Houston Estate Planning and Elder Law Attorney Blog

Responsible Wealth Transfers in Houston

Published on: December 17, 2013 | By McCulloch & Miller, PLLC

In the end, the goal is to convert what is otherwise a fleeting inheritance into a perpetual wealth management opportunity for the family. This goal can only be accomplished through proper, coordinated planning.

Our goal of passing along wealth to the next generation is to ensure their wellbeing and happiness well after we are gone, perhaps for generations to come. Unfortunately, if the transfer is not handled responsibly, a lifetime of work can vanish in an instant.

Thankfully, with the use of some powerful legal planning now, you can structure your wealth succession to preserve and protect the family wealth. The power of the trust planning is becoming more widely known, but it is also just as widely understood.

Last-Ditch Will in Texas

Published on: December 16, 2013 | By McCulloch & Miller, PLLC

Done right, death-bed revisions may save their families income and estate taxes and prevent misunderstandings and administrative hassles. If not handled carefully, though, it can leave a will open to legal challenges that can drag on for many years …

During one's final hours, people tend to review their last wishes to make sure all will be ok in the end. They may even decide to make some last minute changes. But while it is your Last Will, deathbed revisions can create dangerous challenges to your overall estate plan if not accomplished correctly.

The Wall Street Journal considered this matter in a recent article titled “Changing a Will at the Last Minute.”

Insurance And Financial Planning Go Hand In Hand in Houston

Published on: December 13, 2013 | By McCulloch & Miller, PLLC

Discomfort with the details prevents many people from obtaining the necessary coverage.

The kinds of insurances we are “required” to buy help us with the minor bumps and scrapes in life and are sometimes easy to think about, shop for or ensure that we have adequate coverage. Auto and homeowners insurance, for example, come immediately to mind.

On the other hand, disability insurance, long-term care insurance and life insurance are another matter entirely. As USA Today points out in a recent article titled “Insurance is most ignored in financial planning,” these three insurances are all too often ignored, misunderstood and difficult to think about emotionally. Nevertheless, they are often essential.

When An Inheritance Hinders Financial Aid in Houston

Published on: December 12, 2013 | By McCulloch & Miller, PLLC

"Kids inherit money. We don't want it."

Sometimes too much inheritance all at once is a threat to moral development, it’s true, but sometimes a gift can threaten a college education by complicating financial aid.

As parents of the college-bound understand to a dizzying degree, financial aid is a difficult calculus of have and have not. It is often an entirely necessary salvation. Unfortunately, the types of income a parent or a student of a parent receive will have dramatic influences both on the availability of financial aid and the ease with which it is attained.

The “Appreciation” Of Giving to Houston Charities, Literally

Published on: December 11, 2013 | By McCulloch & Miller, PLLC

I know that most people will simply write a check to their charity of choice but for many, there is a more tax efficient way to gift, right?

With the end of 2013 fast approaching, have you considered your year-end charitable gift strategy? While it is sometimes hard to figure out to whom you are going to give to, also remember to consider what you are going to give. In addition to your time and/or your money, there are other special (yet common) assets to donate.

Most seasoned donors are already well acquainted with the fact that there are many great tax advantages to charitable giving. In that spirit, keep in mind that those appreciated securities you have may be the perfect gift to benefit your charities rather than the IRS.

Empathy for Aging Loved Ones in Houston… Even If They Grumble

Published on: December 10, 2013 | By McCulloch & Miller, PLLC

Now I am 86 and almost blind. I cannot read the bills that come in the mail nor sign my own checks. I must be escorted to medical appointments. My busy children are kind beyond measure, but I am uncomfortable in these situations. And being uncomfortable makes me sharp and unpleasant.

The challenges of living with and caring for an aging loved one can be stressful, for all involved. You have to remember, just as it is difficult to provide care, it is not an easy thing to be the one receiving the care either. Over and above all the medical issues, the time crunches, or the money concerns, oftentimes it is the emotional issues (and even the fighting) that can wear on you.

Definition of Estate Planning in Houston

Published on: December 9, 2013 | By McCulloch & Miller, PLLC

Estate planning is the process of legally structuring the future disposition of current and projected assets.

Estate planning is many things. In order to present a solid definition of this particular type of planning, a recent Forbes article posed the question, “What Is Estate Planning?”

The article concludes that “Estate planning is the process of legally structuring the future disposition of current and projected assets.” The operative words in this definition of sorts are “structure” and “process.”

Planning For Your Own “Brady Bunch” in Houston

Published on: December 6, 2013 | By McCulloch & Miller, PLLC

When Carol and Mike Brady got together on the classic TV show "The Brady Bunch," there wasn't a lot of discussion about how the couple would handle things like updating their life insurance policies to reflect their new, blended family, or covering the cost of things like braces and college tuition for their six kids.

Blended families, however loving, oftentimes have more than a few things to address when it comes to financial and estate planning. The modern day "Brady Bunch" brings about many planning obstacles.

Indeed, the challenges faced by the blended family are frequently discussed in professional financial and legal circles. In part, this is because blended families are the new normal. If your family is “blended,” then it is only prudent to consider any tips regarding common challenges you may face.

Is Your Texas Will The Final Word? Not Necessarily

Published on: December 5, 2013 | By McCulloch & Miller, PLLC

A will may say to divide an estate equally among three children. But if a particular account is titled to pass to just one, only that beneficiary will get the account.

Your Last Will and Testament is the legal document to put your wishes in writing and get it all straight, right? Not necessarily.

The key to the disposition of your estate is how your assets are “titled” and how the beneficiaries are designated.

Enjoy Some Diet COLA With Your Social Security

Published on: November 23, 2013 | By McCulloch & Miller, PLLC

The nation's elderly and disabled Social Security recipients will receive a 1.5 percent increase in payments in 2014. The same COLA will apply to pensions for federal government retirees and most veterans.

According to recent news from the Social Security Administration, the Cost Of Living Adjustment (COLA) made to Social Security payments will increase 1.5% in 2014. Although it is a small increase, you will be able to enjoy some "diet COLA" with your Social Security next year.

ElderLawAnswers weighed in on the news in an article titled “Social Security Benefits to Rise Only 1.5 Percent in 2014,” while the SSA has issued its own COLA Fact Sheet.