Houston Estate Planning and Elder Law Attorney Blog

Medicare Doesn’t Cover Everything

Published on: July 8, 2019 | By McCulloch & Miller, PLLC

Life before Medicare was a real struggle for seniors without healthcare coverage. Today’s program still works wonders, but it doesn’t cover everything.

Once you turn 65, you are eligible to take part in the Medicare system of healthcare. It can be a little confusing to apply, and sometimes a little hard to figure out what it will and won’t cover. Traditional Medicare, also known as “Original Medicare,” should cover most of your medical expenses through Medicare Part A and Part B. Part A is all about hospital insurance: inpatient stays, skilled nursing facilities for some costs, surgery, hospice care and some home health care. Part B helps to pay for things like some medical equipment and supplies, some preventive services, doctor visits and outpatient care. Three months before you reach age 65, you need to sign up for Medicare.

Kiplinger’s article, “7 Things Medicare Doesn't Cover,” takes a closer look at what isn't covered by Medicare, plus some information about supplemental insurance policies and strategies that can help cover the additional costs, so you don't end up with unanticipated medical bills in retirement.

What to Do With a Timeshare When the Owner Dies Without a Will

Published on: July 5, 2019 | By McCulloch & Miller, PLLC

Some people love their timeshares and plan their getaways around the timeshare company’s offerings. Others are excited at the start, and then find that it simply doesn’t work for them. For heirs, a timeshare can be problematic.

When a timeshare owner dies, the timeshare will usually be part of the deceased owner’s estate, according to nj.com’s recent article, “My dad had a timeshare and died without a will. I don’t want it. What do I do?” The contractual obligations of the timeshare owner become the responsibility of the next-of-kin or the beneficiaries of the estate.

When the timeshare company hears of the owner’s death, they may keep sending letters to him for his expenses. Is there any way that the owner’s children could be held responsible for the timeshare expenses?

Digital Assets and Your Estate Plan

Published on: July 3, 2019 | By McCulloch & Miller, PLLC

Digital property needs to be addressed in your estate plan just as tangible assets like real estate. Not planning for a digital afterlife is increasingly important.

How many hours do you spend on your smart phone, laptop or desktop, busy with work emails, personal emails, social media platforms, gaming, networking and more? In addition to the time spent, chances are good you have many digital properties: photos, music, financial accounts and more. Today’s estate plan needs to include your digital afterlife.

Without a clear plan in place, it can be a major headache for your family when you pass away, says The Street in the recent article, “Estate Planning in a Digital World.”

How Does a Medicaid Annuity Work?

Published on: July 1, 2019 | By McCulloch & Miller, PLLC

When one spouse needs nursing home care and the other is healthy, there are several approaches that can be taken to securing Medicaid coverage. An elder law estate planning attorney should be contacted, since every situation is different. For some couples, a Medicaid-compliant annuity may be a solution.

What happens when one person needs long-term nursing home care, but does not have long-term care insurance and the family cannot afford to pay out of pocket? Applying for Medicaid is difficult if you have too much money to qualify, but not enough to allow the healthy spouse to afford to pay their bills.

Doing a “Medicaid spend down” requires the person to become broke, before they are eligible. What happens to the spouse’s lifestyle? One solution is a Medicaid Annuity, as described in U.S. News and World Report’s recent article, “What Is a Medicaid Annuity?”

Why Are Handwritten Wills Risky?

Published on: June 27, 2019 | By McCulloch & Miller, PLLC

While there are a surprising number of states that do accept holographic or handwritten wills, there are still requirements that must be met, or the will is deemed invalid.

After her death last August, it was thought that Aretha Franklin had no last will and testament. However, as relatives have been going through her home and personal effects, it appears that not only did she have a will, she handwrote three wills, including one that was found stashed under a cushion.

Each of Aretha’s wills is handwritten. The three documents have been submitted as part of the probate process to have the court determine if any of them will have legal standing.

Elder Abuse Numbers Continue to Increase

Published on: June 25, 2019 | By McCulloch & Miller, PLLC

The number of seniors being exploited or abused quadrupled from 2013-2017. Tracked now by a number of financial institutions that submit data to FinCEN, a federal government watchdog agency, elder abuse has become a national epidemic.

More than 180,000 Suspicious Activity Reports submitted by banks to the federal government were analyzed by the Consumer Financial Projection Bureau (CFPC). For professionals working in estate planning and probate law, the numbers are not surprising. They routinely hear tales of exploitation by scammers, family members and caregivers from families who are seeing elderly loved ones being taken advantage of, says ABC 15 Phoenix’s recent online report, “Protecting seniors from financial predators.”

Families reach out to these attorneys who specialize in senior issues because they're concerned that a grandparent or parent is being scammed.

Can I Sell A Long-Term Care Insurance Policy?

Published on: June 17, 2019 | By McCulloch & Miller, PLLC

If a couple is thinking that they can sell the long-term care portion of a policy, because their HMO will cover the cost of long-term or skilled nursing care, they need to think again.

All too often, people think that they have found a simple solution to a complicated problem, and then it turns out that it doesn’t work the way they thought it would. To prevent an expensive mistake, speak with an experienced estate planning attorney, before making an expensive mistake.

While there is a market to sell life insurance through what is known as a life settlement, there’s no market for long-term care policies.

Is a Death Tax the Same as an Inheritance Tax?

Published on: June 14, 2019 | By McCulloch & Miller, PLLC

Estate tax, death tax, income tax and inheritance tax: what do they mean for your estate and your heirs? You’ll want to be sure to know the difference between them, as you create your estate plan.

Most people don’t have to worry about the federal estate tax, which is often referred to as the death tax. Unless your estate is valued at more than $11.4 million ($22.8 for couples), you won’t be paying this tax. However, says Forbes in a recent article, “Eight Things You Need To Know About The Death Tax Before You Die,” that doesn’t mean your estate and your heirs won’t have to pay income taxes or inheritance taxes.

Assets in your name only and everything else you had control over will be added into your gross estate. For example, all stocks, bonds, bank accounts and life insurance death benefits are included, as well as any real estate, business interests, jewelry, household furnishings and artwork.

What Single Parents Need to Know About Estate Planning

Published on: June 12, 2019 | By McCulloch & Miller, PLLC

Estate planning requires making some of the most important decisions a parent can make for their child’s well-being.

Single parents need to plan in advance for what will happen to their children, whether they are minors or adults. That includes preparing for the parent’s incapacity, as much as it does for their passing.

Talk to a qualified estate planning attorney and let him or her know your overall perspective about your children, and what you see as their capabilities and limitations. This information can frequently determine whether you restrict their access to funds and how long those limitations should be in place, in the event you’re no longer around.

Could Aretha’s Handwritten Wills Be Valid?

Published on: June 10, 2019 | By McCulloch & Miller, PLLC

Despite early reports that she had no will, it seems the Queen of Soul spent a fair amount of time creating three wills to provide for her four sons and leaving behind some strong opinions of the people in her circles. She just didn’t share those wills with her attorney.

When Aretha Franklin died of pancreatic cancer last August, it seemed that she had joined the ranks of many celebrities who never created their wills or thought much about what they wanted their legacy to be.

The Detroit News’s recent article, “Handwritten wills found in Aretha Franklin home favor her four sons” reports that three handwritten wills have been discovered in one of her homes.