Houston Estate Planning and Elder Law Attorney Blog

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.

Diagnosis for Early Onset Alzheimer Not an Easy Matter

Published on: May 18, 2018 | By McCulloch & Miller, PLLC

For younger patients, early-onset Alzheimer’s symptoms are usually disregarded or blamed on fatigue, depression or stress.

It often takes a very long time before a young person having problems with memory loss or confusion is diagnosed with Alzheimer’s disease. The Concord Monitor reports, in “Stolen Memories: Problems with diagnosis of younger-onset Alzheimer’s, the delay in diagnosis can lead to problems with work and health insurance coverage.

One-third of the people with younger-onset Alzheimer’s, who responded to a 2006 survey by the Alzheimer’s Association said it took them somewhere between one to six years to receive an accurate diagnosis of Alzheimer’s. Subsequent studies by the Alzheimer’s Association have estimated that as many as 50% of people of all ages with the disease never receive a diagnosis.

Did the New Tax Law Change Roth IRA Contribution Limits for 2018?

Published on: May 17, 2018 | By McCulloch & Miller, PLLC

If you are 50 or older, you can put $6,500 into your Roth IRA: that includes a “catch up” contribution of $1,000. Typical Roth IRA contributions are still limited to $5,500 a year. There are income limits, which you’ll need to be careful about.

One good thing about the new tax law: it raised income limits to qualify for the maximum contribution to a Roth IRA. However, the maximum contribution to a Roth IRA in 2018 is the same as 2017.

Kiplinger’s recent article on this topic asks “How Much Can You Contribute to a Roth IRA for 2018?” In its answer, the article explains that the maximum amount you can contribute to a Roth IRA for 2018 is $5,500, if you're younger than 50. Those age 50 and older can add an extra $1,000 per year in "catch-up" contributions. That is $6,500, which is the maximum contribution amount and the same as 2017.

Why Your Estate Plan Should Include Life Insurance

Published on: May 15, 2018 | By McCulloch & Miller, PLLC

We insure our homes, our cars and even our ability to work. We also buy life insurance, which could be the most important insurance policy you own and not just for when you have passed away.

People typically think of life insurance as a means of paying final expenses, such as funeral costs and leaving some money to family members. However, life insurance is more than a policy your heirs cash in when you pass. It can also work as a financial tool while you are living.

Benzinga’s recent article, “Life Insurance Costs and Payouts at Different Ages,” explains that a life insurance policy is a contract you have with an insurance company. You pay them a premium, and they will give a lump-sum payment to your beneficiaries when you die.

Are You Sure You’re Ready for Retirement?

Published on: May 14, 2018 | By McCulloch & Miller, PLLC

Use this checklist to be certain that you and your finances are properly prepared for retirement.

According to The Center for Retirement Research at Boston College, 20% of Americans are wrong about when they’ll be able to retire. That also means that 80% have it right—which group do you belong to? To make sure you are in the right group, take a look at this checklist from The Street, “8 Essential Steps to Achieve Retirement Success.”

Determine and Test Your Retirement Budget. Do a dry run of your future retirement lifestyle for six months before your intended retirement date. This will help you get a better understanding of how you can follow your retirement budget.

Can a Revocable Land Trust Shield Assets from Medicaid?

Published on: May 11, 2018 | By McCulloch & Miller, PLLC

Control of an asset is a key element, when Medicaid considers an individual’s eligibility.

A recent article from nj.com, “What revocable land trusts mean to Medicaid eligibility,” starts with what sounds almost like a warning: it’s not easy to protect or hide assets from Medicaid. A revocable land trust won't help to protect an asset from Medicaid's spend down requirements, because a trust that’s revocable can be revoked or terminated at any time by the grantor.

A land trust is a private agreement with the trustee agreeing to hold title to property for the benefit of the beneficiary or beneficiaries. The creator of the trust is called the settlor or trustor. This person is usually the titleholder to the property, before it’s transferred into the trust.

50 or Older? Here are a Few Retirement Questions for You

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

You don’t need to create a spreadsheet or write a book-length plan, but anyone in their 50s, who wants to have a successful retirement, is advised to start getting their thoughts organized.

Research shows that people who have more specific ideas of how they want to spend this part of their life, end up being more satisfied that those who just wing it. We think that’s because those who create a plan have also devoted some time and energy to considering what retirement means to them, what issues they may face and what is meaningful to them.

Forbes recent article, “5 Key Retirement Questions You Need To Answer When You're 50 Or Older,” boils it all down to a few key ideas.

Massive Sweep of Elder Identity Fraudsters but Millions More at Risk

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

The use of technology—including cell phones, emails and social media—has dramatically increased the number of potential victims.

There’s good news and bad news on the elder fraud front. Law enforcement recently conducted the largest sweep of elder fraud cases specifically targeting the elderly, according the article “Law Enforcement Conducts Largest Coordinated Elder Identity Fraud Sweep in History,” appearing in Security Intelligence. The U.S. Department of Justice announced that more than 250 defendants have been charged in the sweep, 200 of whom have been charged criminally.

Some of the identity fraud campaigns included a common grandparent scam where seniors were contacted and informed that their grandchildren had been arrested and needed bail money. Other scams told seniors they’d won the lottery but needed to pay a large fee to get the winnings or that they owed back taxes to the IRS.

Business-Owning Baby Boomers Need to Start Succession Planning

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

With an estimated 10,000 Boomers retiring every day, members of this generation who own businesses should already have their succession plans in place.

Exit or succession planning is a lot more complicated than most business recognize. It takes a long time if it is to be done properly. A recent article from Moultrie News, “Securing retirement through engaging in business exit planning,” says that not all business-owning baby boomers are ready.

Many soon-to-be retirees are closely-held business owners who have created and operated very successful businesses for years, but they’re now considering what their next move will be.