COVID-19

How the COVID-19 Pandemic Has Texans Reevaluating Their Estate Plans

Published on: December 30, 2021 | By McCulloch & Miller, PLLC

The COVID-19 pandemic has impacted every aspect of life. From health concerns to mental well-being, people approach everyday life—and their future—differently than they did prior to March of 2020. Because of these changes, people are considering their goals and how to secure the financial security of loved ones in case they were to get sick. This can all be accomplished through estate planning. By creating health care and financial-related documents as part of an estate plan, Texans can ensure their affairs are in order before the need arises. Below are a few types of documents that all individuals should include in their estate plan, along with descriptions for why these directives are necessary.

Advance Health Care Directive and Medical Power of Attorney

An advance health care directive is a legal document that details the type of medical care an individual wants to receive if they are incapacitated and cannot make the choice for themselves. When crafting this document and deciding on the level of care a person would want, it is important to take into account one’s family medical history and potential treatments they would not want. The more detail an individual provides in their advance health care directive, the better.

Impact of Increasing Healthcare Costs on Texas Estate Plans

Published on: June 22, 2021 | By McCulloch & Miller, PLLC

Society as a whole has experienced unexpected and overwhelming changes over the past year. These changes have undoubtedly caused people to consult with their Houston estate planning attorneys to address their long-term goals. Recent surveys by TD Wealth highlight several issues that have impacted estate planning.

Healthcare Costs Skyrocket, But That’s Not the Only Problem

As Americans continue to live longer, many families incur hefty healthcare costs long after they stop working. The surveys reveal that rising healthcare costs combined with market volatility present significant challenges to those creating Houston estate plans. Previously market researchers from TD Wealth found that one of the most significant threats to effective estate planning came from familial conflict.

Will Medicare Cover The Cost of a COVID Vaccine For Texas Residents?

Published on: October 30, 2020 | By McCulloch & Miller, PLLC

During these unprecedented times, Houston residents have many questions about a potential COVID vaccine and whether it will be covered by Medicare. Medicare is a national health insurance program that provides insurance for Americans 65 or older and some younger individuals with a disability. Similarly, Medicare Advantage is a type of health insurance plan that provides Medicare benefits through a private-sector health insurer, rather than the government. In Texas, over 4 million people rely on Medicare for their health needs. Because of this, it is important to know whether individuals with Medicare will have to pay out of pocket for a COVID vaccine – something many cannot afford – or whether it will be covered by Medicare. Those with questions about what Medicare covers can reach out to a Houston estate planning attorney for assistance.

Good and Bad News About The CARES Act

The CARES Act provides that if a COVID-19 vaccine becomes available, Medicare is required to cover the cost under Part B. Ordinarily, Medicare Part B helps to pay for doctor visits, preventive services, and vaccines such as the flu and pneumonia shots. Additionally, Medicare Advantage plans are required to include the basic coverage offered by Medicare Parts A and B, meaning a COVID-19 vaccine would also be covered for those with Medicare Advantage plans.

What are Some Good Estate Planning Ideas in the Pandemic?

Published on: May 1, 2020 | By McCulloch & Miller, PLLC

“The reality of COVID-19 has forced many individuals to address the ‘what if’ scenarios that were previously unthinkable, or at least the situations that no one ever wants to talk about or deal with.”

With the COVID-19 pandemic, many people are looking to execute estate plans they’ve delayed in finalizing and signing. Others are ready to get going on their estate plans that they should’ve started years ago.

Forbes’ recent article entitled “Eight Estate Planning Strategies In A COVID-19 World” lists some things you should know.

Estate Planning During Your Current Downtime

Published on: March 18, 2020 | By McCulloch & Miller, PLLC

6a019b003fe4d5970b025d9b3dd866200c-600wi-300x200 For many Houstonians, the fear of the unknown health, social, economic, and financial challenges related to the COVID-19 pandemic are prompting intense concern and anxiety. If you are self-isolating or quarantining at home, you probably are already creating your new “normal” schedules, researching online resources, and creating ways to find comfort for yourself and your family.

Experts have suggested that in addition to movie marathons and being on social media, the time at home can be used to accomplish those things that you have been putting off, like spring cleaning and taxes. We suggest that now is a good time to revisit your estate planning goals. Now, more than ever, we’re experiencing the magnitude of just how essential planning for your future is. While most of these Coronavirus events are out of our control, we CAN plan for how important decisions about our estate and our health will be dealt with in the case of the unexpected. As experienced Houston estate planning and elder law attorneys, all too often we see the dangers and unexpected consequences of not planning.

The bare bones of an estate plan start with a Will. Every adult needs a last will and testament, drafted by an experienced attorney, that will guide your executor to distribute your assets as YOU want them. The next minimum requirement for pre-planning are your powers of attorneys. If you become incapacitated or disabled, your financial (durable) and medical powers of attorneys can empower the right people to legally act for you, make transactions, consent to treatment, and potentially save time, money and even your life.