Houston Estate Planning and Elder Law Attorney Blog

Glen Campbell’s Alzheimer’s Journey Helps Others Cope

Published on: March 14, 2016 | By McCulloch & Miller, PLLC

Wife of music legend Glen Campbell, Kim thought that her husband's forgetful moments were part of the normal aging process. Once she realized that his symptoms were not normal, she went to the experts and got the bad but necessary news. In 2011, at age 79, Glen Campbell was diagnosed with Alzheimer's. His farewell tour was planned, and his final performance took place on November 20, 2012. A documentary of his Alzheimer's diagnosis and final tour, Glen Campbell: I'll Be Me, was released in 2014.

"Getting the diagnosis helped me a lot," Kim Campbell said in a recent telephone interview with the Lexington Herald-Leader, in "Wife of Glen Campbell takes on role of Alzheimer's advocate, speaker." She was candid with the reporter, admitting, "Before the diagnosis, I would get frustrated with him, and irritated and annoyed."

Alzheimer's impacts about half of all people over the age of 85 and kills nearly 100,000 Americans each year. It's named for the German doctor Alois Alzheimer, who discovered the distinctive tangles and plaques of the disease in the brain of a female dementia patient in 1906.

Renee Benson Wins, Is Named Trustee for Her Late Mother’s Assets

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

A settlement agreement approved today by a probate court judge in Texas has NFL owner Tom Benson's estranged daughter Renee Benson replacing her billionaire father as a trustee overseeing her late mother's assets, as reported by the San Antonio Express News in "Tom Benson's daughter wrestles control of $1 billion trust in settlement."

The trust, valued at approximately $1 billion, was set up in 1980 after Tom Benson's first wife died—but before he took over as the owner of the NFL New Orleans Saints and the NBA New Orleans Pelicans.

Forbes said the elder Benson has a net worth of about $2.2 billion.

Good Decisions Today Pay Off For Houston Planners

Published on: March 10, 2016 | By McCulloch & Miller, PLLC

Let's continue addressing a series of money decisions from Forbes' "10 Financial Choices You'll Regret in 10 Years," regarding financial choices we make in the earlier part of our lives that are surprisingly important—but we don't always see how important they are until it is too late.

Here are the next five decisions:

Trying to be a DIY investor when you haven't a clue what you're doing. Would you try an open heart surgery after watching a few YouTube videos? Of course not. So why would you consider investing by yourself without the help of a professional?

Author Harper Lee Protect Privacy Throughout Life

Published on: March 9, 2016 | By McCulloch & Miller, PLLC

When the author of "To Kill a Mockingbird" was found to have written another novel, "Go Set a Watchman," there was much mystery about the second book, which generated a fortune. Now the mystery surrounds the estate of Nelle Harper Lee.
While the value of her estate isn't exactly known, an old lawsuit showed that Lee earned nearly $1.7 million during a six-month period in 2009 — before she announced the release of her second book last year, sales of which were well over $40 million.

The International Business Times says in its recent article, "Did Harper Lee Have a Will? Here's What Could Happen To The 'To Kill A Mockingbird' Author's Money," that Lee never married and had no children. Her parents and siblings died years ago—and those closest to her have been accused of scamming her. So what happens now?

Lee once publicly said she had a will, but only her friends and family know for certain. She most likely didn't die without her affairs in order: her father and sister were both practicing lawyers (and her estate has been involved in several lawsuits). But given her reclusive nature, she may have created a trust rather than a will. Wills become public record when they are submitted to probate court, but trusts are continued by a successor trustee and administered accordingly. Some reports say

Do You Suspect Elder Abuse? Take Action, Houston!

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

One of the biggest reasons not to act when you suspect elder abuse is taking place is simply not knowing what to do. We know who to call for domestic violence or when a child is being abused. But for an elderly neighbor? The same kind of help and the same anonymity is in place – something most of us just don't know.

The Avery (NC) Journal-Times' recent article, "Safe steps when suspecting elder abuse," discusses suggestions from the North Carolina Division of Aging and Adult Services to put your mind at ease. In that state, people are encouraged to contact the local Adult Protective Services (APS), where a trained social worker will visit the neighbor and assess the situation.
Last year the state saw more than 24,000 reports of suspected abuse, neglect, or exploitation, which indicates that many individuals did do something to help their neighbors. But the national statistics say that only 1-in-5 incidents of elder abuse get reported. As a result, many incidents may have gone without any help.

North Carolina's laws require that anyone having reasonable cause to believe that a disabled adult is in need of protective services must make a report to the local Department of Social Services (DSS) APS unit. DSSs are statutorily mandated to receive information reported and determine if the report satisfies the criteria for evaluation. North Carolina law protects adults with disabilities age 18 and older, but the majority of reports involve those who are 60 years of age and older.

2016 Social Security: Houston Residents Need to Know About Changes

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

In the article "Social Security Changes in 2016.", AARP provided a full list of the Social Security changes for this year.

No Bump. Social Security beneficiaries will not receive a cost-of-living adjustment (COLA) due to low inflation. This is the third time since 2010 that beneficiaries won't see a raise.

Your Average Monthly Social Security Benefit. The maximum monthly benefit for workers retiring at full retirement age is $2,639. The average monthly benefit for all retired workers is $1,341.

Strong Financial Health: 5 Steps for Houstonians

Published on: March 4, 2016 | By McCulloch & Miller, PLLC

Maybe the biggest rookie finance mistake happens when someone from human resources sends you a link or gives you a form to enroll in the company 401k at your first job. There's so much else going on, and the usual response is to put it on the "I'll get to it later" list. When "later" becomes years later, you wonder what might have been if you had signed up right from the start.

We've all faced similar decisions, and some we get right—but others leave us wondering the possibilities of what could and should have been. Forbes' article, "10 Financial Choices You'll Regret in 10 Years," discusses some financial decisions that you'll kick yourself for in 10 years. Let's take a look at five of these now:

1. Starting your budget way too late. Most people think that budgeting means not being able to spend money on the things they really want, but it's really a freeing exercise. You can recognize the areas of your life where you're wasting money on things that aren't important to you. Look at where you can use some money for something that is more desirable. As a result, instead of an expense that you could care less about, you will put your money to better use. If you've been putting off beginning to budget, start today and discover its amazing benefits.

New Baby? New Tax Planning Required

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

The last thing most new parents are thinking about is taxes, but the addition of a new baby to your family has some nice tax perks, according to "The Most-Overlooked Tax Breaks for New Parents" from Kiplinger's. First step: make sure your new addition has a Social Security number.

You'll need an SSN to claim your new baby as a dependent on your tax return. If you don't report the number, it can mean a $50 fine and tie up your refund. Request a Social Security number for your newborn at the hospital when you apply for a birth certificate.

Dependency Exemption. Claiming your son or daughter as a dependent will shelter $4,000 of your income from taxes in 2015, which will save you $1,000 if you are in the 25% bracket. You will receive the full year's exemption, no matter when the child was born or adopted during the year.

IRS Audit Red Flags Sometimes Triggered in Retirement Years

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

Certain transactions and situations that tend to occur more in retirement than during working years are red flags for the IRS. Even though only 0.84% of all individual tax returns are audited, knowing about these tips from Kiplinger's "9 IRS Audit Red Flags for Retirees" will help minimize your chance of being among the "lucky" ones.

Math errors may draw an IRS inquiry, but they don't usually mean an audit. Nonetheless, review these red flags that could increase the chances that the IRS will give the return of a retired taxpayer some very special and unwanted attention.

The overall individual audit rate is only about one in 119, but the odds go up significantly as your income increases—like if you sell a valuable piece of property or get a big payout from a retirement plan.

New Jersey Women Target Elderly for Financial Scams

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

This is a story that any professional working with seniors finds particularly abhorrent. An investigation by the New Jersey State Police and the Division of Criminal Justice uncovered a scheme by a New Jersey woman, her sister and several others—including an attorney—to steal millions from elderly clients they were supposed to be helping.

The story was reported by New Jersey 101.5 in "NJ woman pleads guilty to scamming millions of dollars from the elderly."
A New Jersey State Police investigation led to the indictment of Sondra Steen along with her sister Jan Van Holt. The latter was the owner of a company that offered elderly clients in-home care and legal financial planning. Two other employees pleaded guilty to taking part in the scheme and stealing $125,000 from an elderly couple. Van Holt and Steen were charged with conspiring with a lawyer to steal over $2.7 million from 12 elderly clients.

Van Holt would target potential elderly clients who were known to have substantial assets with no immediate family. They would be offered help through the company with non-medical services such as running errands, managing finances, getting to appointments, and housework. Steen would then serve as the client's primary caregiver.