Houston Estate Planning and Elder Law Attorney Blog

Estate Planning Resolutions for Houston Families

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

Here are the must-do estate-plan tasks you should get done now.

What's on your list of New Year's resolutions? Yes, it's that time of year yet again. In addition to the normal list of diet, exercise and the sort — did "estate planning" make the list for 2014?

We all know that an estate plan is a matter of personal responsibility. No one truly can plan your estate for you, at least like you would. Trouble is, you might know what needs to get done, and you might have put it on that master to-do list, but you still need to have the resolve to get it done. For many of us, estate planning is that perennial subject on the to-do list.

Inheritance Planning On Both Sides

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

"You cannot predict what may happen between now and receiving an inheritance," said Ireland. "The earlier you start preparing, the more financially secure your own retirement is likely to be."

Planning for an inheritance can be a tricky endeavor, for both givers and receivers. On one side, the giver has to make appropriate arrangements for their estate in order to fulfill their wishes and bequests. And on the other side, the future heirs have to consider how they intend to handle their gifts. Both need to be prepared if there is an unforeseen change of plans.

According to a recent CNN Money article titled “Average American inheritance: $177,000,” it is a tale of two facts:

What Is Survivorship Insurance?

Published on: January 6, 2014 | By McCulloch & Miller, PLLC

Some wealthy people are taking another look at survivorship insurance. The relatively obscure product, also known as "second-to die" insurance, insures two lives, usually spouses, with one policy.Like its name indicates, the product pays out the benefit after the death of the second insured.

Where there is a risk and an attending financial exposure you cannot afford, there is a form of insurance to cover that risk exposure. When it comes to the ultimate risk – your family’s risk of losing you – life insurance is the fundamental solution. But what if there are two spouses? Naturally, financial risk is felt by the survivor at the passing of the first. That is why almost everyone needs some form of life insurance to provide for the surviving spouse. However, when there is some quantifiable financial risk left behind when the survivor passes, then there is a special form of life insurance to cover such exposure. It is called “survivorship life insurance.”

For the basics on survivorship insurance, consider reading a recent Forbes article titled “Sales of Survivorship Insurance Gain.”

Passing The Torch – Five Succession Tips for Houston Businesses

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

To ensure your exit goals are met and your family relationships remain intact, it's important to clarify the family succession process right from the start.

When you are a family business owner looking to pass the torch, the business is typically your greatest asset and likely the center of the family's wellbeing. You cannot afford to mess this up.

Succession planning is unique because business is business, and so a successful succession is a careful one.

Prenup: The “Other” Proposal for Houston Couples

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

Generally, the best candidates for a prenup, besides anyone with substantial assets, are those going into a second or third marriage, says Bonnie Sockel-Stone, a marital and family attorney in Miami, Florida.

A prenup proposal is a bit of an oxymoron. With a marriage proposal, you are pledging to love and care for your future spouse for life, for better or for worse. When a prenup enters the equation, you are basically throwing in a contingency plan. This can create mixed emotions to say the least.

Still, especially with blending families, a prenup can be a prudent tool to maintain peace and domestic tranquility between the respective sides of the to-be-formed family. Love may be blind, but it is best to enter the marriage with both eyes open. Not surprisingly, the use of prenups is on the rise.

Talk To Your Houston Heirs About Their Inheritance

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

For many people, estate planning is both a private matter and morbid topic – not something that parents want to discuss with their adult children. While having such conversations takes a lot of courage, families that speak freely about these delicate issues can avoid problems down the line.

Thinking about your estate, setting up your estate plan, and carrying out your wishes is not the entire process of estate planning. You really must take this process one step further.

You need to take the still more difficult and under-practiced step: discussing your estate and your estate plan with your heirs and loved ones.

The Reason For Your Giving Season in Houston

Published on: December 31, 2013 | By McCulloch & Miller, PLLC

As the year comes to a close, it is time to consider how we show our generosity, so we can allocate our resources deliberately and effectively.

There is still time to give those charitable gifts for 2013! And there are countless worthy causes to choose from. So the question is: do the charities you select fulfill the purpose behind your contribution?

While you are in the “holiday spirit,” you might want to survey a recent Forbes article titled “What Kind Of Philanthropist Are You? A How-To For Aligning Your Giving With Your Personal Values.”

Year-End Giving: What, How, And Why for Houston Families

Published on: December 30, 2013 | By McCulloch & Miller, PLLC

“What we’ve found is that donors give — and give more — when confident the money will actually make a difference."

Understanding The “Do Not Hospitalize” Directive for Houston Families

Published on: December 27, 2013 | By McCulloch & Miller, PLLC

Often, proxies are confused about how “do not hospitalize” orders work. Several proxies believed, mistakenly, that a such an order was equivalent to a request to withhold medical intervention altogether.

For elderly loved ones in nursing homes, there is a very powerful tool found in a little known directive known as the “do not hospitalize” directive. Unfortunately, it also happens to be underused and misunderstood, as pointed out in recent article in The New Old Age Blog titled simply “A Misunderstood Directive.”

Advanced directives, as you may well know, are your medical choices reduced to black and white. They are intended to speak for you when you cannot. “Do not hospitalize” does not mean you do not want to receive care. In fact, you can even spell out the circumstances when you really want to go the hospital!

Holiday Table Talk: Financial Discussions for Houston Families

Published on: December 24, 2013 | By McCulloch & Miller, PLLC

You may have to raise some unpleasant issues when you speak with family members over the holidays if you want to ensure a successful retirement.

Soon enough families with be gathering together to celebrate the holiday season. There will be much chatter around the table as families catch up with their loved ones. And while we all know it's best to avoid arguments over religion and politics, there are other potential skunks that can spoil the festivities.

Unfortunately, some of these skunks are subjects that really do need to be addressed while the family is available for discussion.