Houston Estate Planning and Elder Law Attorney Blog

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.

What You Need to Know About Evictions from a Skilled Nursing Facility

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

With legal actions and media attention surrounding resident evictions, skilled nursing facilities (SNF) are learning more about what they can and cannot do. Seniors and families also need this information.

It’s hard to imagine an 83 year old being booted out of a nursing facility, but as seen in the case of Gloria Single, a resident of a California facility, it does happen. In this case, a legal battle over an allegedly improper eviction has followed.

A recent Skilled Nursing News article, “What SNFs Should Know About Proper Protocols for Resident Eviction,” reports that the whole eviction and proceeding appeals process can be daunting, and residents are often so intimidated by the process that when they receive an eviction notice, they just pick up and leave. They’re too afraid to do anything else.

Top Three Tax Mistakes by Retirees

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

Many things change when you retire, including tax strategies. Steps that you took when you were working, may now work against you. Knowing what has changed and what you need to do can help avoid unnecessary tax liabilities.

Tax planning is different after retirement. You might think that a lower income level and fewer deductions are the only changes, but it’s not that easy. You have to understand how retirement benefits and investment returns are impacted by federal and state laws, according to a recent article in Kiplinger, “3 Tax-Planning Mistakes Retirees Too Often Make.” Here are the three most commonly made mistakes:

Tax Loss Harvesting. Tax loss selling means selling a capital asset, like a stock, for a loss to offset a gain realized by the sale of other investments. The result is that the investor avoids paying capital gains on recently sold investments. Retirees with stock holdings should review their holdings every year to determine their market exposure and any tax consequences of selling stocks with substantial capital gains.

Add Digital Planning to Your Estate Planning Checklist

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

With few exceptions, most of us are living digital lives. That includes basics like sharing family news on social media and storing photos in the cloud, as well as financial information. Your digital life needs to be part of your estate plan, now more than ever before.

Your executor and your heirs are likely to run into trouble if you don’t have a digital estate plan, advises a recent Morningstar article, “Do You Have a Plan for Your Digital 'Estate'?”

The article reminds us that not every aspect of an estate will be addressed quickly, even six months later. This includes questions about how to handle the files on the decedent’s computer or the stuff on his smartphone. His social media accounts may also still be up and running.

Who Pays Taxes When Mom and Dad Make a Generous Gift?

Published on: January 22, 2018 | By McCulloch & Miller, PLLC

First, say thank you. Then, learn more about the rules about paying taxes on a financial gift.

Couples whose families are generous enough to give them help towards buying their first home are often concerned with what, if any, tax liability may be created. Do they have to pay taxes on the gift? Do their parents or in-laws pay taxes?

The tax laws on gifts can be pretty confusing, says nj.com in an article, “Are taxes owed on gift from in-laws?”

How Estate Planning Protects Your Loved Ones

Published on: January 19, 2018 | By McCulloch & Miller, PLLC

Estate planning is not just for people who live in mansions. Quite the opposite! Everyone needs to have an estate plan to protect themselves while they are living and to protect loved ones when they pass.

Having an estate plan can eliminate confusion, expensive delays and overall bad outcomes, according to an article appearing in The Martha’s Vineyard Times, “Estate planning.” Think of it as a way to communicate your wishes and cushion your family during a really tough time.

Work with an experienced estate planning attorney. If you’re a couple, you each need to have your own will to say who gets your property following your death. In many instances, the spouses select each other.

Why You Need Long-Term Care Insurance

Published on: December 14, 2017 | By McCulloch & Miller, PLLC

The cost of long-term care insurance may not be cheap, but the cost of long-term care is extremely expensive, and is only moving higher.

Long-term care insurance is costly, but health care costs for seniors who need long-term care could easily undo decades of retirement planning. Here’s what you need to know about the costs and benefits of long-term care insurance.

The Chicago Tribune’s recent article, “Thinking of buying long-term care insurance? Consider these costs,” reports that a 2015 cost of care survey from insurance company Genworth Financial estimated the national median cost of care for a home health aide to be almost $46,000 annually, while the national median cost for a private nursing room home is more than $91,000 annually.

Getting Off to the Right Start the Second (or Third) Time Around

Published on: December 13, 2017 | By McCulloch & Miller, PLLC

With the number of late in life marriages among older Americans on the rise, it is best to address financial, legal and blended family issues before walking down the aisle.

We Americans like to be married. So much so that, according to the U.S. Census Bureau, about a third of us have tied the knot at least twice. While the trend for younger adults is to delay getting married or not to marry at all, the number of Americans age 55 and up getting married again is on the rise.

The Flagstaff (AZ) Business News recently published an article, “Financial Issues to Consider in Remarriages,” which suggests that you should be candid about your financial situation. Couples who are marrying for the second (or third) time frequently have financial baggage. You should eliminate issues later in the marriage by having open and honest discussions about assets, debts and obligations. Think about the following questions to get the talks started:

Latest Trend in Senior Housing: A Micro-House for Grandma

Published on: December 12, 2017 | By McCulloch & Miller, PLLC

Parking a “granny pod” in the backyard may be the best way to have aging parents near, but not under, your own roof.

Finding suitable and affordable housing for aging parents is a real challenge for many families. A senior lifestyle community may be too expensive, but living on their own may be risky for them and worrisome for adult children. AARP reports that about 23 million Americans are caring for their elderly parents, but may not be able to or want to have their parents move in with them.

Older adults relocating to be closer to relatives, may soon have another alternative: a "granny pod" or micro-house. These small homes are designed for accessibility, but are compact enough to fit in a backyard.