Houston Estate Planning and Elder Law Attorney Blog

Mortality Rates Might Make You Think Twice About Claiming Social Security

Published on: April 20, 2018 | By McCulloch & Miller, PLLC

They say that numbers don’t lie—and you definitely want to know about this data!

Before you decide to retire at age 62 and start taking Social Security benefits, you may want to dig a little deeper into the statistics, especially if you are a man.

“Your life might depend on your decision,” MarketWatch notes in its article, “Why early retirement can be a killer.” This is because there’s a significant increase in mortality among men who retire at 62 and begin receiving Social Security, according to a new study that recently was distributed by the National Bureau of Economic Research.

What Free Services Does Medicare Provide?

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

Ben Franklin said, “An ounce of prevention is worth a pound of cure.” That’s why Medicare provides free screenings and examinations focused on prevention.

Yes, you still have to spend a lot of out-of-pocket money on healthcare, but a recent article in AARP ,“10 Free Services Medicare Provides,” reports that the Affordable Care Act (ACA) expanded access to free preventive care, including a number of screenings and examinations. These are all helpful to maintaining good health.

A “Welcome to Medicare” Preventive Visit. Available only in the first 12 months you’re on Part B, this visit includes a review of your medical history, some screenings and shots, measurements of vital signs, a vision test, a review of potential risk for depression, the opportunity to discuss advance directives, as well as a written plan detailing the screenings, shots, and other preventive services you should have. This visit is covered only once, but it’s a good perk.

Proper Planning for the Distribution of an IRA

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

The rules for IRA distributions can be complicated. Unforeseen circumstances can make things even more complex. Understand the rules, so the money goes where you want it to.

What happens if you designate each of your two adult children as 50/50 beneficiaries of your IRA, and then one of them dies? Will the funds go to your grandchildren?

MarketWatch answered that question in its article, “Who gets your IRA when you die? It’s not so simple.” The answer to what happens to the IRA money is dependent upon what the beneficiary designations say and when one of the children passes away. The beneficiary designations state how it will be distributed. However, that may not be what is written in your will.

Tom Benson Excludes Daughter and Grandchildren from his Will

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

Before he died, the owner of the New Orleans Saints and Pelicans gave millions of dollars of property to his daughter and her children, but they were not included in his last will and testament.

The last will of multi-millionaire Tom Benson, who owned several professional sports teams and other businesses, did not include his daughter and her children, according to an article from KPVI, “Though excluded from his will, Tom Benson’s daughter and grandchildren received much from family patriarch.”

Following Benson’s death, court records indicate that his third wife Gayle became the sole beneficiary of an estate controlling New Orleans’ NFL and NBA franchises, as well as the Dixie Brewing Co. There were other valuable businesses or properties in the estate: three car dealerships, the site of Benson Tower and Champions Square, a $3.6 million Uptown mansion, a racing stable and a parking lot used by fans attending Saints or Pelicans games.

Guardianship Nightmares Surge in Unregulated Environment

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

With a growing population of elderly, the lack of regulations and oversight has led to a disastrous situation for adults who lose civil liberties via guardianship proceedings.

A review by the Reading Eagle of court documents in three Pennsylvania counties show that when it is necessary for Adult Protective Services to intervene, agencies prefer having professional guardians rather than family members.

The story, “Finding solutions to Pennsylvania's troubled system of naming guardians,” reports that over the past two decades, filings statewide have risen 28%, faster than the increase of people 60 and older—the demographic most likely to be in a guardianship. In fact, the system in Pennsylvania already shows signs of strain: the Philadelphia Orphans Court is willing to retain a felon convicted of financial fraud as guardian to dozens of incapacitated adults, because of a shortage of professionals able to assume her caseload.

Does Your Estate Plan Match Your Life Right Now?

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

Remember to update your estate plan, especially if your life includes events like new kids, a new marriage or the death of a loved one.

If you love your family, you’ll keep them in mind when considering whether to make an appointment to update your estate, as you go through the inevitable changes of life. Not doing so can create financial and emotional burdens. That’s probably not how you want to be remembered.

According to a recent Newsday article, “Make sure your estate plan keeps up with life changes, experts say,” estate planning may seem overwhelming and depressing because it deals with issues of aging. Some people believe that estate planning is just for the very rich.

Are You Saving Enough for the High Cost of Assisted Living?

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

If you haven’t been saving for retirement, maybe you’ll do better if you are focused on saving for assisted living. One well known survey, 2017 Genworth Cost of Care Survey, reports that you’ll need $1,517 a month for adult day health care. Those fees are only going in one direction—up!

Adult health day care is not inexpensive in our country. If all you need is adult day health care, consider yourself lucky. It’s a bargain at more than $1500 a month, compared to $3,750 for an assisted living facility, $3,994 for home care services, and $4,099 for home health aides.

If you want some privacy, the median cost is $7,148 for a semiprivate room at a nursing home and $8,121 for a private room. Will you be able afford it? Wealth Advisor poses this question in its recent article, “Have Clients Planned For Long-Term Care?”

Lucky Enough to Have an Employer Match?

Published on: March 12, 2018 | By McCulloch & Miller, PLLC

You’d think no one would want to turn down free money. Yet that’s exactly what many working Americans do!

One out of five Americans—20%—don’t take advantage of a terrific benefit: employee sponsored retirement savings accounts that include an employer match of some and sometimes all the employee’s contributions. Most workers do contribute more than enough to enjoy the benefits of their employer’s match, but what’s up with those 20%?

USA Today recently ran an article, “1 in 5 Americans are making a terrible 401(k) mistake” that says this may be one of the worst retirement mistakes you can make. While it may not look like a lot of money to ignore right now, you’d be surprised at the difference it can make when you retire.

Gifting Your Own Funeral: Reasons to Pre-Plan

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

Planning your own funeral sounds morbid, but if you think of it as a gift that alleviates pressure and decision making for your loved ones during a very difficult time, it might make it easier to move forward.

Usually the call comes to the estate planning attorney from a child or close family friend: did Mrs. Jones leave any documentation behind about her wishes for her funeral, did she want to be cremated, or what kind of memorial service did she want? In most cases, there are no instructions, and the family must make quick decisions and hope that they have done what their loved one would have wanted.

Inside Indiana Business’ recent article, “The Gift of Pre-Planning a Funeral” explains that if your wishes are documented, it can help eliminate your family’s stress during a highly emotional time. A 2017 study by the National Funeral Directors Association found that while 66% of Americans believe that pre-planning is important, only 21.4% had actually completed the exercise.

Have the Discussion Now About Inheritance and Estate Plans

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

This is easier in some families than others, but discussing your parent’s estate plan and assets while they can still have that conversation is important for millennials.

Think of it this way: you can have an awkward conversation with your parents now and everyone can get more comfortable with the discussion and the topic, or you can launch into a screaming match when Mom and Dad are gone, the family is grieving and there are no parents around to soothe embattled siblings.

No matter how you look at it, this conversation will be uncomfortable. This is because it’s based on one ominous certainty: that the people we love are going to die.