Estate Planning Lawyer

When Power of Attorney Forms Are Refused

Published on: June 1, 2016 | By McCulloch & Miller, PLLC

This is one of those problems that you think you've solved, only to discover that the problem still exists. The best workaround we can think of: overdoing due diligence, well in advance.

When you took the necessary and advisable step to have a parent or other relative sign a durable power of attorney, you might have felt relieved, secure in the knowledge that you were now prepared and protected to handle their finances if they become incapacitated.

However, The New York Times explains in “Finding Out Your Power of Attorney Is Powerless” that when you take the witnessed and notarized document to a financial institution, the officials there may not accept the documents. They may not honor your power of attorney and may insist that the account owners sign the institution’s own power of attorney form.

How Powers of Attorney Are Used in Planning for the Future

Published on: May 25, 2016 | By McCulloch & Miller, PLLC

The same level of advance planning needed for a new baby or for a child going to college is necessary for retirement and estate planning.

Decisions about housing, income, health care and your heirs' lives after you pass away are not always easily made. These decisions involve emotional, financial and legal considerations. Timing these decisions and creating the necessary documents requires good planning, as many of these decisions must complement each other.

According to The Harvard Press in "Older & Wiser: Powers of Attorney," the complexity of these issues leads most people to seek professional assistance regarding retirement living and estate planning. While many of us are tempted to avoid uncomfortable decisions, careful planning can save you thousands of dollars and can help you avoid unnecessary guardianship or institutionalization.

Six Key Houston Estate Planning Documents To Protect Your Loved Ones

Published on: May 23, 2016 | By McCulloch & Miller, PLLC

Privacy and a faster resolution to settling estates are just two good reasons to create an estate plan.

You really don't have to be a millionaire or famous to create an estate plan, as noted in an article appearing on the Forbes' website, "Prince and Estate Planning: What We Can Learn from the Late Musician's Financial Picture." All you have to do is make sure that you have six basic estate planning documents in place to protect your loved ones from additional stress and worry when you pass away.

Here are the six key documents you should have to protect your assets and your family in the event of your passing:

Most Americans Still Don’t Have a Will

Published on: May 20, 2016 | By McCulloch & Miller, PLLC

Despite countless celebrity estate battles, most Americans still put off having a will created. Think of a will as an itinerary for your family that will make their lives easier once you are gone.

Prince was clearly busy with performing, writing, recording and creating. But that's still not a good reason for him to not have put a will in place. The very public court processes that are now underway could have been completely avoided had he devoted the time to creating an estate plan.

The Huffington Post, in its May 3 article, "Like Prince, A Majority Of Americans Don't Have A Will," stressed that wills are important as they establish beneficiaries, distinguish who gets what (and how much of it), and prevent the state from deciding what happens to your property.

How Do Supreme Court Judges Do Their Estate Planning? Very Well, As It Turns Out!

Published on: May 19, 2016 | By McCulloch & Miller, PLLC

One Chief Justice's seemingly simplistic will was the target of a lot of humor. Tongues wagged in Washington that he had utterly failed to do any estate planning. The gossips had it all wrong.

It may be surprising to outsiders, but Washington D.C. actually functions in many ways as a small town. When Chief Justice Warren Burger died in 1995 and it was revealed that he had a one-page will that he typed himself, the community was amused and the jokes flew.

But the Chief had the last laugh. His lawyer responded that Burger's will, when given effect along with the terms of his previously deceased wife's will, created maximum tax savings.

Adopting? Congratulations! First, Your Financial Homework

Published on: May 17, 2016 | By McCulloch & Miller, PLLC

Financial planning needs to be part of the equation when doing all of the work involved in bringing a new family member into your lives.

The cost of adoption can start at a few hundred dollars or it can easily exceed $40,000, according to the U.S. Department of Health and Human Services. There are many different ways of adopting a child into your home, but however your adoption occurs, you need to do some financial planning.

Biz Times' recent article, "Getting your finances ready for adoption," says that in order to get your finances ready for adoption, you have to do your homework and be certain the price and processing work of adoption won't wipe out your plans for essential financial goals like retirement, saving for your future child's education, and higher daily living expenses with a new family. Begin with these tips:

Different Generations, Different Values

Published on: May 11, 2016 | By McCulloch & Miller, PLLC

Houston Millennials have a different perspective about love, money and family.

Boomers have taught their children well. While nearly three quarters of boomers see a gift of money as an expression of love, according to a recent survey, their children don't see things the same way. These different values have a significant impact on how families should discuss and plan for inheritances.

Reuter's recent article, "Equating inheritance with love can cause discord," explains that Millennials hold very different views about receiving gifts. According to the survey, roughly 33% of them feel that a monetary gift is a way for the older generation to exert influence over them.

Don’t Dive into Texas Medicaid Without a Full Understanding

Published on: May 5, 2016 | By McCulloch & Miller, PLLC

People think that Medicaid will solve all financial problems if they or a spouse will need expensive medical care late in life. It's not that simple.

Concerns about outliving assets or having all their wealth spent on nursing home care has led many Houstonians in different economic brackets to take steps to qualify for Medicaid as part of their estate planning. But Medicaid was not designed to be the first source for health care costs.

Remember that your income and assets have to be at a very low level to qualify for Medicaid. This program isn't a right or an entitlement—even if your tax dollars paid for it. Medicaid provides assistance for ongoing living needs and services provided by home care or, in advanced cases, at a nursing facility.

Financial Tactic for Houston Alzheimer’s Patients: A Trusteed IRA

Published on: May 4, 2016 | By McCulloch & Miller, PLLC

Houston families with an Alzheimer's patient must address the issue of financial planning as well as care and treatment. A number of planning tools should be discussed once a diagnosis has been made.

Any family faced with helping a loved one who has been diagnosed with Alzheimer's disease has a number of challenges ahead. In The Wall Street Journal's "Voices: Consider Trusteed IRAs for Clients With Alzheimer's," the article suggests that frank discussions must begin to address a number of concerns for the present and the future. Issues include care and treatment, wishes for care when the person can no longer speak for themselves, determining who will manage finances, estate planning and how a spouse will be supported during the loved one's illness—however long it may last.

Many of those with an Alzheimer's diagnosis really are concerned with not becoming a financial or practical burden on their family. Loved ones can encourage them to see an elder law attorney to help them organize and designate their assets early, so that they will ensure appropriate distribution before they're not able to manage their money directly.

Change in Lifestyle? Change Your Beneficiaries, Too!

Published on: December 15, 2015 | By McCulloch & Miller, PLLC

Naming a beneficiary for your IRA, 401(k) or any other retirement plan and then making sure that the name is right as you go through the many stages of life could be one of the most important financial decisions you make, according to The (Crystal Lake, IL) Northwest Herald in "Rectifying the retirement minefield."

Of course, if you want to give your retirement savings to your first husband, he won't mind. But your second husband might!

If you're married, you'll want to designate your spouse as the primary beneficiary. Federal law requires your surviving spouse to be the primary beneficiary in employer-sponsored retirement plans, like a 401(k), unless your spouse signs a written waiver letting you name someone else as the primary beneficiary. In most cases, spouses will name each other as the primary beneficiaries to their retirement plans. Those funds help maintain the lifestyle they've enjoyed in their marriage.