Estate Planning

Use Family Meetings As A Forum For Estate Planning in Houston

Published on: November 21, 2013 | By McCulloch & Miller, PLLC

A productive family meeting can have a profound impact not only on the individual family members who attend, but also on all those they interact with afterwards.

Communication is key when it comes to estate planning. In fact, the entirety of an estate plan – from the advance health directives covering your end-of-life decisions down to the distribution of your assets – is all about communication. However, not all decisions are easily and clearly communicated in writing. What you may need is a “family meeting.”

If the term “family meeting” conjures little more than memories of classic TV shows, (e.g., the “Brady Bunch”), then you are not alone.

Are You A Money Manager For Others in Houston?

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

If you’re handling the finances for an older family member or are about to do so, some sticky challenges can pop up quicker than you think.

Managing your personal finances can be a challenge. But what if you had to manage money for someone else? Managing the finances of a loved one is a far more tenuous role to occupy, as the outcome involves another's well-being instead of your own.

If you are caring for an elderly loved one and stepping up to oversee their finances as well, then there are some important rules to know and follow.

Your Houston Business Exit: By Design Or By Default?

Published on: November 18, 2013 | By McCulloch & Miller, PLLC

What will be the most likely exit scenario from your business when the time comes?

If you own a small business, what will your last day at work be like? What is your exit strategy? The answer hinges on whether your exit will be by design or by default.

To exit your business by design requires coordinating your personal estate with the estate of the business. Oftentimes the two are intertwined. Ask yourself the question recently posed in the title of a recent Forbes article: “How Will You Leave Your Small Business The Last Time?”

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.

Using Trust Funds To Purchase Home in Houston

Published on: October 31, 2013 | By McCulloch & Miller, PLLC

As interest rates rise, more children of high-net-worth families are likely to tap into their trust funds to buy a home.

Buying a home means chaining yourself to a mortgage and the financial institution holding it. This arrangement is oftentimes considered a necessary evil of adulthood. But then again, when there are trust funds available to help, buying a home might not be such a necessary evil at all.

Under the right circumstances, trusts may be tapped to assist you and your loved ones, even when it comes to bypassing the bankers and buying a home. This is more and more useful as interest rates rise.