

It’s a complex problem. Fortunately, there are some important tools to keep in mind early and get a plan in place. Some of the basics were helpfully pointed out in a LifeHealthPro article last month titled “4 things to know about Alzheimer’s and estate planning.”

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.