Houston Estate Planning and Elder Law Attorney Blog

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.

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.