Houston Estate Planning and Elder Law Attorney Blog

Nevada TV Investigation Leads to Clark Co. Guardianship Reform

Published on: December 14, 2015 | By McCulloch & Miller, PLLC

Much needed changes are underway at the Clark County Nevada Guardianship program, after a local television reporter uncovered major lack of oversight, including families torn apart and financial abuse by the individuals charged with protecting the elderly. According to a follow-up report by KTNV News, "More staff means more oversight in guardianship system," some of the changes are the establishment of a hotline and the examination of all guardianship processes.

Clark County District Court will add more staff to better supervise guardianship cases in response to what they have termed a clear need for compliance oversight after the KTNV investigation showed double billing and questionable charges. They found cases where the entire life savings of vulnerable "wards" went missing and their homes were sold without court approval.

The court has hired a new Guardianship Compliance Administrator who will oversee the adult guardianship program, create a citizen complaint process, and look into any claims of discrepancy or fraud. The court is also taking action on several other issues stemming from the news investigation, including greater transparency and scrutiny of how private professional guardians handle a person's money.

The Countdown to 2016 is On!

Published on: December 11, 2015 | By McCulloch & Miller, PLLC

New Year's resolutions are a favorite tradition. But have you taken care of your end-of-year tasks concerning your finances. There's still time to finish off your 2015 list!

US News reminds us in "6 Financial Tasks You Need to Complete Before the End of the Year" that there are several opportunities for smart financial moves and some last chances to take advantage of financial benefits. The article lists six things to consider crossing off your 2015 list in the next few weeks:

Make a Charitable Donation. Your donation to a charity is tax deductible. Why not do this and take the deduction on your 2015 tax filings? Charitable donations are nice for homeowners who itemize because they get the full benefit of the deduction.

Hawaiian Advocates Focus on Dementia Task Force

Published on: December 8, 2015 | By McCulloch & Miller, PLLC

As with the rest of America, Hawaiians are coping with a growing population of citizens over age 65 diagnosed with Alzheimer's, approximately 25,000 in total. Advocates, including members of a dementia task force under the Executive Office on Aging and members of the local Alzheimer's Association, are focusing on preparing professionals and caregivers to address the often complex needs of individuals with dementia.

A recent article in KHON, titled "Task force aims to help seniors living with dementia" recently reported on this.

James Pietsch, the director of the University of Hawaii Elder Law Program, told KHON that there are multiple tasks under this task force, one of which is supportive research to determine whether professionals are qualified or capable of handling these type of cases. Professionals like doctors, social workers, nurses, and lawyers need to be better prepared to handle issues involving dementia.

Estate Planning? Don’t Forget Digital Assets

Published on: December 4, 2015 | By McCulloch & Miller, PLLC

Today’s millennials understand that their digital assets, which include everything from family movies hosted in the cloud, to social media accounts, digital currencies like Bitcoin and domain names, have value that can be passed to others when they die. One young man created a will that listed all of his digital assets and used a password manager to gather all passwords in a central location. He gave the password manager to his brother, who is his estate executor. He also moved certain digital assets, particularly photos and movies, to a file sharing service so that other family members would have access to them in the event of his demise.

Many people neglect to include digital effects in their estate plans, which can be a huge mistake, as valuable assets may go unnoticed, or money and time might be spent attempting to find them.

There are some assets like digital currencies, video game characters, and Internet domain names that exist only in cyberspace. You can’t put these in a safety deposit box: they can be overlooked because they aren’t as tangible. These days, folks are acquiring more digital assets like Facebook photos or email addresses all the time. However, getting access to social media accounts can be difficult because laws governing digital assets vary by state. Online sites concerned with user privacy have drastically different terms and conditions that sometimes exclude executors.

Student Loans Can Burden College Grads

Published on: December 3, 2015 | By McCulloch & Miller, PLLC

College graduates can run into challenges when it is time to repay student loans, according to a recent article in Forbes, "How to Tackle The Top Three Student Loan Issues." If the student has a job that isn't paying enough to allow them to pay back a loan and cover living costs, they need help figuring out what to do. Still others go to graduate school, in part, because they know that they can get a deferral on loan payments. But then they graduate and have even more student loan debt.

Students need to make sure they know their rights.

A loan servicer must respond to requests for more affordable income-based repayment plans. Under the federal loan program, a student has numerous options that can help with loan repayments. The article points out some of the most common issues and how to tackle them:

NFL Players Now Have Support Network to Ease into Civilian Life

Published on: December 2, 2015 | By McCulloch & Miller, PLLC

The transition from pro football to civilian life is easier for NFL players who can get assistance from a comprehensive support program created by the NFL and the NFL Players Association. The program recognizes the challenges facing retired football players as they shift to life without football. Many have no experience handling finances or coping with emotions of day-to-day living.

A recent article in The Employee Benefit News, "NFL aims to keep players financially fit," describes "The Trust," which officially launched in 2013. It's an extensive financial wellness program that includes education, lifestyle, health, and career services. It has helped about 1,000 former players each year.

Players who enroll are assigned a case manager who identifies their key issues. Then The Trust and its service partners devise a customized "game plan" that tells the player where he is financially, where he should be, and how to get there. A critical part of the program works to create a community for these retired players where they share their personal stories with each other and mentor others who are in need.

Long-Term Care Insurance: Good Investment for Houston Families

Published on: December 1, 2015 | By McCulloch & Miller, PLLC

Nursing home and other long-term care expenses can be a financial burden for most families. And although long-term care insurance policies can help offset those expenses, LTC premiums are on the rise and can be quite costly. It can take careful planning to determine if LTC premiums can be paid for, without dipping into retirement funds.

When people purchased their policies 10 to 15 years ago, nursing home costs were about $150 or $200 a day. In some parts of the county, today’s costs can exceed $400 a day, or $12,000 per month for higher levels of care.

The expense incurred by the insured going on claim has caused the long-term care insurance industry to downsize. Those companies still offering policies are bumping up the premiums amid the rising cost of long-term care.

Retirement Planning Should Be Main Goal in 2016

Published on: November 30, 2015 | By McCulloch & Miller, PLLC

uilding a nest egg is an important goal for Americans, yet most Americans lag behind in their retirement planning goals. Many families are still recovering from economic downturns, and saving is a struggle, even for people who are over 50 and know they should do more. There are certain tax breaks and, if you are lucky enough to work for a great company, employer contributions that can help grow your retirement savings in 2016.

US News explains how to take full advantage of the 401(k) and individual retirement account perks you're eligible for in 2016 in "How to Maximize Your Retirement Accounts in 2016."

Max out your 401(k). You can contribute up to $18,000 to your 401(k) plan in 2016, which means saving $1,500 per month. Income tax isn't due on this money until it is withdrawn from the account.

TV Crime Boss Not Wise Guy About Estate Planning

Published on: November 25, 2015 | By McCulloch & Miller, PLLC

The irrevocable charitable lead trust is a trust that cannot be amended, revised or cancelled. We would call that bullet-proof, and it would have been a good idea for preventing James Gandolfini's estate from being "whacked" by estate taxes. The financial website thestreet.com took a closer look at this powerful estate planning tool in"How to Protect Your Estate From Getting 'Whacked' Like James Gandolfini's.

This trustprovides a stream of income for a designated number of years to the specified charity. At the end of that period, the property held in trust reverts back to the donor or to the donor's designated beneficiary.

When the donor makes the gift under a charitable lead trust, he or she immediately receives a federal income tax deduction equal to the present value of the future income stream. But the donor is taxed every year on the value of the income interest that is payable to the charity.

Thanksgiving Dinner: Time to Discuss Estate Planning?

Published on: November 24, 2015 | By McCulloch & Miller, PLLC

Long-standing American family traditions are changing with the times. The sled trips through snowy woods and icy rivers have given way to cross-country jet flights and international Skype visits. But regardless of the changes, when you all do sit down to a holiday meal, according to thestreet.com's "Estate Planning Over Thanksgiving? Time to Talk Turkey," this is a perfect time to start talking about important family matters, including estate planning.

If families or cultures are averse to raising such topics around the holidays, there should be an annual meeting to let family members know where an estate plan stands.

When combing through assets, remember that no item is too small for discussion, especially during the holidays. It is a natural time for emotions to run high, but it is a great time to discuss items of seemingly insignificant value that may take on added significance for each potential heir.