Houston Estate Planning and Elder Law Attorney Blog

How Much Life Insurance Do You Need?

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

Everyone’s needs are different. For most people, one large policy is enough. However, what if your life is not like everyone else’s? How do you know how much coverage you need?

Most people never really think about adding more life insurance, once they buy a policy. They figure they have that policy and insurance through their job. However, what if you wanted to have more coverage? This recent article from Nerd Wallet, “Can You Have More Than One Life Insurance Policy?” explains some life insurance basics.

First, you can own several policies from different companies. However, when you apply, insurance companies will inquire about your existing coverage to make certain that the amount you want is reasonable.

How Taking Social Security at 62 Makes Sense in Some Tax Brackets

Published on: October 9, 2018 | By McCulloch & Miller, PLLC

If you’re living on your retirement savings, while waiting to start taking Social Security benefits to full retirement age or even age 70, you might be costing yourself thousands in taxes.

It’s annoying. There’s no way around it. You’ve worked your whole life, and paid taxes on those earnings. Now you have to pay taxes on your Social Security benefits. However, depending on your asset level, you may want to start getting those benefits earlier, says this article from Kiplinger, “Why Wealthy People May Want to Take Social Security at 62.”

There are many good reasons to wait and take Social Security at full retirement age to get the full benefit amount. In waiting longer to file, the benefit can grow 8% a year from full retirement age to age 70. However, this one-size-fits-all advice may not be appropriate for everyone, especially for the wealthy.

What Happens in Your World After You Die?

Published on: October 8, 2018 | By McCulloch & Miller, PLLC

We’re not talking about what happens to your soul, or if you are headed to a peaceful place, or even what happens to your physical remains. Have you thought about what happens to the world you leave, your family and friends and your possessions, after you die?

Let’s say you don’t believe in anything in particular. Or you’re deeply spiritual and believe that death will be a wonderous journey. Either way, you should devote time and energy to what happens right here on earth after you die, says Forbes in the article, “What Will Really Happen After You Depart?”

No, not just because it’s the right thing to do and not just because you’re curious. It’s because you want your family to remember you for the awesome legacy you plan on leaving, not because of the horrible hot mess you left behind that they spent three years trying to figure it out, while trying to live their lives.

New Law in Massachusetts Enhances Treatment and Support for Alzheimer’s and Dementia

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

“H.4116 An Act Relative to Alzheimer’s And Related Dementias in The Commonwealth” is now law in Massachusetts, following an August 15 ceremony.

A ceremonial signing took place in Massachusetts Governor Baker’s office as community members, legislators and members of the administration gathered at the Alzheimer’s Association’s Waltham office, where the governor signed the new bill into law.

“Raising awareness about Alzheimer’s and dementia is key to supporting the Massachusetts families who are impacted by this horrible disease,” Governor Baker remarked in an article in the Framingham Source, “Governor Baker Signs Law Strengthening Alzheimer’s and Dementia Treatment in Massachusetts.”

A Whole Lot of Soul, But No Estate Plan

Published on: September 28, 2018 | By McCulloch & Miller, PLLC

The big buzz about Aretha Franklin is the gold-plated casket, the Christian Louboutin patent leather shoes and the fact that she died without a will.

The Queen of Soul’s four sons have filed a document that lists themselves as “interested parties” in her estate, according to an article from cbs.com titled “Report: Aretha Franklin left no will.”

A document that was said to have been filed with the Oakland County Probate Court in Michigan and signed by her son Kecalf and her estate attorney David Bennett noted the absence of a will.

Single Parents Need to Plan and Balance for Financial Stability

Published on: September 27, 2018 | By McCulloch & Miller, PLLC

Without the security of a spouse’s income, single parents must balance their children’s needs with their own retirement savings goals.

Single parents who have to say no to their children over and over again, struggle with wanting to say yes when money is tight and there’s no room in the budget for the latest fashions or games. However, the last thing a single parent wants to do is convey a lack of financial discipline. A financial plan can help a single parent stay on track.

CNBC’s recent article, “Five financial essentials for single parents,” says that when single parents try to satisfy their kids, it can lead to a severe unintended consequence: placing their children ahead of their own retirement needs.

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