Guardianship

Your Houston Estate Plan Check Up

Published on: March 5, 2015 | By McCulloch & Miller, PLLC

Once the basic documents are in place, they should be revisited periodically. If there is a major change in your circumstances- good or bad, your attorney should know.

How are those New Year’s Resolutions coming along for your finances and estate plan?

Fox News recently posted some tips in an article titled “Is it time for your legal checkup?”The article advises that a will is a great starting point, even if you’re young and healthy. Once we have children, another important part of estate planning is designating a guardian who will rear your children if something unforeseen happens. It’s also important to decide the ages at which your kids should inherit assets. You should discuss all of this with your estate planning attorney: allowing the trustee to have the discretion as to how, whether, and when to make distributions can protect immature or young beneficiaries. This will also keep these assets from counting against a young person’s college financial aid applications.

Elder Abuse Is Real, and Houston Needs a Solution!

Published on: March 2, 2015 | By McCulloch & Miller, PLLC

How big a problem is impossible to say, because hard data is scarce. “The reality is that we don’t even have national data on the scope of the problem,” Sen. Claire McCaskill (D-Mo.), said at the hearing.

It has been found that much of the financial abuse involving seniors goes unreported. According to a New York State Elder Abuse Prevalence Study, only one in 44 cases is reported. And knowing that makes for a real problem when reviewing some of the data we do have.

It’s a problem that Kathleen Quinn, Executive Director of the National Adult Protective Services Association, called “rampant, largely invisible, expensive and lethal” at a recent Senate Special Committee on Aging hearing on the subject. In fact, as reported in a recent Forbes article titled “Why Elder Financial Abuse Is Such A Slippery Crime,” a new study asserts that financial elder abuse costs $36.5 billion annually—more than 12 times the figures that MetLife has published in the past few years.

Elder Abuse Accusation in DJ Casey Kasem’s Estate Feud

Published on: February 26, 2015 | By McCulloch & Miller, PLLC

"Detectives are still actively investigating the elder abuse case," LAPD spokesperson Jane Kimtold THR. "They want to be as thorough as possible before a case is presented to the DA's office."

The hits just keep coming in DJ Casey Kasem’s estate battle.

The Hollywood Reporter quoted private investigator Logan Clarke in its recent article titled Casey Kasem's Daughter Demands LAPD Arrest Widow for Elder Abuse. "

Massachusetts is Behind on Dementia Care Compliance

Published on: February 24, 2015 | By McCulloch & Miller, PLLC

Arlene Germain, president of Massachusetts Advocates for Nursing Home Reform, said the new rules, once implemented, could substantially improve the lives of nursing home residents. But, she said, “strong oversight and greater nursing home participation are critical to ensure that the law’s benefits are meaningful and widespread.”

The process for dementia care compliance checks in Massachusetts has been slow, as the state handed out its dementia special care checklist for inspectors in December—almost six months after the rules were adopted.

The Boston Globe article, titled “Dementia care lacks oversight in Mass., data show,” says that despite the delays, state regulators are not conducting spot checks for compliance—they’re already just too busy with routine monitoring of more than 400 nursing homes. However, the state health department recently announced that its inspectors would now review dementia care during their annual visits to each facility. But this means some nursing homes may not be subject to these compliance checks for months.

High Wage Earners in Houston Should Mind Tax Tips

Published on: February 16, 2015 | By McCulloch & Miller, PLLC

There is less emphasis on estate taxes because the exemption—$5.43 million per person—is so high now. But income taxes are higher, so know what you are in for.

Maybe the estate tax doesn’t apply to you, but what about rising income taxes? How should you plan accordingly?

According to a recent post on cnbc.com, titled Tax planning tips for high-income earners,” tax planning is better done looking ahead three or five years. If you see a trend, such as an increase or reduction in income, you can alter your deductions or deferrals.

Guardianships Used by Nursing Homes to Collect from Residents

Published on: February 12, 2015 | By McCulloch & Miller, PLLC

Lillian Palermo tried to prepare for the worst possibilities of aging. An insurance executive with a Ph.D. in psychology and a love of ballroom dancing, she arranged for her power of attorney and health care proxy to go to her husband, Dino, eight years her junior, if she became incapacitated. And in her 80s, she ended up in a nursing home as dementia, falls and surgical complications took their toll. He sings her favorite songs, feeds her home-cooked Italian food, and pays a private aide to be there when he cannot. But one day last summer, after her husband disputed nursing home bills that had suddenly doubled Mrs. Palermo's copays, and complained about inexperienced employees who dropped his wife on the floor, Mr. Palermo was shocked to find a six-page legal document waiting on her bed. It was a guardianship petition filed by the nursing home, Mary Manning Walsh, asking the court to give a stranger full legal power over Mrs. Palermo, now 90, and complete control of her money.

A New York Times article titled "To Collect Debts, Nursing Homes Are Seizing Control Over Patients" states that few people are aware that a nursing home can do this. Guardianship cases are usually confidential, but the Palermo's situation isn't uncommon.

More than 12 percent of guardianship cases are brought by nursing homes. Many of these may have been brought as a means of bill collection, which was never intended when the New York legislature enacted the guardianship statute. Some courts have ruled that this legal tactic by nursing homes is an abuse of the law, but these petitions—even if unsuccessful—make families spend time and money in costly legal ordeals.

Florida Puts Focus on Elder Rights and Guardianship

Published on: February 2, 2015 | By McCulloch & Miller, PLLC

This year, two legislators who pressed for reform in 2014 are back with new bills they believe have stronger chances of success, as the excesses possible within Florida's guardianship system become more widely known.

A recent article in The Herald Tribune, titled “Legislation aims to curb abuses in guardianship system,” reports that two of Florida’s legislators are addressing the excesses possible within Florida's guardianship system. Florida law has a list of 14 rights that an elder may surrender as a result of the guardianship process. These include the rights to marry, vote, manage finances, determine where to live and accept medical care.

The Florida bill includes these types of actions:

New Year…New Financial Goals for Houston Families

Published on: January 21, 2015 | By McCulloch & Miller, PLLC

The New Year is a great time to regroup on your financial plans, reevaluate and/or create new financial goals. By sticking to your financial resolutions throughout the year, you can keep on track towards achieving your financial objectives in 2015 and beyond.

Make the New Year a happy one by getting your finances in order. Setting some basic goals can help make 2015 one of the best years yet.

Make a budget. Creating a budget is the key to long-term financial success. Nonetheless, a 2013 Gallup poll found that only one in three Americans maintained a budget. A budget takes on even more importance when you plan to move into retirement and leave a steady paycheck to live on a fixed income.

Keeping a Vacation Home in the Family

Published on: January 9, 2015 | By McCulloch & Miller, PLLC

Make a detailed plan for the home's future to avoid family feuds down the road.

Many memories are made in family vacation homes, and a lot of families do not want those traditions to end when a loved one passes. However, experts say you need to be careful in planning so the home's future isn’t the source of feuding. The biggest mistake owners can make is to fail to make a detailed plan for the home's future, cautions a recent Kiplinger's Retirement Report article titled "How to Pass Down a Vacation Home."

If an owner says “I don't care, I won't be here,” it rarely leads to a happy result. As we always say, besides honesty, communication is the best policy. Owners should meet with their adult children and spouses to create a plan for either keeping the vacation house in the family or selling it. Families can also get help from an experienced estate planning lawyer to develop ideas and plans.

Estate Planning for Houston Families without the Stress

Published on: January 7, 2015 | By McCulloch & Miller, PLLC

Wouldn’t knowing someone will step in if you become incapacitated create a little peace of mind? Wouldn’t knowing that your family is taken care of create even more peace of mind? Wouldn’t knowing there is a plan in place – a plan you developed – if something happens to you take a significant weight off your shoulders?

Estate planning can do a lot of things for you, but one of the most valuable takeaways is peace of mind.

A recent Forbes article, titled “11 Fundamental Elements of a Stress-Free Estate Plan,” provides practical advice on how to design a plan that protects your assets and provides for loved ones. While everyone’s individual needs are a bit different, there are some basic components you need to examine along with deciding who gets what.