Houston Estate Planning and Elder Law Attorney Blog

Estate Planning in Houston as a First-Time Parent

Published on: July 20, 2021 | By McCulloch & Miller, PLLC

Congratulations on your new arrival! When planning for a first child, there are a few tasks that cannot be put off. One of these tasks that is often overlooked is estate planning. In the event of the unthinkable, a well-thought-out plan for your assets can help ensure that your children will always be cared for.

An effective estate plan will answer a variety of important questions. At a minimum, a properly structured plan will address the distribution of assets and care of children in the event that neither parent is alive. Experienced Houston estate planning attorneys address these issues in careful detail, working with families to identify their unique needs and create tailored solutions.

Flexibility in Estate Planning for Many Needs

Charitable Lead Trusts in Houston

Published on: July 15, 2021 | By McCulloch & Miller, PLLC

Selecting the right legal instrument for a charitable donation can help ensure that your good deed goes unpunished.

One effective but lesser-known instrument for charitable donations is the charitable lead trust (CLT). Donors can set up this type of trust in Houston to provide a stream of income to a particular charity for a pre-specified term, after which the property will revert to selected members of the donor’s family.

Charitable Giving Options

Texas Estate Planning for Eco-Friendly Property

Published on: July 13, 2021 | By McCulloch & Miller, PLLC

Eco-friendly homes are those that are built using environmentally conscious materials and appliances. In recent years, eco-friendly building in Texas has shifted from one-off construction to budding communities of sleek, sustainable housing.

Eco-friendly property owners all have one thing in common: Each of them has taken the initiative to plan for their future—as well as that of the environment. The next natural step for any eco-friendly property owner is effective estate planning.

Like any property owner, eco-friendly property owners should always have a will in place to establish how their assets will be distributed and under what conditions. Leaving a sustainable legacy is, after all, a great accomplishment to be proud of. Make sure your estate plan reflects your sustainable living ideas.

Key Differences Between Wills and Trusts in a Houston Estate Plan

Published on: July 8, 2021 | By McCulloch & Miller, PLLC

The recent increase in unexpected deaths as a result of the Covid-19 pandemic has brought the issue of estate planning to the front of many people’s minds. In planning for the end of their life, asset holders may be confused by the various tools that may be used to divide their estate. Wills and trusts are both estate planning instruments that are used to protect assets and ensure that they are transferred to heirs as a benefactor desires. Wills and trusts are different from one another. Depending on the circumstances and desires of a benefactor, a will or a trust, or both may be appropriate tools for planning their estate.

Last Will and Testament Basics

Wills are the most common and widely understood methods for distributing an estate upon a family member’s death. A will is a written document that expresses the desires of a deceased person. A will only becomes active upon the death of its creator. Wills may include directives about funeral plans or other end-of-life issues besides property division. If a deceased person has minor children in their sole custody, a will can be used to assign guardianship of the children to another party. Absent a guardianship provision in a will, state courts will be responsible for choosing the legal guardian(s) of a deceased person. If a deceased person does not have a will, their minor children are at risk of being placed in the care of someone who they would not wish to assume legal guardianship of the children.

How to Navigate Unforeseen Issues that Arise in Houston Estate Planning Process

Published on: July 5, 2021 | By McCulloch & Miller, PLLC

Planning Ahead Reduces Family Conflict

Planning for the division of assets and other desires upon someone’s death can be an uncomfortable and difficult process. Often, parents or other benefactors want to assume that their heirs and beneficiaries will understand their end-of-life wishes and cooperate in dividing their assets and making funeral arrangements. Unfortunately, this is not always the case. An overly simple or ambiguous will (or the lack of a will entirely) can sometimes lead to division and conflict between family members at the most sensitive time of their lives.

A recent industry publication outlines some tips and solutions to prevent such discord after the death of a loved one. According to the report, the most important piece of advice is to start the estate planning process sooner rather than later. Although it can be tricky for an heir to bring up estate planning issues with a parent, it is important to remember that an effective and clear estate plan can give everyone involved peace of mind that the wishes of the parent will be honored upon their death, while limiting conflict among the heirs. Without a clearly outlined estate plan, two or more heirs may disagree in good faith about the wishes of their deceased loved one, and the disagreement can lead to divisions that certainly would not have been desired by the loved one in the first place.

Shifting to Values-Based Estate Planning in Houston

Published on: June 28, 2021 | By McCulloch & Miller, PLLC

Estate planning is a critical collection of documents that protects one’s assets and property for future generations. An “estate” is the collection of these documents, and it specifies who will protect ones’ wishes and act on them when the time comes. While estate planning is a centuries-old tradition that many people have engaged in, a shift is occurring that is changing the way many people choose to pass down their assets. This new trend is commonly referred to as “values-based” estate planning.

Historically, estate plans were designed to address assets, not personal, familial relationships. However, when familial relationships are on thin ice, a family’s overall wealth can suffer. According to research, many family businesses dissipate after the second generation. This fact highlights the importance of addressing estate plans with a new lens.

Texans who want to pass on their wealth effectively should consider hiring an attorney to gather materials and develop a values-based estate plan. Values-based estate planning involves evaluating the creators’ values, celebrates the life they have built, and creates a fulfilling legacy to leave behind for future generations. These documents help create an atmosphere of trust amongst heirs and help forge meaningful relationships between family members for generations to come.

Estate Planning Considerations for LGBTQ Couples in Houston

Published on: June 25, 2021 | By McCulloch & Miller, PLLC

Estate planning is a fairly complex topic. The laws frequently change and are not always intuitive. However, estate planning is crucial and, while the thought of starting the estate planning process may not be something anyone looks forward to, it is something everyone needs to consider. This is especially the case for LGBTQ couples, as the Houston estate planning laws applied by the courts, unfortunately, do not adequately cover most couple’s wishes when it comes to property distribution and end-of-life decision-making powers. Below are a few things LGBTQ couples should consider when assessing their estate planning needs.

Living Wills and Health Care Powers of Attorney

Not everyone wants the same level of care if they suddenly become ill or incapacitated. However, unless you take affirmative steps to create a directive to physicians (living will) and healthcare power of attorney, courts will apply default rules when it comes to appointing someone to make decisions on your behalf.

Texas Estate Planning After Purchasing a Home

Published on: June 24, 2021 | By McCulloch & Miller, PLLC

According to the National Association of Realtors, the pandemic has brought on an unprecedented amount of home sales in Texas and throughout the United States. As home sales increased, mortgage rates hit record lows, encouraging quarantined home buyers to jump-start their searches. Those who have bought or sold a home during this time should contact a Houston estate planning attorney to discuss their financial future.

Estate planning is a critical process that allows individuals to protect their assets, businesses, and loved ones. Although many people erroneously believe that estate plans are reserved for older wealthy individuals, that can not be farther from reality. The modernization of estate planning makes it an accessible and necessary way for people to safeguard their interests.

Developing a binding and effective estate plan will ensure that a person’s home goes where they want it to go after they pass on. One way to meet these goals is by placing a home in a trust. Estate planning laws do not require homeowners to own their home outright to transfer it to a revocable trust. Transferring a home into a trust allows family members to avoid going through a complex and lengthy probate process. There are many options on how best to do this, depending on the homeowner’s specific situation.

Impact of Increasing Healthcare Costs on Texas Estate Plans

Published on: June 22, 2021 | By McCulloch & Miller, PLLC

Society as a whole has experienced unexpected and overwhelming changes over the past year. These changes have undoubtedly caused people to consult with their Houston estate planning attorneys to address their long-term goals. Recent surveys by TD Wealth highlight several issues that have impacted estate planning.

Healthcare Costs Skyrocket, But That’s Not the Only Problem

As Americans continue to live longer, many families incur hefty healthcare costs long after they stop working. The surveys reveal that rising healthcare costs combined with market volatility present significant challenges to those creating Houston estate plans. Previously market researchers from TD Wealth found that one of the most significant threats to effective estate planning came from familial conflict.

Considerations for Texans Planning for Retirement

Published on: June 15, 2021 | By McCulloch & Miller, PLLC

It is never too early to begin thinking about retirement. In fact, the wisest people often begin planning and saving for retirement early on, understanding that doing so can pay off in a big way down the line. One question many Texas individuals have when thinking about their retirement plans is what type of assets they should plan to live off of in retirement and what assets they should be passing down to their children in order to be tax-efficient and living comfortably. A Houston estate planning attorney can be a vital asset in answering these questions.

What Are Your Retirement Goals?

An important first step in answering this question is asking an additional question: what are my retirement goals? Do you want to leave as much as possible to your children and grandchildren? Do you plan on supporting charitable organizations in retirement and through your estate? Once your goals are identified, you can begin to figure out how to have different accounts and assets titled and earmarked appropriately to ensure they transfer in the correct way. It is important while planning to plan for both your core assets and excess capital.