Houston Estate Planning and Elder Law Attorney Blog

It’s Your Retirement! Plan Your Precious Time Wisely

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

Failing to plan for the enormous changes that retirement brings leads many Americans to find themselves emotionally lost at sea when retirement finally arrives. In "The Biggest Oversight in Most Americans' Retirement Planning," Kiplinger's takes a look at what happens to people when they have failed to do any planning for this next exciting phase of life.

Many folks head into retirement with a sense of excitement and a bit of anxiety—but they haven't given much thought to their actual goals: they haven't spent sufficient time thinking about how best to use their unique skills and abilities in their future. Many folks do very little "avocational" planning when preparing for retirement and plan to just "take it as it comes." But those who put some time and effort into planning prior to the day they stop working will have more meaningful and interesting lives. You can devote your time of service to others, newfound creativity, or even start a new business.

If an individual uses good time management and active planning, retirement—and the freedom that comes with it—can be the best part of your life. But for too many people, retirement is a big disappointment. Loneliness, depression, and alcoholism are common afflictions of retirees.

Divorced? Who’s Your Beneficiary Designation?

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

Updating beneficiary designations is usually the simplest part of estate planning, but it's also the most likely part of estate planning to be overlooked. You have beneficiaries on pretty much every account, from 401(k)s to life insurance policies. Do you know who your beneficiaries are?

USA Today says that it's not just because many of us have the majority of our assets tied up in products like these. The article, "Your ex could get rich if you don't update your beneficiaries," explains that it's also because beneficiary designations on a 401(k) or IRA are legally binding and often take precedent over anything in your will. This can lead to some serious unpleasantries if your beneficiary information isn't updated.

Many times a person who has worked at the same company for 20 years has a beneficiary designation that they set up on their first day of work, and they never think about it again. However, their lives are rarely the same fifteen or twenty years down the line. For example, they might be divorced and remarried, or they might have children or grandchildren who weren't even a twinkle in someone's eyes way back then. Leaving an estate to an ex-spouse or disinheriting your own children is not a rare event when people don't update their beneficiary designations.

What’s the Point of Dying Rich? Help Your Houston Family Enjoy Wealth

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

Make no mistake. Estate planning is, and should be, a serious business, along with financial planning and wealth management, notes The Wilmington Business Journal. These are all on-going activities and part of a well-managed, successful life, at any age or stage.

In its article "Do You Really Want To Leave a Large Inheritance?" the Journal advises seniors that having enough retirement funds is critical. But what about this other school of financial planning: Don't Die Rich!

The "Don't Die Rich!" philosophy is based on the premise that money is best used while you are around to enjoy it and appreciate the benefits. Due to lengthening life spans, in many cases, parental assets aren't going to be around to be inherited by children until those children are near retirement age.

Tennessee Taking the Lead in Elder Abuse Legislation

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

Eight specific recommendations are now being reviewed by Tennessee state legislators who are responding to the results of a task force that placed a spotlight on a disgraceful problem. A problem that is not limited to any one state.

The Elder Abuse Task Force submitted a final report on its findings to the General Assembly, according to the WJHL News article "Elder Abuse Task Force submits final report, recommendations to Tennessee General Assembly."

This task force was created as part of legislation from Senator Rusty Crowe and Representative Courtney Rogers after a 2013 Community Watchdog investigation into the state's abuse problem.

A New Year is a Gift – Treat Time as a Valuable, Limited Resource

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

It’s already February! What happened to the holidays? What happened to January?

On the first of January, we each received the gift of 525,600 minutes—plus we get a bonus of 1,440 minutes because it's a leap year with an extra day, February 29. By the time you read this, more than 41,760 minutes will have passed this year, and we can't get them back.

They're gone. Forever.

You Won the Lottery! What’s Your Plan?

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

So, you didn’t win the big lottery? The country’s first billion dollar jackpot got a lot of folks dreaming about a lavish lifestyle and living the good life. Reality hit and your Houston lifestyle includes that Monday morning commute. Reality doesn’t mean that you shouldn’t have a plan.

US New & World Report's recent article "Lottery Winner or Not, Have a Windfall Plan," says let's have fun with the fantasy that your purchase of a $2 lotto ticket will make you a billionaire by discussing a lottery game plan:

Lottery Game Plan

We Lost Mom’s Will! What are Options?

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

What steps can you take when a parent passes away without sharing the location of a will or telling you who the attorney was who drafted and executed the will? What if you can't find any copies in what seem like reasonable hiding places in Houston?

The article, "What steps to take when you lose a will," from New Jersey 101.5 says there are plenty of clues you can use to track this down.

If your mom has passed away, first be certain that a will hasn't already been probated. Contact the probate court in the county where your mother lived at the time of her death. These records are public.

Texas Land Is Your Legacy and Estate Planning Is Important

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

Farmers are well versed in the cyclical nature of life, particularly those who deal with livestock. But thinking about your own demise is different than considering the eventual end of animals bred and raised solely for consumption. Talking about death among family members is difficult. But planning in advance for the next generation will help with survivors' ability to work the land and continue a legacy.

A recent AgriNews article, "Estate planning can lessen grief for survivors," emphasizes that the land is key. It's the heart of the business. Estate planning is about protecting that land.

You should seek the advice of a qualified and experienced estate planning attorney who is well-versed in current estate laws and farm business operations in the state.

Hey, Houston! What’s Up With Oregon?

Published on: January 21, 2016 | By McCulloch & Miller, PLLC

According to CNN Money, Americans are moving and Oregon, South Carolina and Vermont are heading up the list of the most popular places, as reported in "Oregon is the most popular state to move to."

Oregon leads the list as the top "moving to" destination in 2015 for the third year in a row. This is according to a study of 123,000 moves conducted by United Van Lines. Nearly 70% of the interstate moves in Oregon were people moving to the state, and the number of people moving to Oregon has increased by 10% in the past six years.

The research also showed that five of the ten states with the highest number of inbound movers are west of the Mississippi River, with the tech boom playing a large part in attracting new residents to the West Coast. However, that's just part of it.

Can Houston Families Create Fair Estate Plans for Kids?

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

Should you cut the pie in equal portions? If you are preparing an estate plan and want to make sure that every one of your children receives the exact same amount of your assets because that's fair, you may want to reconsider. A post from New Jersey 101.5, "Being fair in estate planning," discusses the differences that take place during child rearing and even early adulthood that may redefine what you think of as fair.

While there's no easy answer to the question of what is fair, treating the children equally can be fair. But so can unequal treatment.

Let's look at how a parent treats a minor or young adult child. There are times when a parent simply needs to spend more on one child. The reason may be apparent—for instance, if one child has a disability or serious illness. But it can be more muddied when one child participated in costlier school-age activities, went to a more expensive college, or planned a more expensive wedding than the other kids. Even so, provided each child was given equal opportunities, the unequal financial support may not be a problem. Nonetheless, some parents believe that it's important to keep everything as equal as possible.