Houston Estate Planning and Elder Law Attorney Blog

Legacy Planning in Houston – Your 10 Step Plan

Published on: February 5, 2014 | By McCulloch & Miller, PLLC

Giving back is about linking passion with action, and it does not have to be complex—but it does have to be well thought out to be effective.

As many well-to-do but generous Americans can attest, your philanthropy can do more than just help the cause or causes important to you. So why not bless your family as well as your charities as part of your legacy?

To make philanthropy a part of your legacy, you do not have to be a Carnegie to have your name put on this or that building. For most of us, our family is our most important and lasting legacy. Consequently, philanthropy can be what binds a family together and passes down real enduring values to the younger generations, all while doing tangible good today.

Options in Houston Include Six Unique Trusts For Unique Circumstances

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

You might be a candidate for a trust that you never needed before.

A trust is a great tool within an estate plan, one with unique goals depending upon the one making the plan. Some goals are very common, while others don't exactly follow the mainstream.

A recent lighthearted Forbes article titled “Six Trusts For The Person Who Has Everything Else” pulled back the curtain for a look into the world of unique trusts for unique circumstances. [Spoiler alert: There are really four trusts, one special bank account, and one misguided attempt to emulate the trust format.]

Inherited Homes And The Challenges Ahead for Houston Families

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

The process of selling a relative’s home is likely going to be emotional, from the sorting of the personal belongings to the finalization of the sale at the closing table. Expect that. And surround yourself with professionals who will be empathetic and helpful.

Many would agree that selling a home is a stressful process, maybe even claiming a spot on the "top 10 most stressful life moments" list. Even if it sells fast, there is still the hassle of moving itself. What about hen it is not your home at all? What if it is the home of your parents, and perhaps your sole inheritance, with or without siblings?

When it comes to selling an inherited home, there are some complications to ride out and with which you must deal. For guidance, consider reading are recent MarketWatch article titled “How to sell an inherited home.”

Medicaid Lookback Rules for Houston Families

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

My mother gave me money in 2009. Now (2014) she is in a nursing home and needs to get Medicaid. Does that money need to go back in her account because of Medicaid's five-year lookback?

Medicaid is wound tight with very well-intentioned rules to stop people from taking advantage of or “beating the system.” These rules are meant to prevent fraud. Unfortunately, the rules intended to stop outright fraud can sometimes get in the way of those who do play by the rules.

The most common problem families run into is the so-called “lookback” period. You can easily run afoul of the 20/20 hindsight of Medicaid and thereby threaten the care your elderly loved one needs. This common conundrum of the lookback period was recently updated in a Q&A and supporting guide produced by ElderLawAnswers. In fact, the common question that sparked the post is the same as the title: “Should I Return Money My Mom Gave Me So She Isn't Penalized by Medicaid?”

Philanthropy Lesson: Check Your Houston-Area Charities

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

Want to better understand the mistakes charities make, so you can do a better job in your own philanthropic endeavors?

With the yearly end-of-year run on charitable giving now behind us for 2013, and year-end stresses subsiding, this might be a good time to consider how to approach your philanthropy to do the most good.

Sometimes knowing what not to do is more instructive than a positive lesson. This is true in all of life’s lessons, big and small (think sticking your tongue on a frozen flagpole). When it comes to charitable giving, a recent article in Barron’s chronicles how well-intentioned charity often fails in its follow-through. The article, titled “Philanthropic Fiascos,” provides a few major real-life examples of incredible generosity squandered, including the failure of positive change in Haiti despite an incredible international outpouring of charitable funds.

Selling Your Houston Business – Employee Stock Option Plan

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

For business owners that have also established their business as a corporation (not an option for partnerships), an Employee Stock Ownership Plan (or ESOP) may provide a better retirement option.

How you go about selling your business is completely up to you. And for most, that moment is bittersweet. Bitter because you may say goodbye to the business forever. Or bitter because you may sell yourself as an “employee” to the company you no longer own for those last years leading up to retirement. So where's the sweet part?

Alternatively, an ESOP may be an interesting option to consider to sweeten up that bittersweet decision. Curious? Take a look at a recent article in Forbes titled “How ESOPs Let Employees Take Stock In Your Retirement.”

Medicare Denied? Appeal Your Houston Application.

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

If a beneficiary disagrees with a decision, there are reconsideration and appeals procedures within the Medicare program.

Medicare approvals can be tough at times, and some may find their claims come up with the big "D" – denial. So what happens when Medicare denies a beneficiary’s claim for care?

While it is not always smooth sailing, it is important to know that you are not without recourse. You can appeal Medicare decisions to refuse coverage for needed care, and sometimes you simply must.

The Roth IRA Is “Mr. Popularity” in Houston and Beyond

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

Conversions from regular IRAs to Roth retirement accounts increased more than nine times in 2010, rising to $64.8 billion from $6.8 billion in 2009, according to data released [January 3rd] by the Internal Revenue Service.

As reported in Bloomberg on the day of an IRS announcement, conversions from traditional to Roth IRAs increased by nine times in 2010. That was the first year of new laws surrounding the tool, pulling in over 10% of all millionaires with it. Indeed, this rise in popularity means a Roth IRA is food for thought.

For a bit of the history behind the IRS data, have a look at the original Bloomberg article titled “Tax Break for IRA Conversion Lured 10% of Millionaires.” Roth IRAs are just another IRA in that it is an account earmarked for a retirement account. Interestingly, Roth IRAs work backwards by taxing at the time of deposit rather than at the time of withdrawal. That timing is the crucial difference.

Houston Residents: Time for A Check-Up For Your Trust

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

… Make sure that you understand what is in your trust. Other issues, particularly those related to tax issues, will require consulting with an estate planning professional.

Do you have a trust? Trusts are powerful estate planning tools, those of which should be properly established and properly maintained. When it comes to revocable trusts, also known as “living” trusts, ElderLawAnswers offers a convenient and instructive checklist of the things to watch and the things that can go wrong in an article titled “9 (Potential) Problems with Your Trust.”

These nine (potential) problems reside in these questions:

The Law Blurs The Lines Between Life And Death for Houston Families

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

"It seems like there seems to continue to be confusion about what it means to die using neurologic criteria," said Cynda Hylton Rushton, professor of clinical ethics at Johns Hopkins University.

Two recent medical cases are making headlines over the often blurry lines between life, death, medical ethics and the law. When confronting issues like brain death and life support, what is the "right" decision for the patient?

CNN recently considered these two cases in the headlines and the surrounding issues in an article titled “When 'life support' is really 'death support'.”