Houston Estate Planning and Elder Law Attorney Blog

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.

Planning In Advance For Your Advance Health Directive in Houston

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

Nancy

Wagner, a social worker at Monmouth Medical Center in Long Branch, N.J., encounters

this frustration at least once a week: A patient arrives in the emergency room

Houston Parents: Talking To Your Adult Children About Your Finances

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

Talking

to your adult kids about your finances and how you plan to divvy up your money

after your death may be one of the most important conversations you'll ever

Estate Planning Challenges for Houston Blended Families

Published on: November 4, 2013 | By McCulloch & Miller, PLLC

Americans

are increasingly cobbling together new families out of earlier broken marriages

… Effective estate planning for these modern families, made up of past and

Debts And Death – What You Should Know about Death in Houston

Published on: November 1, 2013 | By McCulloch & Miller, PLLC

Coping with the death of a loved one is difficult enough without the added pressure of creditors calling you to collect on the deceased person’s credit card debt. But can a bank collect a credit card debt owed by your deceased parent or spouse?

By and large, we talk about probate as an unfortunate process. True, probate can put some undo stress on an already stressful family situation, even when there is no disagreement regarding how assets of the decedent are to be distributed. That said, probate can be utterly necessary and even useful when there are debts in the estate picture.

So, how do you handle debts after death? It is a practical question, after all. Few of us leave this life without something lingering in our accounts payable. Unfortunately, too many families do not know which debts live on after their loved ones are gone.