Asset Protection

Prenup: The “Other” Proposal for Houston Couples

Published on: January 2, 2014 | By McCulloch & Miller, PLLC

Generally, the best candidates for a prenup, besides anyone with substantial assets, are those going into a second or third marriage, says Bonnie Sockel-Stone, a marital and family attorney in Miami, Florida.

A prenup proposal is a bit of an oxymoron. With a marriage proposal, you are pledging to love and care for your future spouse for life, for better or for worse. When a prenup enters the equation, you are basically throwing in a contingency plan. This can create mixed emotions to say the least.

Still, especially with blending families, a prenup can be a prudent tool to maintain peace and domestic tranquility between the respective sides of the to-be-formed family. Love may be blind, but it is best to enter the marriage with both eyes open. Not surprisingly, the use of prenups is on the rise.

Can Inherited IRAs Be Impacted By Bankruptcy in Houston?

Published on: December 19, 2013 | By McCulloch & Miller, PLLC

While the dispute over inherited IRAs has not arisen often, it may crop up more in the future.

Does an "inherited" retirement account remain a retirement account for the intended heir? This may sound like a rhetorical question, but it is currently one before the U.S. Supreme Court in the matter of Clark et ux. V. Rameker et al.The decision could have important consequences for those who are looking to leave an IRA to their heirs – and NOT to the heir's creditors.

This issue was explored by Reuters in a recent article titled “U.S. high court to chart fate of inherited IRAs in bankruptcy.”

Confusion Over Assets For Cohabiting Couples in Houston

Published on: November 22, 2013 | By McCulloch & Miller, PLLC

Here are some potential pitfalls to keep in mind for couples who are thinking of keeping some or all of their assets separate.

When two people have lived together outside of marriage for some time, the question of who owns what can get downright confusing. Obviously, jointly owned assets can be tricky. Surprising, separately owned assets can be just as complicated.

When it comes to jointly owned assets it is not too hard to understand how problems can erupt. When it comes to separately owned assets, take a look at a recent article in The Wall Street Journal titled “Separate Assets, Joint Problems.”