Houston

Not Wealthy? You Still Need an Estate Plan

Published on: September 5, 2018 | By McCulloch & Miller, PLLC

There’s a saying about people who don’t have an estate plan created. They have a will, it’s just not the one that they want. Decisions are made by the state, and that includes who raises their kids.

If you’ve got young children under the age 18, says CNBC in a recent article, “You don’t have to be wealthy to put this estate plan into place,” you really need to make sure that you have a will. That’s where you can convey your wishes as to who should raise your children, in case tragedy hits and both you and your spouse are not able to.

If you die without a will, you won’t have the opportunity to designate the guardian you want to care for your minor children. Instead, a judge will decide this. It may be someone you really never considered for that essential responsibility.

Fake Law Firm Website Scamming Seniors in Houston

Published on: July 31, 2017 | By McCulloch & Miller, PLLC

Here’s another reason to meet with your estate planning attorney face-to-face. An overseas-based scam is targeting the elderly with a website that uses photos and content stolen from real law firm websites.

A website purporting to be an estate planning law firm is the subject of a lawsuit from the Houston Bar Association, which is trying to get the site shut down. According to the Houston Chronicle, the fake firm, which calls itself Walsh & Padilla, is targeting elderly people and offering estate planning services.

In reality, the ABA Journal notes, in its article, “Fake law firm website uses real lawyers' pictures to fleece consumers, bar lawsuit says,” the scheme’s website appears to be operated from South Africa and uses photos of lawyers taken from real law firm websites. The scammers mail letters to elderly people telling them they’ll be getting life insurance proceeds, after they provide their bank account numbers and other financial details. One senior was scammed out of $14,000, the lawsuit says.

Must-Do Retirement Planning Principles

Published on: June 19, 2017 | By McCulloch & Miller, PLLC

In the best of all possible worlds, your retirement finances include a nest egg that generates a steady flow of income while your principal assets continue to grow.

There are six key investment points that, if you can meet them, will make retirement finances work in your favor, according to Stock Investor’s recent article, “6 Retirement Estate Planning Criteria You Must Address.”

Minimum required yield. This is the first factor when looking for reliable long term income. It’s calculated based on household income requirements and investable assets—typically IRAs, taxable brokerage accounts and other savings that are planned for retirement income. When the required percent of investment (portfolio yield) increases, so does the income risk. When the yield is too high to be practical, traditional thought is to liquidate some of your principal by gradually drawing down your investment portfolio over the retirement years or by using an insurance product, such as a single premium immediate annuity.