Estate Planning Lawyer

What Should I Know about Beneficiary Designations?

Published on: February 28, 2020 | By McCulloch & Miller, PLLC

Many people have tens of thousands–even hundreds of thousands–of dollars in their IRAs. If you have an asset that large, shouldn’t you devote more effort to planning for its ultimate disposition?

A designated beneficiary is named on a life insurance policy or some type of investment account as the individual(s) who will receive those assets, in the event of the account holder’s death. The beneficiary designation doesn’t replace a signed will but takes precedence over any instructions about these accounts in a will. If the decedent doesn’t have a will, the beneficiary may see a long delay in the probate court.

If you’ve done your estate planning, most likely you’ve spent a fair amount of time on the creation of your will. You’ve discussed the terms with an established estate planning attorney and reviewed the document before signing it.

Under 40, Do I Need a Will?

Published on: February 27, 2020 | By McCulloch & Miller, PLLC

It's never too early to start estate planning. If you already have a family, getting your personal affairs in order is a must. The sooner you start planning, the more prepared you will be for life's unexpected twists and turns.

Estate planning is a crucial process for everyone, no matter what assets you have now. If you want your family to be able to deal with your affairs, debts included, drafting an estate plan is critical, says Wealth Advisor’s recent article entitled “Estate planning for those 40 and under.”

If you have young children, or other dependents, planning is vitally important. The less you have, the more important your plan is, so it can provide as long as possible and in the best way for those most important to you. You can’t afford to make a mistake.

Fixing an Estate Plan Mistake

Published on: February 25, 2020 | By McCulloch & Miller, PLLC

Sometimes, despite best intentions and best efforts, an estate plan leaves unintended problems for heirs, trustees and others to solve. For example, a trust may have become outdated because of changes in tax laws, the birth or death of family members, or special circumstances like an heir’s disability.

When an issue arises, you need to seek the assistance of a qualified and experienced Houston estate planning attorney, who knows to fix the problems or find the strategy moving forward.

For example, an irrevocable trust can’t be revoked. However, in some circumstances it can be modified. The trust may have been drafted to allow its trustees and beneficiaries the authority to make certain changes in specific circumstances, like a change in the tax law.

Dad’s Will and Trust at Odds?

Published on: February 17, 2020 | By McCulloch & Miller, PLLC

A will and a trust are separate legal documents that typically share a common goal of facilitating a unified estate plan. While these two items ideally work in tandem, since they are separate documents, they sometimes run in conflict with one another–either accidentally or intentionally.

A revocable trust, commonly called a living trust, is created during the lifetime of the grantor. This type of trust can be changed at any time, while the grantor is still alive. Because revocable trusts become operative before the will takes effect at death, the trust takes priority over the will, if there is any discrepancy between the two when it comes to assets titled in the name of the trust or that designate the trust as the beneficiary (e.g., life insurance).

A recent Investopedia article asks “What Happens When a Will and a Revocable Trust Conflict?” The article explains that a trust is a separate entity from an individual. When the grantor or creator of a revocable trust dies, the assets in the trust are not part of the decedent grantor's probate process.

Some BIG Estate Planning Actions for 2020

Published on: February 7, 2020 | By McCulloch & Miller, PLLC

This time of the year is a great time to revisit your estate plan, so you can ensure your legacy is protected for years to come.”

Many of us set New Year’s resolutions to improve our quality of life. While it’s often a goal to exercise more or eat more healthily, you can also resolve to improve your financial well-being. It’s a great time to review your estate plan to make sure your legacy is protected.

The Tennessean’s recent article entitled “Five estate-planning steps to take in the new year” gives us some common updates for your estate planning.

The Most Important Information about Property Deeds

Published on: February 6, 2020 | By McCulloch & Miller, PLLC

Property deeds are used to convey real property from a grantor (seller) to a grantee (buyer). For a deed to be legally operative, it must include the identification of the grantor and grantee, and the adequate description of the property.

Property deeds can be classified into several categories. Investopedia’s recent article entitled “Understanding Property Deeds” explains that a property deed is a written and signed legal instrument that is used to transfer ownership of real property from the then-owner (the grantor) to the new owner (the grantee).

Every state has its own requirements, but most deeds are required to have some essential elements to be legally valid:

Don’t Forget to Include These Three Items in Your Will

Published on: February 4, 2020 | By McCulloch & Miller, PLLC

A will or trust explains what you want to have happen to your assets when you die, hopefully in a very, very long time. While most people understand that a will explains what to do with money, property, and children, there are other parts you might be surprised by.

MSN’s recent article entitled “3 surprising things you might not think to include your will” tells about three things to include in your will that you may not have thought about before.

Can You Get Donated Property Back?

Published on: February 3, 2020 | By McCulloch & Miller, PLLC

“The heirs of a philanthropist who donated a historic theater to the City of Miami want it back.”

A dissolved nonprofit controlled by the heirs of Maurice Gusman sued the city of Miami recently, in an attempt to regain control of the Olympia Theater and restore it to its former glory. They claim city officials have squandered the theater built in 1926 and violated the terms of an agreement with their grandfather, Maurice Gusman.

The heirs and the dissolved corporation’s directors are Maurice Gusman’s grandchildren: Bruce Gusman, Robert Gusman and Jackie Gusman Thayer.

Blended Family Finances Require Extra Special Care

Published on: January 29, 2020 | By McCulloch & Miller, PLLC

Blended families are almost the new normal in America. A Pew Research Center analysis shows that as many as 40% of all new marriages include at least one person who had been married before. For another comparison, in 1960, 13% of all married adults had been married before, compared to 23% today.

In a blended family, one or both spouses have at least one child from a previous marriage or relationship. Financial and legal challenges are more complicated, as are the family dynamics between parents, step-parents, siblings and step-siblings.

CNBC’s recent article, “4 ways to help blended families navigate finances,” reports that a staggering 63% of women who remarry come into blended families, with 50% of those involving stepchildren who live with the new couple, according to the National Center for Family & Marriage Research.

Why are IRA Beneficiary Designations So Important?

Published on: January 22, 2020 | By McCulloch & Miller, PLLC

If you pass away without naming beneficiaries in your will, it can create legal entanglements for your heirs.

If you decide to purchase a life insurance policy or to put some money into a new deferred annuity contract or Individual Retirement Account (IRA), you need to complete the beneficiary form.

However, Investopedia’s recent article entitled “Why Your Will Should Name Designated Beneficiaries” says that you may just name a person as a beneficiary, without fully appreciating this aspect of your estate planning.