Houston Estate Planning and Elder Law Attorney Blog

How Insurance Can Be Used to Leave an Inheritance

Published on: July 12, 2016 | By McCulloch & Miller, PLLC

Planning to leave an inheritance for your children requires a careful examination of all of your assets, and insurance could be part of that plan.

Most couples use term insurance to help protect their loved ones pay the bills after they pass. A question answered in the NJ 101.5 article “Do you need more insurance?” asks if insurance can also be used to leave an inheritance for children.

If leaving an inheritance is important to you, start this process by taking an inventory of all your assets. Look at how they may factor into your support during retirement and see what might be left as an inheritance. This exercise may result in discovering that you already have money that will make a nice inheritance for your children someday in investment or retirement accounts. In addition, your primary residence could be a source of inheritance.

Can You Successfully Contest a Will?

Published on: July 11, 2016 | By McCulloch & Miller, PLLC

Estate battles among high profile celebrities are all over the news, but can a regular person contest a will if they feel that they were unjustly treated?

You may have seen a million movies where kids are cut out of a will, but when it happens to you or someone you love, the intensity of feeling hurt or rejected may come as a surprise. If your parent or family member did not discuss his or her intentions with you while he or she was alive, getting rejected from the beyond might come as a surprise. An article from business2community.com, “How to Successfully Contest a Will,” examines what can be done to fight back.

Contesting the will as a spouse: the right of election. If your spouse left you out of his or her will, you would be entitled to the right of election in most states. This means that you can reject the will and get a certain dollar amount or percentage of the estate pursuant to state probate law.

The High Price of Not Having a Will

Published on: July 8, 2016 | By McCulloch & Miller, PLLC

Celebrities without wills provide teachable moments for why “regular folks” need to have wills and estate plans in place.

When Prince died, he joined the ranks of multi-millionaire celebrities with a shared legacy of failing to plan for life after they pass away. This group lives on in endless articles and—in most cases—court battles that take years to conclude. Lacking a will, the courts of Minnesota will have to determine what happens to Prince’s estate.

According to KHON’s recent article, “What happens when you don’t prepare a will, and how much will it cost?”, you’d think Prince would’ve had some smart advisors to encourage him to create an estate plan. Maybe he thought he would live forever. We will never know why Prince failed to have a will prepared.

Conference Focuses on Dramatic Rise of Elder Abuse Crimes

Published on: July 7, 2016 | By McCulloch & Miller, PLLC

Conferences nationwide mark World Elder Abuse Awareness Day and explore solutions to a growing concern.

The University of Minnesota recently hosted a large conference focused on what is considered to be the next large national crime wave: elder abuse. Attending the conference were social workers, nursing home workers, lawyers, law enforcers and others who work with seniors considered at risk for elder abuse.

The Minneapolis Star Tribune reported in “Minnesota elder abuse reports increasing” that the conference, hosted by the Minnesota Elder Justice Center, was one of many taking place across the country. The day of awareness was established in 2006 and is intended to raise awareness of financial crimes and other abuses committed against older people.

Create a Legacy Based on What Matters to You

Published on: July 5, 2016 | By McCulloch & Miller, PLLC

Whether your love is animal rights or protecting the planet, a trust donation creates a legacy that reflects your values and supports the future.

A woman’s love for animals was reflected in a significant trust donation given to the Little Rock Zoo, as reported in The Northwest Arkansas Democrat Gazette article, “Animal lover leaves Little Rock Zoo nearly $3M, biggest gift ever.” A trust created an endowment fund, the Jayne and Fletcher Jackson Foundation, which will fund many programs at the zoo for years to come.

"Animals are what made her happy,” a zoo representative commented. “It was no surprise after we got to know her that the zoo was what she wanted to leave her estate to upon her passing."

Picking an Executor, a Critical Part of Your Estate Plan

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

Choosing an executor is not easy, but it is very important. A person who is not capable of managing the tasks can drive even the best estate plan off the path.

Part of creating an estate plan is naming an executor who will be responsible for carrying out the wishes of the decedent, according to a recent item on InsuranceNewsNetMagazine.com, “The Wrong Executor Can Destroy Even the Best Estate Planning.” These tasks include everything from making sure that assets are distributed to tidying up outstanding debts and cleaning out houses. It’s important to select a person who can manage these tasks and—if they are stymied—who will recognize when they need help from professionals.

Executors sometimes are under the impression that it’s a quick and easy job. This might be the fault of the testator or the person who has executed the will. They select an executor and believe that he or she possesses the ability, acumen, time, and desire to carry out the duties of the position. Many don’t inquire as to whether the executor is interested in and capable of serving, or the chosen executor may be hesitant to say no.

Why Your Power of Attorney Document is Not a Slam Dunk

Published on: June 29, 2016 | By McCulloch & Miller, PLLC

If a financial institution does not accept a properly prepared power of attorney, you will have to know your rights and be prepared to assert yourself.

A power of attorney is an estate planning basic; however, more often than you would expect, people find themselves being told by financial institutions that they will not accept the power of attorney. It’s such a problem that a number of states have enacted laws to protect the power of attorney.

This form gives a designated person the authority to act on another’s behalf when making financial decisions. It is commonly employed by adult children whose aging parents can no longer act on their own. However, financial institutions frequently make it difficult to exercise that power. The Wall Street Journal article, “When the Power of Attorney Lacks Power,” lists some steps to avoid potential problems.

Over 21? You Need an Estate Plan

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

If you are old enough to drive, work a job and have a bank account, you need to have an estate plan. It’s part of being a responsible adult.

Leaving adolescence behind means a life that includes responsibility for yourself and for those you love. That has traditionally included basics like a paycheck, a bank account and life insurance. But today, we also include an estate plan, which The Huffington Post says in “Why Estate Planning Makes Sense at Any Age” is just as important when you are 20 as it is when you are 64.

It should be noted that an estate plan is essential no matter what your financial situation or age.

Executor 101: What You’ll Need to Know as an Executor

Published on: June 24, 2016 | By McCulloch & Miller, PLLC

A lot of details go into being an executor, and some people find it a thankless task. But knowing that you helped someone you love carry out his or her last wishes holds its own reward.

Most people are honored when they learn that they have been named executor of a loved one's estate. But according to an article in US News, "4 Tips to Be a Better Executor," they don't really understand what duties and responsibilities are involved.

An executor must deal with the estate of a deceased person—including identifying and valuing the assets, paying debts, and disbursing the assets according to the decedent's will. He or she also needs to ensure that the assets are protected during this period.

Special Needs Trusts Provide Parents with Peace of Mind

Published on: June 22, 2016 | By McCulloch & Miller, PLLC

Houston Families who are faced with the often overwhelming financial, logistical and emotional challenges that come when a family member has special needs use these trusts to protect their child's quality of life.

A young couple who wisely had an estate plan created while their children were very young returned to estate planning when one of their children developed a chronic and debilitating illness at age 3. Their lives changed dramatically, and their estate plan did also.

CNBC's article, "Special-needs trust is key part of some estate plans," says that many couples in this situation will revise their estate plan and create a special needs trust to benefit a disabled child. Special needs trusts, also called supplemental needs trusts, can be a very important estate planning tool for parents of children who are likely to need special care and financial support throughout their lives.