Houston Estate Planning and Elder Law Attorney Blog

How Singles Can Address Estate, Financial and Emergency Planning

Published on: July 16, 2018 | By McCulloch & Miller, PLLC

Not having a spouse makes it more important for singles to plan to protect themselves from a legal and financial standpoint.

Everyone should have a plan in place for incapacity, affirms fox5atlanta.com in a recent article, “Estate, emergency planning for single people.” This is especially true for singles. While married couples can usually rely on each other, or their adult children, in case of emergency, what happens to singles who don’t have family members? You need a backup plan and a backup person.

In many instances, singles don’t have a backup plan. If you are young and single, then you typically aren’t thinking about a worst-case scenario at all.

A Partial Checklist for Your Will

Published on: July 13, 2018 | By McCulloch & Miller, PLLC

Having a will prepared is a gift of kindness to your loved ones. They will appreciate the effort to care for them, after you’ve passed on.

If you need another reason to have a will prepared, consider the potential for conflict among loved ones who will have to guess about what your wishes were during a very difficult time. You can spare them that distress, by preparing your will and estate plan in advance.

US News & World Report’s article, “10 Steps to Writing a Will,” says that if you've been procrastinating on completing the task, here's your opportunity to cross it off your list. You can get going with these simple steps.

Blended Families Need to Blend Estate Planning Too

Published on: July 5, 2018 | By McCulloch & Miller, PLLC

Estate plans are as individual as the families that they are created for. Blended families need estate plans that address their own dynamics, including the resources and children that each spouse brings to the new family.

Blended families who marry, when children are young, are different from those who marry after their children are grown and have established their own families. Without years of living together as step-siblings, the dynamics may be considerably different.

Hometown Life’s recent article, “Blended marriages take careful estate planning,” discusses what happens when second marrieds combine their finances and must determine how to divide their estate. Their big question centers on how to address the kids, upon both of their deaths.

Bourdain’s Estate Planning, or Lack Thereof, Mirrors His Life

Published on: July 3, 2018 | By McCulloch & Miller, PLLC

Watching Anthony Bourdain travel the lesser known corners of the world and relish exotic foods and people was fascinating. However, that same approach does not work well, when it comes to more mundane matters, like estate planning.

What Anthony Bourdain’s family could have used was a disaster plan, based on his adventures that made for great television, as reported in Wealth Advisor’s recent article, “Anthony Bourdain Left Loved Ones In Limbo But The Heirs Will End Up Better Than Michael Jackson’s.” To date, there has not been any information about his estate. No attorney, advisor or agent has stepped up to convey any information to the public.

Although his life revolved around his personal participation in every venture, there’s no indication that the work can continue without him.

Have It Your Way, With a Will

Published on: July 2, 2018 | By McCulloch & Miller, PLLC

Without a will, decisions about your life, property and children will be made by someone who does not know you or your family. With a will, you have the ability to express your wishes. You need a will!

Having a will is not just for wealthy folks, who need to pass large amounts of money across generations. It is a legal document that protects you while you are living, protects minor children if you die and also distributes property after you pass. Less than half of all adults in America have an estate plan, according to a 2017 survey by Caring.com, and what’s worse, only 36% with children under the age of 18 have a will.

Inside Indiana Business’ recent article, “With a Will, It's Done Your Way,” explained that if you die without a will (i.e., intestate), the law of the state where you reside determines how your property will be distributed. For example, in Indiana, here’s what happens:

When is the Best Time to Start Taking Social Security?

Published on: July 2, 2018 | By McCulloch & Miller, PLLC

Consider these twin concepts—opportunity cost and delayed retirement credits—before you decide when to start taking Social Security.

By waiting until age 70, you’ll increase your monthly benefit, but at what cost? A recent article in Forbes, “Social Security Benefits: Getting Paid To Wait,” examines the dilemma. Money managers call it “opportunity risk:” if you take money from retirement accounts that would otherwise be invested and grow, in order to delay taking Social Security, you are risking the potential for that money to grow.

Can you plan for opportunity cost? Start by looking at whether to wait to take Social Security after your “normal” retirement age, which is 66 for most people. If you wait to claim at age 70, you’ll see the largest-possible Social Security benefit. If you’re not working, you’ll probably be withdrawing money from your retirement funds, which means that those funds won’t be able to grow for a period of several years. As a result, you’ll need to weigh the opportunity cost of not having funds growing tax-deferred in your retirement accounts, against the larger Social Security benefit you will eventually get.

Selecting an Executor: Not Always Easy

Published on: May 24, 2018 | By McCulloch & Miller, PLLC

Don’t delay finalizing your estate plan, because determining who to name as your executor is difficult. Here’s some help to figure out how to make this important decision.

If there are no family members or friends with the necessary skills, your best option may be to name your attorney as the third-party executor of your will. A useful article from nj.com, “Who should be executor of your will?” explains how this works.

An executor is a person you name in your will or who is appointed by the court and is given the legal responsibility to address a deceased person's remaining financial obligations. An executor is responsible for paying debts and creditors, filing tax returns, paying taxes, and distributing the estate's assets, pursuant to the deceased person's wishes as stated in the will.

Finding the Right Assisted Living Facility for Now and the Future

Published on: May 23, 2018 | By McCulloch & Miller, PLLC

People moving into an assisted living facility, should do a lot of research to make sure they get the quality care and the services they need. Their lives may depend on it.

Life in an assisted living facility is a welcome alternative to aging seniors who are no longer able to remain in their own homes, but don’t want or need to live in a nursing home, which often feels like living in a hospital. They can receive the services they need, while enjoying a full roster of activities and the companionship of their peers. It sounds like a good plan, and in many cases, it is.

However, Consumer Reports’ recent article, “5 Steps for Choosing the Right Assisted Living Community” says that finding the right residence can be a huge challenge.

What You Need to Know About Charitable Giving

Published on: May 22, 2018 | By McCulloch & Miller, PLLC

Even with the new tax laws in place, there are still advantages to philanthropy, at all levels of giving.

There are many ways to support causes that matter to you. Some charitable giving can be incorporated into your estate plan, according to Investopedia’s article, “A Primer on Philanthropic Vehicles.” However, some people enjoy giving while they are living, to have control over their generosity and enjoy the positive impact their giving has on others.

Cash is the most basic donation and is one that most people know about. That’s as simple as writing a check to the charity or other tax-qualified organization of your choosing.

When Special Needs Children Become Legal Adults

Published on: May 21, 2018 | By McCulloch & Miller, PLLC

The saying “little children, little problems, big children, big problems,” is particularly appropriate for parents of special needs children. Preparing for the next phase takes time, so it’s best to begin the process, once they celebrate their 17^th birthday.

One of the many decisions that parents need to make before a special needs child becomes a legal adult, is whether or not the child needs a guardian, or if the parents need a power of attorney, as detailed in a helpful article from Effingham (IL) Daily News, “Teaching parents about guardianship of disabled children.”

Once a child is age 18, the parent is no longer the child's legal guardian.