Houston Estate Planning and Elder Law Attorney Blog

What are the Benefits to a Target Date Fund?

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

Target date funds are growing in popularity, in part because they don’t require investors to do anything in the way of fund management. Are they right for you? That depends.

Like any investment, there are pros and cons to using target date funds for retirement savings. The concept is easy to grasp—just pick the year you want to retire and select that fund that’s closest to that year. Say you’re 50 and you want to retire in 2034. You’d pick the 2035 fund. The fund is actively managed and rebalanced to adjust risks, as you get closer to retirement, explains Kiplinger in the article “Is a Target Date Fund Right for You?”

Target date funds are a good option for investors who aren’t intimately involved with their investments and who wouldn’t rebalance their investments on their own. These funds are also good for DIY investors because they’re a more comprehensive strategy than selecting funds based on past performance—which is the method often used by do-it-yourselfers. However, past performance doesn’t always indicate future growth.

Why Do I Need an Attorney’s Help with Estate Planning?

Published on: July 30, 2019 | By McCulloch & Miller, PLLC

When you die, the assets you’ve accumulated during your lifetime have to be distributed. If you don’t make a plan, your family may be left to clean up a legal mess, quarrel amongst themselves, or watch as a long-lost family member is given everything by a court decision.

An estate planning attorney helps clients, by making sure that the distribution of property after the person dies is done the way they wanted it done. While a plan may be simple or complicated, says the New Hampshire Union Leader in a recent article, “Estate planning is important and may require help from a professional,” working with an experienced estate planning attorney will save your family time, unnecessary costs and stress.

You definitely need to work with an attorney if your life falls into any of these categories:

How Advance Directives Are Used When the Diagnosis is Dementia

Published on: July 26, 2019 | By McCulloch & Miller, PLLC

The progressive nature of dementia makes advance directives necessary to manage the health care needs of the patient.

When adult children suspect that one or both of their parents may be suffering from the early symptoms of dementia, it’s a good idea to sit down with an experienced elder care attorney to start planning for the legal issues that will follow, says The Roanoke Times in the article “What to do in absence of advance directive.” If the parent is unwilling to cooperate, the attorney will be able to refer the family to a social worker or other professional who may be able to assist. In addition, a geriatric evaluation consultation with a board-certified geriatrician will help to clarify the medical issues.

It’s wise for anyone older than 55 to have advance directives in place, should they become incapacitated so a trusted agent can fulfill the patient’s wishes in a dignified manner. Think ahead and plan ahead.

Left Out of Dad’s Will, Court Awards Son $15 Million

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

The fight over Conrad Prebys’ $1 billion estate continues, three years after the San Diego developer and philanthropist died.

When the directors of the Conrad Prebys Foundation decided to give his son Eric $15 million, despite the fact that his father had left him out of the will, Preby’s longtime partner tried to sue them.

The San Diego Union-Tribune reported in the article “Court fight continues over control of $1 billion Prebys estate,” that in January, a San Diego Superior Court judge dismissed Debra Turner’s suit, holding that she had no legal standing to bring it. She then filed an amended complaint. However, the judge recently dismissed her lawsuit.

Is a Trust Right for Your Estate Plan?

Published on: July 24, 2019 | By McCulloch & Miller, PLLC

A trust is a complex document, but taking the time to read it a few times will prove enlightening. If you have questions, call your estate planning attorney, so they can help clarify anything you don’t understand.

Attorneys do try to simplify documents when they can, so that clients will have a better understanding of what goes into their estate plans. However, according to a recent article from Forbes, “A Beginner's Guide To Reading A Trust,” there’s still enough legal language in trusts that they can sometimes be confusing. Here are some basics about trusts.

First, familiarize yourself with the terms. There are basic terms of the trust that you’ll need to know. Most of this can be found on its first page, such as the person who created the trust. He or she is frequently referred to as the donor, grantor or settlor. It is also necessary to identify the trustee, who will hold the trust assets and administer them for the benefit of the beneficiaries, and any successor trustees.

When Is It Time to Update A Will?

Published on: July 23, 2019 | By McCulloch & Miller, PLLC

Notice that the title is not “if” you need to update a will, but “when.” A will is like the family pet—it can protect the house and demonstrate your love for your family. However, you have to take care of it.

People often comment when they complete their estate planning, that they feel so good to have done this very important task. It’s a great feeling to know that you’ve made the necessary preparations to protect your family and preserve your legacy. However, this is not a one-and-done event.

Thrive Global’s recent article, “7 Reasons Why You Need to Review your Will Right Now,” says it’s extremely important that you regularly update your will to avoid any potential confusion and extra stress for your family at a very emotional time. As circumstances change, you need to have your will reflect changes in your life. As time passes and your situation changes, your will may become invalid, obsolete or even create added confusion, when the time comes for your will to be administered.

These Money Mistakes Add Up Fast

Published on: July 22, 2019 | By McCulloch & Miller, PLLC

It’s not how much you earn, but how much you keep that makes the difference in lifestyle and retirement. Keep more of your hard-earned money, by making fewer money mistakes.

Some of the most common money mistakes cost thousands of dollars. All you need to do is pay attention to avoid them, says Motley Fool in the article, “5 Money Mistakes You Probably Don't Even Realize You're Making.” See if any of these sound familiar and take control of your financial health today.

No clue to recurring charges. Unless you regularly review your credit card bills, you can easily miss monthly charges that you don’t need, like not cancelling a gym membership. Some automatic monthly charges increase over time, which you won’t notice unless you’re checking those bills.

Where Will the Vanderbilt Wealth Go, If Not to Anderson Cooper?

Published on: July 19, 2019 | By McCulloch & Miller, PLLC

When Gloria Vanderbilt died at age 95, it was truly the end of an era. Her life included the high society world of old New York and the disco scene at Studio 54. However, her son Anderson Cooper reports that he won’t inherit any money from his mother.

Gloria Vanderbilt’s life in the spotlight began when she was very young. She remained in public view through a long and fascinating life. As a child, she and her trust fund were headlines in an epic divorce. Now that she has passed, speculation has reemerged about what happened to the Vanderbilt money. According to Trust Advisor’s article, “Does A Long Island Landscaper (And Not Anderson Cooper) Inherit Gloria Vanderbilt's Fortune?” the money may be long gone.

It’s reported that she had to sell off a few houses to pay the tax bills. Anything left behind is well-hidden in some estate planning documents. With her family fortune dwindling over time, Vanderbilt’s fashion empire came and went. However, the distributions kept coming to fill the holes.

Basics of a Special Needs Trust

Published on: July 18, 2019 | By McCulloch & Miller, PLLC

Parents of special needs children need to be especially proactive about planning for the future. Their planning should start with an estate plan, that includes a Special Needs Trust.

It’s one of the hardest things for any parent to think about, but for special needs families, planning for the child’s needs when the parents have passed, is particularly important. Trying to determine how much money the child will need while the parents are living and after they have died is complicated.

A recent Kiplinger’s article asks “How Much Should Go into Your Special Needs Trust?” As the article explains, a special needs trust, when properly established and managed, lets someone with a disability continue getting certain public benefits.

Overturned Will Costs Cab Driver Hefty Legal Fees

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

This bizarre story of an estate battle concerns a man who wanted to be driven to local pubs, a taxi driver and the passenger’s significant other.

A legal bill for an unusual estate battle must be now paid by a cabbie who had inherited a regular fare’s entire estate. The will was challenged by the man’s partner, who had been his heir, before the will was changed (over a pint in a pub) to favor the cabbie.

The New York Post’s recent article, “Cab driver slapped with massive legal fees after inheriting passenger’s estate,” explains that the bizarre story began years ago when British taxi driver Dean Hughes agreed to transport 348-pound Gary Mendez to various pubs. Many other cabbies refused to take him, because of his size.