Houston Estate Planning and Elder Law Attorney Blog

Confusion Over Assets For Cohabiting Couples in Houston

Published on: November 22, 2013 | By McCulloch & Miller, PLLC

Here are some potential pitfalls to keep in mind for couples who are thinking of keeping some or all of their assets separate.

When two people have lived together outside of marriage for some time, the question of who owns what can get downright confusing. Obviously, jointly owned assets can be tricky. Surprising, separately owned assets can be just as complicated.

When it comes to jointly owned assets it is not too hard to understand how problems can erupt. When it comes to separately owned assets, take a look at a recent article in The Wall Street Journal titled “Separate Assets, Joint Problems.”

Use Family Meetings As A Forum For Estate Planning in Houston

Published on: November 21, 2013 | By McCulloch & Miller, PLLC

A productive family meeting can have a profound impact not only on the individual family members who attend, but also on all those they interact with afterwards.

Communication is key when it comes to estate planning. In fact, the entirety of an estate plan – from the advance health directives covering your end-of-life decisions down to the distribution of your assets – is all about communication. However, not all decisions are easily and clearly communicated in writing. What you may need is a “family meeting.”

If the term “family meeting” conjures little more than memories of classic TV shows, (e.g., the “Brady Bunch”), then you are not alone.

Are You A Money Manager For Others in Houston?

Published on: November 20, 2013 | By McCulloch & Miller, PLLC

If you’re handling the finances for an older family member or are about to do so, some sticky challenges can pop up quicker than you think.

Managing your personal finances can be a challenge. But what if you had to manage money for someone else? Managing the finances of a loved one is a far more tenuous role to occupy, as the outcome involves another's well-being instead of your own.

If you are caring for an elderly loved one and stepping up to oversee their finances as well, then there are some important rules to know and follow.

“Smart” Giving for Houston Families

Published on: November 19, 2013 | By McCulloch & Miller, PLLC

A tax deduction for charitable giving isn’t guaranteed just because you’re feeling generous. As with everything in tax law, it’s important to follow the rules.

As the holiday giving season begins with the tax year ending shortly thereafter, now is a good time to plan your giving. But take note: there is giving, and then there is “smart” giving. And since you want the best outcome for both you and the charities you support, smart giving is accomplished by thorough planning.

Fortunately, Forbes has provided some giving tips and reminders well in advance in a recent article titled “Making Your Gifts Count:10 Smart Tips For Charitable Giving.”

Your Houston Business Exit: By Design Or By Default?

Published on: November 18, 2013 | By McCulloch & Miller, PLLC

What will be the most likely exit scenario from your business when the time comes?

If you own a small business, what will your last day at work be like? What is your exit strategy? The answer hinges on whether your exit will be by design or by default.

To exit your business by design requires coordinating your personal estate with the estate of the business. Oftentimes the two are intertwined. Ask yourself the question recently posed in the title of a recent Forbes article: “How Will You Leave Your Small Business The Last Time?”

Houston Families Can Plan For Estate And Gift Tax Exemption In 2014

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

Starting in 2014 … the basic exclusion will go up to $5.34 million per person, from $5.25 million this year. [However,] there will be no change in the annual exclusion, which allows you to give $14,000 in cash or other assets each year to each of as many individuals as you want without dipping into the basic exclusion.

The 2013 year is winding down. While there is still much to enjoy, especially in terms of the holidays, it is not too early to think about your financial and estate plans for 2014.

Surprise! The IRS is already looking forward to 2014, to include the estate and gift tax exemption.

Houston Children Have Help in Handling The Assets Of Aging Loved Ones

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

Millions of Americans are managing money or property for a loved one who is unable to pay bills or make financial decisions. This can be very overwhelming. But, it’s also a great opportunity to help someone you care about, and protect them from scams and fraud.

Handling finances can be tricky for yourself alone. So imagine the task of taking care of your elderly loved one’s finances. How do you take care of business for someone else?

The issue is much more than one of financial acumen. No, there are very specific rules to follow depending upon the role you take on and it is important to play the part properly.

Houston Parents Should Share Financial And Estate Plans With Family Members

Published on: November 15, 2013 | By McCulloch & Miller, PLLC

Give a copy of your wills, trusts and powers of attorney (financial and health care) to anyone named or authorized to act on your behalf, and store the originals at home; otherwise, your children could have trouble getting them at the critical time.

The best laid plans of mice and men alike may fall apart in the face of chance. On the other hand, many plans fail because key participants to the plan are unaware that there is a plan. Call it a “failure to communicate.”

If you have put your financial and estate house in order, then it will all be for naught if your heirs are caught unaware.