Houston Estate Planning and Elder Law Attorney Blog

Not Your Everyday Yard Sale: Houston’s New Estate Sale

Published on: June 3, 2016 | By McCulloch & Miller, PLLC

Whether for reasons of death or divorce, an estate sale can be an emotional roller coaster. Prepare yourself for challenges so that you are not taken by surprise when possessions unleash a flood of memories.

It's not always easy to make rational decisions when handling the logistics of an estate sale, explains a recent post on WCPO, "4 tips for dealing with the emotional side of estate sale planning." Here are four good suggestions for dealing with the emotions that often accompany such an endeavor.

Get advice. Don't take on this responsibility alone. As you begin the process of selling the contents of an estate, find yourself a support system. This can include members of your family, friends, and experts (like an estate planning attorney). These folks can provide you with valuable advice, and you may feel more comfortable when you've considered input from others. Given that this is an extremely emotional experience; you might also want to talk with a member of the clergy or a counselor as you go through the steps of preparing for the estate sale.

Retirees Are Changing Things Up-Could Houston be a Hot Destination?

Published on: June 2, 2016 | By McCulloch & Miller, PLLC

The entire US is up for grabs for retirees who are moving to a wide variety of location—from the mountains of Montana to the moderate temperatures of South Carolina. Is Houston a hot spot?

Once upon a time, if you lived in the north, your default retirement destination was either Arizona or Florida. Today, retirees are looking for low taxes, nice weather and an active lifestyle. They are finding it in many different locations.

The New York Daily News explains this and more in its article, "Forget Florida and Arizona — today's retirees are branching out all over the U.S." Women continue to live longer than men, but the difference has narrowed as the lifespan of males has grown consistently within recent decades. This means that the chances are better now that a married woman will spend additional time in retirement together with her partner than as a widow. Retirees are taking advantage of this additional time together by heading to new territories.

When Power of Attorney Forms Are Refused

Published on: June 1, 2016 | By McCulloch & Miller, PLLC

This is one of those problems that you think you've solved, only to discover that the problem still exists. The best workaround we can think of: overdoing due diligence, well in advance.

When you took the necessary and advisable step to have a parent or other relative sign a durable power of attorney, you might have felt relieved, secure in the knowledge that you were now prepared and protected to handle their finances if they become incapacitated.

However, The New York Times explains in “Finding Out Your Power of Attorney Is Powerless” that when you take the witnessed and notarized document to a financial institution, the officials there may not accept the documents. They may not honor your power of attorney and may insist that the account owners sign the institution’s own power of attorney form.

U.S. Department of Justice Creates Several New Elder Justice Task Forces

Published on: May 27, 2016 | By McCulloch & Miller, PLLC

Nursing homes that give substandard care to residents are the target of new Elder Justice Task Forces intended to move faster in targeting and penalizing certain facilities.

The National Review reports in "DOJ Task Forces Target Elder Fraud in Health Care" that teams from several Elder Justice Task Forces deployed by the U.S. Department of Justice will go after heath care providers who commit crimes against residents and patients, most of whom are elderly and vulnerable.

The Elder Justice Task Forces have a goal of coordinated, joint investigations to allow for quicker enforcement actions and prosecutions. These Task Forces combine federal, state, and local resources from law enforcement, the U.S. Department of Health and Human Services, state adult protective services agencies, long-term care ombudsman programs, U.S. attorneys' offices, state Medicaid fraud control units, and state and local prosecutors' offices.

How Powers of Attorney Are Used in Planning for the Future

Published on: May 25, 2016 | By McCulloch & Miller, PLLC

The same level of advance planning needed for a new baby or for a child going to college is necessary for retirement and estate planning.

Decisions about housing, income, health care and your heirs' lives after you pass away are not always easily made. These decisions involve emotional, financial and legal considerations. Timing these decisions and creating the necessary documents requires good planning, as many of these decisions must complement each other.

According to The Harvard Press in "Older & Wiser: Powers of Attorney," the complexity of these issues leads most people to seek professional assistance regarding retirement living and estate planning. While many of us are tempted to avoid uncomfortable decisions, careful planning can save you thousands of dollars and can help you avoid unnecessary guardianship or institutionalization.

Six Key Houston Estate Planning Documents To Protect Your Loved Ones

Published on: May 23, 2016 | By McCulloch & Miller, PLLC

Privacy and a faster resolution to settling estates are just two good reasons to create an estate plan.

You really don't have to be a millionaire or famous to create an estate plan, as noted in an article appearing on the Forbes' website, "Prince and Estate Planning: What We Can Learn from the Late Musician's Financial Picture." All you have to do is make sure that you have six basic estate planning documents in place to protect your loved ones from additional stress and worry when you pass away.

Here are the six key documents you should have to protect your assets and your family in the event of your passing:

Most Americans Still Don’t Have a Will

Published on: May 20, 2016 | By McCulloch & Miller, PLLC

Despite countless celebrity estate battles, most Americans still put off having a will created. Think of a will as an itinerary for your family that will make their lives easier once you are gone.

Prince was clearly busy with performing, writing, recording and creating. But that's still not a good reason for him to not have put a will in place. The very public court processes that are now underway could have been completely avoided had he devoted the time to creating an estate plan.

The Huffington Post, in its May 3 article, "Like Prince, A Majority Of Americans Don't Have A Will," stressed that wills are important as they establish beneficiaries, distinguish who gets what (and how much of it), and prevent the state from deciding what happens to your property.

How Do Supreme Court Judges Do Their Estate Planning? Very Well, As It Turns Out!

Published on: May 19, 2016 | By McCulloch & Miller, PLLC

One Chief Justice's seemingly simplistic will was the target of a lot of humor. Tongues wagged in Washington that he had utterly failed to do any estate planning. The gossips had it all wrong.

It may be surprising to outsiders, but Washington D.C. actually functions in many ways as a small town. When Chief Justice Warren Burger died in 1995 and it was revealed that he had a one-page will that he typed himself, the community was amused and the jokes flew.

But the Chief had the last laugh. His lawyer responded that Burger's will, when given effect along with the terms of his previously deceased wife's will, created maximum tax savings.

Survivorship Life Insurance Can Serve As an Estate Planning Tool

Published on: May 18, 2016 | By McCulloch & Miller, PLLC

Survivorship Life Insurance is a very useful part of an estate plan, but it is not as widely discussed as many other forms of life insurance. A skilled insurance professional and your Houston estate planning attorney should work together for the best outcome.

In "Survivorship Life Insurance Useful for Estate Planning," Insurance News explores how this kind of policy works in an estate plan to benefit heirs or to help make a charitable donation. As the name implies, proceeds are not paid until the last survivor passes—typically the spouse.

This is a real advantage for lower pricing. Another benefit to consider is the benefit of the female spouse. Since women far outlive men, this fact is also reflected in lower premiums. This means you can typically buy twice as much face amount in a survivorship policy as you could in an individual policy for the same money, which is important in estate planning scenarios. Typically, we need to have very large dollar amounts when it comes to death benefits, which in turn, means higher premiums. Affordability and cash flow are always major concerns, so this strategy can help to keep these costs down.

Adopting? Congratulations! First, Your Financial Homework

Published on: May 17, 2016 | By McCulloch & Miller, PLLC

Financial planning needs to be part of the equation when doing all of the work involved in bringing a new family member into your lives.

The cost of adoption can start at a few hundred dollars or it can easily exceed $40,000, according to the U.S. Department of Health and Human Services. There are many different ways of adopting a child into your home, but however your adoption occurs, you need to do some financial planning.

Biz Times' recent article, "Getting your finances ready for adoption," says that in order to get your finances ready for adoption, you have to do your homework and be certain the price and processing work of adoption won't wipe out your plans for essential financial goals like retirement, saving for your future child's education, and higher daily living expenses with a new family. Begin with these tips: