Estate Planning Lawyer

Why “Regular Folks” Need an Estate Plan

Published on: May 26, 2017 | By McCulloch & Miller, PLLC

An estate plan does a lot more than distribute your assets among family members and organizations that share your values. It also protects you and your loved ones. That’s why everyone needs an estate plan, especially if you have minor children.

It’s amazing that some people still think they don’t need an estate plan. According to an article in Trust Advisor, “Why An Estate Plan Is Beneficial,” a small estate needs the protection that an estate plan can offer against unnecessary expenses and ensures that personal, financial and charitable goals will be fulfilled. There are four key reasons why everyone needs an estate plan:

Stipulating Care for Yourself. This includes a healthcare proxy, power of attorney and living will that states how you want to be cared for, if you become incapacitated.

Britney Spears Pets Live Large, but Without a Pet Trust, Their Luxe Life Is Vulnerable

Published on: May 25, 2017 | By McCulloch & Miller, PLLC

Britney Spears five dogs enjoy the same quality of life as she does, but without a pet trust, if anything happened to her, their lavish lifestyle would be at risk.

Pet trusts are no longer the exclusive province of the rich and famous, but a recent article in Trust Advisor reports that while Americans spend lavishly on our pets, they are still considered property and don’t have legal status or protection. According to “Britney Spears Pet Fetish Feeds New Estate Planning Craze,” whether you’re talking about protecting Britney’s pampered pooches or just an average American pet, you’ll need a pet trust to protect companion animals, if you become incapacitated or pass away.

While most of us want to ensure that our pets have loving care, rumors of the expense of Britney’s dogs gives us a view of some of the upper limits—or lack thereof—of how much modern pet pampering can cost. Britney spends about $30,000 a year on her dogs. This is enough to support over 100 typical American pets. One haircut for one of her dogs would feed an average animal for a year.

A Legacy of Service Will Continue Now that Estate Battle is Settled

Published on: May 24, 2017 | By McCulloch & Miller, PLLC

At last, a happy ending for the estate of the late Veronica Shoemaker, a community activist who made service the heart of her life and business.

With the conclusion of the estate battle, Mattie Young, the daughter of the late Veronica Shoemaker, will now be able to keep her mother’s flower shop open and maintain her mother’s legacy of community service. Shoemaker devoted many years of her life to serving the Fort Myer’s community and Young was faced with a contested will struggle that threatened her ability to keep the shop open.

The Fort Meyers news-press.com reported on this saga in “Shoemaker estate issue settled; florist shop stays open.” Apparently, family members reached an agreement that assured Mattie would continue to run the Veronica S. Shoemaker Florist Shop in the Dunbar community its founder served for decades.

Strong Trust Planning is Important When One Spouse is Not a U.S. Citizen

Published on: May 17, 2017 | By McCulloch & Miller, PLLC

With many tech companies, universities and businesses, North Carolina has become home to many resident aliens who contribute greatly to the state’s growth. Estate planning requires special knowledge of non-citizen tax rules.

More than $1 billion in annual foreign direct investment gives North Carolina’s private sector employment a huge boost, as reported in Trust Advisor’s recent article, “Foreign Spouses Need Strong Trust Planning.” That includes hundreds of thousands of workers, individuals who are not U.S. citizens but who establish residence here.

They’re known as “resident aliens” under U.S. tax law. There are also nonresident, non-U.S. citizens (“nonresident aliens”) who will invest in real and personal property situated in the state. This can include a wide variety of real and personal property, from vacation homes to ownership interests in a holding or operating company.

Daughter Sues Mom, Charging Her with Draining Her Inheritance

Published on: May 15, 2017 | By McCulloch & Miller, PLLC

Legal battles that lasted longer than the marriage, continue to plague the daughter of a real estate investor.

A court action brought by a young woman, whose mother devoted nine years to gaining control of her trust fund, is now trying to free herself from her mother’s financial grip. Her daughter claims that her mother sold as many as seven Gramercy Park co-ops and an apartment building in Brooklyn and pocketed $13 million.

The New York Post reports in “My mom swiped more than $13 million from my inheritance,” that the daughter, Elizabeth Marcus, has tried for years to get a hold on a trust fund from her mom, Geraldine Lettieri. The trust was established for Marcus by her dad, real-estate investor Alan J. Marcus, before his death in 1994. The fight over his estate has been going on in Bronx Surrogate’s Court, where Lettieri first won control of the trust in 2003. Elizabeth says that Lettieri used the fund like a piggy bank, buying fancy cars and a mansion in the Hamptons.

Can an Estate Plan Protect an Adult Child with an Addiction or Mental Illness?

Published on: April 5, 2017 | By McCulloch & Miller, PLLC

When all of your time is spent battling the challenges of mental illness or addiction, it’s hard to imagine what the future will bring. However, that’s exactly why estate planning is so important.

It’s not an easy issue to discuss with an estate planning attorney for the first time. However, if your children, minors or adults, suffer from mental illnesses or addiction to drugs, alcohol, gambling or any other form of addiction, the attorney will need to know so they can advise you properly. As described in Trust Advisor’s helpful article, “Hope For The Best, But Build Trusts For The Future Of Children With Special Challenges,” there are certain planning techniques that could be used in these situations.

Before diving in, estate planning requires a parent to acknowledge that an addicted son or daughter may never recover. With this in mind, estate planning must be done so that the child never has easy access to the funds. In this instance, a trust with special-purpose language may be a wise option.

Wrong Answers to Two Misconceptions about Estate Planning

Published on: April 3, 2017 | By McCulloch & Miller, PLLC

The moment you become a parent, you need a will. The same is true once you acquire any kind of asset that you want to give to someone after you die. It’s really that simple.

The reasons why so many people don’t think they need a will fall into a number of different categories. However, the two biggest ones are described in an article appearing in the Pauls Valley Daily Democrat titled “More on estate planning myths.” Chances are good you’ve heard them before, but you may not have heard why they are plain old wrong. Here’s why:

“I’m young, so I don’t need a will.” This is not true. One of the most important parts of a will for a young couple, is a provision that designates a guardian—the person(s) who will care for their young children in the event of their mutual death. This is rare, although it does happen. To make matters worse, what if there’s a family fight for custody of your children? Make this selection so the court isn’t forced to select a guardian for your minor children if the event arises. A will can give you peace of mind concerning the care of your children.

Four Decisions at the Heart of Retirement Planning

Published on: March 15, 2017 | By McCulloch & Miller, PLLC

Are you surprised that such a complex topic can be divided into just four sections? Once these difficult tasks are accomplished, you’ll have some much needed perspective that will help the rest of the process along.

According to a recent article in Forbes, “How Much Do You Need To Retire: 4 Things For Your Checklist,” these four decisions will help you clarify many questions about retirement and help more your planning forward:

Decide on your retirement age. This is easiest for many people, but the age you choose should align with your retirement savings and Social Security benefits. At a minimum, use Social Security payments as a baseline for your retirement income.

Savvy Tips for Dealing with an Inheritance

Published on: February 9, 2017 | By McCulloch & Miller, PLLC

Inheritances by their very nature, create many mixed emotions. While you are grateful for the inheritance, you are grieving, which is a painful experience that impacts decision-making skills.

Perhaps the most important thing to know when you are grieving the loss of a loved one and expect to receive an inheritance, is not to make any big decisions. While an inheritance may change your life in a financially good way, as reported in The Reading (PA) Eagle Business Weekly’s recent article, “What to do and what not to do with your inheritance,” you are in a state of emotional crisis. Financial planning and big financial decisions will need to be made, but nothing needs to be done immediately, except for settling the business of the estate, if you are the executor. Here are some dos and don’ts to keep in mind:

What not to do with an inheritance

Senior Weddings Call for a Different Kind of Planning

Published on: December 14, 2016 | By McCulloch & Miller, PLLC

If you’re walking down the aisle again, there are a number of smart steps to take before you say “I do” another time.

Just as your life was probably simpler the first time you married, your subsequent marriage, especially if it occurs late in life, can become problematic, if good planning doesn’t happen in advance. If you don’t know your legal rights or your responsibilities, reports New Hampshire Magazine in “Navigating Late-Life Remarriage,” you, your children and your new spouse may be in for some unpleasant surprises.

While death and the likelihood that one spouse will outlive the other is inevitable, another important fact is that the divorce rate among those who remarry later in life years is 60%. This is much higher than the rate of any other segment of the population. Some experts think that number may go even higher.