Estate Planning Lawyer

Mistakes to Avoid when Planning Estates

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

“Five of the most common mistakes are easy to avoid with the right information and support, as well as a little creativity.”

Because estate planning has plenty of legal jargon, it can make some people think twice about planning their estates, especially people who believe that they have too little property to bother with this important task.

Comstock’s Magazine’s recent article entitled “Five Mistakes to Avoid When Planning Your Estate” warns that without planning, even small estates under a certain dollar amount (which can pass without probate, according the probate laws in some states) may cause headaches for heirs and family members. Here are some big mistakes you can avoid with the help of an experienced Houston estate planning attorney:

Some Surprising Facts about Retirement

Published on: January 13, 2020 | By McCulloch & Miller, PLLC

Check out some often-overlooked retirement planning facts of life that everyone should be aware of.

It’s crucial to have a plan for your retirement, so let’s get educated. There are some facts you might not know about retirement, like the way in which your Social Security benefit can be taxed and how to factor in travel expenses.

Kiplinger’s recent article entitled “5 Surprising Facts to Know About Retirement” gives us five important facts to learn about retirement.

How Do I Incorporate My Business into My Estate Planning?

Published on: January 9, 2020 | By McCulloch & Miller, PLLC

“Running and owning a business is just like raising a child: Both are investments in the future, and both require a lot of time, resources and effort to raise successfully. One can argue that you would treat your business like you'd treat a child; you'd want it to succeed even after you've passed on or retired.”

When people think about estate planning, many just think about their personal property and their children’s future. If you have a successful business, you may want to think about having it continue after you retire or pass away.

Forbes’ recent article entitled “Why Business Owners Should Think About Estate Planning Sooner Than Later” says that many business owners believe that estate planning and getting their affairs in order happens when they’re older. While that’s true for the most part, it’s only because that’s the stage of life when many people begin pondering their mortality and worrying about what will happen next or what will happen when they're gone. The day-to-day concerns and running of a business is also more than enough to worry about, let alone adding one's mortality to the worry list at the earlier stages in your life.

What to do with a Sudden Windfall

Published on: December 30, 2019 | By McCulloch & Miller, PLLC

It’s a problem that most people wish they had: a sudden influx of money, sometimes a lot of money. It can be overwhelming, and the most important thing to do is—nothing, at first.

The first thing to do when you are newly flush with money, is take a few deep breaths. Then take a long, clear look at your financial status, advises WMUR.com’s recent article, “Handling unexpected wealth.”

Depending on how much you have received, you could be in a very different place financially. You should take an in-depth look at your net worth and cash flow.

Should I Use a Trust Company?

Published on: December 20, 2019 | By McCulloch & Miller, PLLC

Consumers often find themselves with investments with one company, insurance with another, a financial advisor with a third company and one or maybe more banks. Depending upon the asset level, it may make sense to put all of this under one roof.

Trust companies provide clients with a variety of services, so that they are all managed in one place, by one individual or one team of professionals. Trust companies manage trusts, trust funds and estates for individuals, businesses and other types of entities. They also provide investment, tax and estate planning services.

Wealth Advisor’s recent article, “Understanding How Top Trust Companies Operate,” gives us a high-level overview of the nature and function of trust companies, as well as the services they provide.

What You Need to Know About Being an Executor

Published on: December 18, 2019 | By McCulloch & Miller, PLLC

Being named as an executor is a big responsibility. Before accepting this role, you should understand what the tasks are, and what you need to be careful about to protect yourself.

It’s flattering. Someone you know thinks highly enough of you to name you as their executor. That means they believe you’re ready and able to do things like settle debts, gather assets, manage estate tax and income tax returns, deal with your family members, distribute the assets and do everything that needs to be done before the estate can be settled.

However, Investopedia’s article from last summer, “5 Surprising Hazards of Being an Executor,” explains that the person named as an executor isn’t required to accept the appointment. Prior to agreeing to act as an executor, you should know some of the hazards that can result, as well as how you can address some of these potential issues, so that being an executor can run smoothly.

Planning for Incapacity

Published on: December 16, 2019 | By McCulloch & Miller, PLLC

It’s a hard thing to imagine: what would your life be like, if you were not able to take care of yourself? Not being able to manage your physical or financial needs, drive, leave your home without assistance, or do any of the things that you do now as a legally competent, abled-bodied person?

Being incapacitated means that someone has to be named to carry out your health care and manage your finances. Without a plan, courts usually get involved, and often people who don’t know the person needing help are the ones who make decisions for them. With a plan, as described in The Post-Searchlight’s recent article, “How to go about planning for incapacity,” you have the ability to tell what your wishes would be for health care and name someone to be in charge of your financial and legal affairs.

Incapacity can strike at any time. Advancing age can bring dementia and Alzheimer’s disease, and a serious illness or accident can happen suddenly. Therefore, it’s a real possibility that you or your spouse could become unable to handle your own medical or financial affairs.

Why You and Everyone Else Needs a Will

Published on: December 11, 2019 | By McCulloch & Miller, PLLC

Once you understand what a will can do, the reason that everyone needs one becomes a lot clearer, especially if you have any minor children or any assets.

A will is a legal document used to provide clear and binding instructions on how you want your assets to be distributed after you die. Everyone should have a will, because they can also be used to identify a person who you want to handle your property, known as the executor and who should be the guardian of your minor children, if both parents die.

Yahoo Finance’s article, “What Does a Last Will and Testament Actually Do?” explains that a last will and testament has instructions for what you want to happen with your assets. A will also designates an executor, names beneficiaries and more. You should work with a qualified estate planning lawyer, when preparing one.

What’s the Best Way to Hold Title to Real Property?

Published on: December 6, 2019 | By McCulloch & Miller, PLLC

There are different types of property. What we informally call real estate, is known in the law as “real property.” That includes any property that is made of land and any structure that sits on it. That also can include assets that appear on that piece of land, like crops, water, livestock or other natural resources.

The ownership of real estate takes several different forms, and each has different requirements for transferring ownership, obtaining financing, paying taxes and collateralization. How the property is owned is based on its title, which is used to convey ownership.

Investopedia’s recent article, “5 Common Methods of Holding Real Property Title,” explains that each title method has its pros and cons, depending on a person's specific situation and how they want ownership to pass after death, divorce, or sale. The most common of these methods of title holding are joint tenancy, tenancy in common, tenants by entirety, sole ownership and community property.

How Powerful are Powers of Attorney?

Published on: December 4, 2019 | By McCulloch & Miller, PLLC

It’s easy to focus most of the estate planning attention on the will and distribution of assets. However, a power of attorney is often as important as a will.

Naming a person to take on the role of Power of Attorney is not easy. For some families, it can hang up the entire estate planning process.

Forbes’ article, “9 Things You Need To Know About Power Of Attorney,” reminds us that it’s an important decision and not one that should be taken lightly. Let’s look at what you need to know to get your POA right.