Houston Estate Planning and Elder Law Attorney Blog

Senator McCain’s Estate and His Legacy

Published on: September 26, 2018 | By McCulloch & Miller, PLLC

Some believe that Meghan McCain and her siblings will follow their father’s legacy of service. Questions about the estate he left behind are mostly known, as his family’s holdings were revealed by the opposition when he ran for the presidency.

The challenge about John McCain is less about his estate, than it is filling the void created by his absence in Washington.

Wealth Advisor reports in its recent article, “Tradition, Money, Dynasty: Can Meghan Keep the McCain Legacy Alive?” that there are several family trusts passing Cindy’s family property down from her parents to the McCain descendants. Those trusts hold the houses, her family beer business and various assets that are worth close to $200 million.

Can an Estate Plan Become a Legacy Plan?

Published on: September 25, 2018 | By McCulloch & Miller, PLLC

The old saying that the first generation builds the business, the second generation struggles to maintain it and the third squanders everything, is sadly, statistically true. However, creating a legacy might give you better odds of success.

If you’ve been responsible and had an estate plan created, you are way ahead of most of your peers. You’ve planned for your family and your heirs with a will, powers of attorney, an advanced directive and likely created the appropriate trusts to hold life insurance policies to minimize estate taxes and protect the proceeds from creditors. You may have even done some succession planning, using family trusts and other planning vehicles. However, will this be enough for a lasting legacy?

Forbes’ recent article, “How To Turn Your Estate Plan Into A Legacy Plan,” says that perhaps you’ve heard that legacy planning is the solution to your problem. However, you are worried about the expense. If you create a legacy plan, does it mean you’ve wasted time and money? No, it doesn’t. The documents you’ve already prepared for estate planning can most likely be used and incorporated into a more effective legacy plan. Let’s look at how to turn an estate plan into a legacy plan.

What Happens to a Business When the Owner Retires?

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

It takes time to build a business, and it can take just as long to create a strong succession plan.

Many business owners can’t imagine a life without the business they built, so they often postpone planning for their own retirement and the sale or transfer of the business. That doesn’t work out well.

There are steps to take when business owners decide to actively engage in planning for their business to continue to thrive after they step down. This article from Forbes, “Eight Factors To Consider Before Retiring From Your Business,” offers some useful tips.

URGENT: The VA Regulations Have Changed!

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

What is the VA Pension Benefit?

The Veterans Administration pension program provides monthly tax-free benefit payments to certain wartime Veterans or their surviving spouses who meet the financial and medical requirements. Claimants who are eligible for VA pension may also qualify for supplemental monetary payments, such as housebound or aid & attendance, if they meet additional medical requirements.

What are the new guidelines to applying and receiving VA Pension Benefits?

The recent regulation changes regarding eligibility requirements for needs-based benefits include:

* A thirty-six month look-back period in which certain transfers or gifts could be penalized.

* A new formula for calculating a claimant's net worth and a bright-line net worth limit.

* Restrictions on the amount of acreage of a claimant's primary residence which can be excluded in net worth calculations.

* Clarification on certain medical definitions and allowable medical deductions.

The new regulations go in to effect on October 18, 2018 and may drastically change a claimant's eligibility as well as their planning options. If you have questions about your current VA pension benefits or about obtaining VA pension benefits, please contact a VA accredited attorney today.

Veterans Planning Workshops

Discover how Veterans Benefits and long term-care planning can impact and lead to a better quality of life for you and your loved ones. We delve into the new VA regulations and changes to how Veterans and surviving spouses will receive pension benefits.

October 10, 2018 at 12PM

October 24, 2018 at 12PM

This blog will be updated frequently as we process the full regulations and changes to the VA Pension. Please plan to check back regularly.

Register Now For Our Upcoming VA Workshops

Special Needs Families Need Strong Financial Planning

Published on: September 10, 2018 | By McCulloch & Miller, PLLC

The cost of raising a child with special needs is easily twice that of an average child, and college costs are higher as well.

Families with special needs children need to plan their child’s future carefully in many regards, and financial concerns are, by necessity, a big part of planning. While the average cost of raising a child from birth to 18 is about $250,000, according to The American College of Financial Services, the cost to raise a child with special needs can easily be twice that amount. One of the challenges is preparing for the special needs child when its time to attend college.

WTNH’s recent article, “Financial planning for families with children with special needs,” advises that working with a team of different professionals can help parents manage both the financial and non-financial aspects of providing care. Here are some of the key roles:

If You Have 529 or ABLE Accounts, Be Prepared for Changes

Published on: September 7, 2018 | By McCulloch & Miller, PLLC

Tuition refunds, K-12 education costs and rollovers to ABLE accounts for disability-related expenses, will now reflect recent tax law changes.

New regulations that reflect changes from the 2015 Protecting Americans From Tax Hikes (PATH) Act, and the 2017 tax overhaul will be issued by The Internal Revenue Service (IRS) and Treasury Department, as reported by Think Advisor in the article, “IRS, Treasury to Issue 529 Plan Regs.”

Notice 2018-58 talks about changes to tax laws that will impact 529 plans related to tuition refunds, K-12 education and rollovers to ABLE accounts for disability-related expenses.

What Happens When an Estranged Daughter Shows Up…After Her Father is Gone?

Published on: September 6, 2018 | By McCulloch & Miller, PLLC

She says her father was suffering from Alzheimer’s disease, and that’s why he cut her out of the will. However, she also hadn’t seen or spoken to him for more than two decades.

There’s a big estate battle brewing in Britain, where the 61-year-old daughter of Reg Grundy, Kim Robin Grundy, is challenging her father’s second wife with a will contest. Kim, who goes by the name Viola La Valette, is after part of her father’s $900 million estate. The fact that she refused to see him, even while he was supporting her, is not making her a popular figure.

Starts at 60’s article, “Reg Grundy’s daughter says he had Alzheimer’s when he cut her from will,” says that the TV tycoon, who was responsible for Australian shows like Neighbours and Wheel of Fortune, died in May 2016 at the age of 92. He left the majority of his estate to his wife.

Not Wealthy? You Still Need an Estate Plan

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

There’s a saying about people who don’t have an estate plan created. They have a will, it’s just not the one that they want. Decisions are made by the state, and that includes who raises their kids.

If you’ve got young children under the age 18, says CNBC in a recent article, “You don’t have to be wealthy to put this estate plan into place,” you really need to make sure that you have a will. That’s where you can convey your wishes as to who should raise your children, in case tragedy hits and both you and your spouse are not able to.

If you die without a will, you won’t have the opportunity to designate the guardian you want to care for your minor children. Instead, a judge will decide this. It may be someone you really never considered for that essential responsibility.

Cousin of George Michael Says His Partner is Going to Challenge His Will

Published on: September 4, 2018 | By McCulloch & Miller, PLLC

The wishes of former Wham! singer George Michael are bring carried out, just a few months shy of the two-year anniversary of his death.

Among the information being shared by Andros Georgiou, a cousin of George Michael, is that all of the organizations and individuals who were mentioned in the late singer’s will have been contacted. However, that wasn’t the only news from Andros.

MSN reports, in the article “George Michael's lover is challenging his will after being left nothing, says cousin,” that Andros told the British newspaper, The Sun, that George Michael didn’t leave anything to Fadi Fawaz, who was George’s on-again, off-again partner since 2012. Fawaz also was the one who found Michael dead in bed in his home in the English village of Goring in Oxfordshire on Christmas Day 2016.

When Was the Last Time You Reviewed Beneficiary Designations?

Published on: September 1, 2018 | By McCulloch & Miller, PLLC

Talk about a train wreck waiting to happen: beneficiary designations from three or four decades ago can really create a problem for your heirs—or those you thought were your heirs.

Most people fill out beneficiary forms when they start a new job, open an investment account and open bank accounts. Then they forget about those forms—often for decades. Those people named as beneficiaries way back when, are now their heirs—whether they want them to be or not.

Wealth Advisor’s recent article, “Designated Survivor: Beneficiary Designations Can Make–or Break–Your Estate Plan,” reminds us that beneficiary designations override the terms of your will or trust. To avoid any unintended consequences, it’s very important to review your designations with your estate planning attorney. Think about the following: