Houston Estate Planning and Elder Law Attorney Blog

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:

Deciding About Putting Your Estate Plan Online?

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

Whether your estate plan documents are stored in the cloud or a filing cabinet, make sure to tell your family members, representatives and executors where you’ve placed these important documents.

Chances are you spend a lot more time online with your digital assets than you think. With digital assets and our comfort level with life online growing daily, it’s a matter of time before your start wondering about placing your documents in the cloud. However, as noted by CNBC in a recent article, “Here's what you need to know before storing your will online,” there are pros and cons to this brave new world.

Some of the benefits to storing important information online, include portability and ease of access. Your documents will be available anywhere there’s an internet connection.

Medicare Facts and Penalties You Need to Know

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

Start with the basics, to make sure you’re making informed decisions.

Created in July 1965 as part of the Social Security Act, Medicare is how most adults over age 65 cover their healthcare costs. Medicare has four parts. They are Part A: Hospital, Part B: Outpatient Services, Part C: Medicare Replacement and Part D: Prescription Drugs. This useful article from Think Advisor, “Essential Medicare Facts & Penalties Advisors Should Know on One Page,” covers Medicare fundamentals.

As a general rule, if you are 65 and you or your spouse have paid Medicare taxes for at least 10 years, you may enroll in the program. Those under 65 may also enroll, if they are disabled or have end stage renal disease.

The Empire State Takes Steps to Protect Seniors from Abuse

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

Talk about going big–New York’s Governor Cuomo is expanding services for seniors at risk of elder abuse with an $8.4 million package, combining state and federal funding.

Governor Cuomo announced that services for vulnerable adults at risk of abuse, neglect or financial exploitation will be improved through a new initiative developed by the state’s Office of Victim Services and the Office for the Aging, named the Elder Abuse Interventions and Enhanced Multidisciplinary Teams Initiative.

The program will fund and support 23 existing multidisciplinary teams that are now fighting elder abuse and will establish additional teams to serve every county in the state by the fall of 2020, according to the website, longisland.com’s article, “Governor Cuomo Announces $8.4 Million To Combat Elder Abuse And Financial Exploitation Statewide.”

New Tax Law Calls for An Estate Plan Review

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

Don’t assume that the new tax law means that you don’t need an estate plan. If anything, you need to review your estate plan to make sure you’re not missing out any new opportunities.

When was the last time you reviewed your estate plan? If it’s been more than a few years, you could be risking making some big mistakes, in terms of taxes and what you leave behind for your loved ones.

The new tax law in effect doubles the federal estate-tax exemption to roughly $11.2 million per person. As a result, most people won’t be subject to federal estate tax. However, before you unfriend your estate planning attorney on social media, understand that the drastic increase in the federal exemption amount means that old wills and trusts may be in dire need of an update.