Estate Law

Houston Families: Pass The Assets, But Don’t Drop The Ball

Published on: December 20, 2013 | By McCulloch & Miller, PLLC

A comprehensive estate plan ensures that wills, trusts, ownership forms and beneficiary designations are in sync with your wishes. Is your plan up-to-date?

As the old adage puts it, most folks do not “plan to fail, they just fail to plan.” In this sense, leaving an inheritance behind can get a bit tricky and can take some expert guidance to do it well.

This business of leaving an inheritance was taken up by Forbes recently in an article titled “How To Inherit Wealth Without Screwing Up.” (Incidentally, it is hard to inherit wealth without screwing it up, but this piece has far more to do with the ways you can leave it behind and screw it up, in spite of the title).

Last-Ditch Will in Texas

Published on: December 16, 2013 | By McCulloch & Miller, PLLC

Done right, death-bed revisions may save their families income and estate taxes and prevent misunderstandings and administrative hassles. If not handled carefully, though, it can leave a will open to legal challenges that can drag on for many years …

During one's final hours, people tend to review their last wishes to make sure all will be ok in the end. They may even decide to make some last minute changes. But while it is your Last Will, deathbed revisions can create dangerous challenges to your overall estate plan if not accomplished correctly.

The Wall Street Journal considered this matter in a recent article titled “Changing a Will at the Last Minute.”

Definition of Estate Planning in Houston

Published on: December 9, 2013 | By McCulloch & Miller, PLLC

Estate planning is the process of legally structuring the future disposition of current and projected assets.

Estate planning is many things. In order to present a solid definition of this particular type of planning, a recent Forbes article posed the question, “What Is Estate Planning?”

The article concludes that “Estate planning is the process of legally structuring the future disposition of current and projected assets.” The operative words in this definition of sorts are “structure” and “process.”

Houston Families Can Plan For Estate And Gift Tax Exemption In 2014

Published on: November 17, 2013 | By McCulloch & Miller, PLLC

Starting in 2014 … the basic exclusion will go up to $5.34 million per person, from $5.25 million this year. [However,] there will be no change in the annual exclusion, which allows you to give $14,000 in cash or other assets each year to each of as many individuals as you want without dipping into the basic exclusion.

The 2013 year is winding down. While there is still much to enjoy, especially in terms of the holidays, it is not too early to think about your financial and estate plans for 2014.

Surprise! The IRS is already looking forward to 2014, to include the estate and gift tax exemption.

Houston Children Have Help in Handling The Assets Of Aging Loved Ones

Published on: November 16, 2013 | By McCulloch & Miller, PLLC

Millions of Americans are managing money or property for a loved one who is unable to pay bills or make financial decisions. This can be very overwhelming. But, it’s also a great opportunity to help someone you care about, and protect them from scams and fraud.

Handling finances can be tricky for yourself alone. So imagine the task of taking care of your elderly loved one’s finances. How do you take care of business for someone else?

The issue is much more than one of financial acumen. No, there are very specific rules to follow depending upon the role you take on and it is important to play the part properly.

Houston Parents Should Share Financial And Estate Plans With Family Members

Published on: November 15, 2013 | By McCulloch & Miller, PLLC

Give a copy of your wills, trusts and powers of attorney (financial and health care) to anyone named or authorized to act on your behalf, and store the originals at home; otherwise, your children could have trouble getting them at the critical time.

The best laid plans of mice and men alike may fall apart in the face of chance. On the other hand, many plans fail because key participants to the plan are unaware that there is a plan. Call it a “failure to communicate.”

If you have put your financial and estate house in order, then it will all be for naught if your heirs are caught unaware.

Debts And Death – What You Should Know about Death in Houston

Published on: November 1, 2013 | By McCulloch & Miller, PLLC

Coping with the death of a loved one is difficult enough without the added pressure of creditors calling you to collect on the deceased person’s credit card debt. But can a bank collect a credit card debt owed by your deceased parent or spouse?

By and large, we talk about probate as an unfortunate process. True, probate can put some undo stress on an already stressful family situation, even when there is no disagreement regarding how assets of the decedent are to be distributed. That said, probate can be utterly necessary and even useful when there are debts in the estate picture.

So, how do you handle debts after death? It is a practical question, after all. Few of us leave this life without something lingering in our accounts payable. Unfortunately, too many families do not know which debts live on after their loved ones are gone.