Gifts

Store-Bought Gifts? Give Assets to Houston Families Instead

Published on: December 31, 2014 | By McCulloch & Miller, PLLC

Gifting can be an estate planning tool, for you can save on future estate taxes and have the pleasure of watching your dollars work for your children or grandchildren while you are still alive.

If you're tired of the standard store-bought items for gifts, you may consider a different spin on gifting. What about giving away some assets to your children or grandchildren?

In certain states, the estate exemption is just $1 million, not the $5 million (indexed for inflation) as at the federal level. CBS Boston's recent posting, titled “All About Gifting Assets,” warns that things can get complicated pretty fast and you should have a good estate planning attorney to help you.

Passing on Artwork? How To Divide the “Picassos” of Your Houston Estate

Published on: October 6, 2014 | By McCulloch & Miller, PLLC

Serious art collectors might roll over in their graves—or never marry—if they knew what feuds their purchases were destined to inspire. On the other hand, lots of friction can be avoided if lovers of art and their families acquaint themselves with a few legal and tax basics.

So, who's getting the Picasso? Dividing assets of artwork can be a challenge.

A recent Wall Street Journal article, titled "Tips for Dividing Art in a Divorce or Death," warns that fighting can be avoided if art lovers and their loved ones learn a little about some legal and tax basics. The original article offers some ideas on how to decide—in a fair and civilized manner—who gets what, and the ways of disbursing an art collection to minimize taxes.

Houston Parents: Give The Inheritance Now Or Later?

Published on: May 14, 2014 | By McCulloch & Miller, PLLC

Ultimately, the decision about whether to leave your children money now or later depends entirely on your financial and family circumstances.

Deciding whether or not to leave an inheritance is only part of the equation. When should you give it – now or later?

Forbes recently tackled this difficult issue a short while ago in an article titled “Should I Gift Money To My Children Now Or Later?”