Houston Inheritance

Wealthy Family Goes Public With Estate Battle

Published on: March 25, 2016 | By McCulloch & Miller, PLLC

Facebook has become the source of revolutions, personal journeys, and now, estate battles. When one of America's most admired art collectors passed away last year, she had an estate plan in place. Her husband of 14 years apparently didn't like the terms and is challenging the will. Her adult children from her first marriage are furious, and one is very publicly sharing his anger and disgust on Facebook.

The New York Post Page Six reports in "Melva Bucksbaum's $100M estate battle rages on Facebook" that the battle began when Melva, a former trustee of the Whitney Museum, died at 82 last year. Her husband Raymond Learsy—a trader, developer, and fellow Whitney board member—challenged her will and claims he's entitled to half her fortune, which is worth more than $100 million.

The action infuriated Melva's adult children, Gene and Glenn Bucksbaum and Mary Bucksbaum Scanlan. Glenn says that Learsy schemed to seize the family millions. He wrote on his public Facebook page, "Raymond Learsy…This name should be known. Full definition of cad. 1: An omnibus conductor 2: a man who acts with deliberate disregard for another's feelings or rights."

Beneficiary Designations: Do You Know Who’s Who in Houston?

Published on: March 21, 2016 | By McCulloch & Miller, PLLC

If you don't remember who your beneficiaries are for your investment accounts, insurance policies or annuity contracts, then you need to carve out some time to go through your accounts and see who you named as your beneficiary. If it's been a while, you may be in for a rude awakening.

Beneficiary designations allow certain assets owned by an individual to transfer efficiently at her or his passing. These include retirement accounts like IRAs, Roth IRAs, 401(k)s, 403(b)s, 457(b)s, and pensions, as well as life insurance death benefits and the residual value of annuities.

These types of assets with designated beneficiaries will transfer automatically, despite anything written to the contrary in a person's will or trust. These assets with designated beneficiaries are also excluded from the decedent's probate estate unless the "estate" is the designated beneficiary.

Houston Families Can Tackle Tough Talk with Aging Parents

Published on: March 18, 2016 | By McCulloch & Miller, PLLC

You might be surprised to learn that your elderly or aging parents are more open to discussing their final wishes and estate planning than you, their adult child. If they have already begun the estate planning process, they have come to terms with their own mortality—or are in the process of doing so. Having these discussions with your parents in advance will provide you with practical information. They will take comfort in knowing that you are prepared for the future.

You will be very appreciative after they pass away for the opportunity you had to ask them the questions that will help you to understand their estate and their wishes.

The Huffington Post's recent article, "What Your Aging Parent Isn't Telling You – I Want to Discuss End-of-Life Issues," offers three tips to help you decide whether it's the right time to discuss end-of-life issues with your parent:

Farming Future Depends on Planning Now

Published on: March 15, 2016 | By McCulloch & Miller, PLLC

Regardless of the ultimate outcome – passing the farm to the next generation or selling it – creating a plan for the future requires a lot of groundwork and the help of an estate planning attorney with experience in family farm matters, according to The High Plains/Midwest Ag Journal's article, "Planning for the future of your farm operation."

A business plan can be an important tool in estate and succession planning. This is a roadmap for the farm business, and it gives your business direction, helps you make decisions, and can assist in the future.

Make sure that you have the terminology correct. "Estate planning" deals with the disposition of your assets during your lifetime or after your death, while a succession plan is the transitioning of your farm to the next generation or others to ensure the continuation of the business.

Renee Benson Wins, Is Named Trustee for Her Late Mother’s Assets

Published on: March 11, 2016 | By McCulloch & Miller, PLLC

A settlement agreement approved today by a probate court judge in Texas has NFL owner Tom Benson's estranged daughter Renee Benson replacing her billionaire father as a trustee overseeing her late mother's assets, as reported by the San Antonio Express News in "Tom Benson's daughter wrestles control of $1 billion trust in settlement."

The trust, valued at approximately $1 billion, was set up in 1980 after Tom Benson's first wife died—but before he took over as the owner of the NFL New Orleans Saints and the NBA New Orleans Pelicans.

Forbes said the elder Benson has a net worth of about $2.2 billion.

Author Harper Lee Protect Privacy Throughout Life

Published on: March 9, 2016 | By McCulloch & Miller, PLLC

When the author of "To Kill a Mockingbird" was found to have written another novel, "Go Set a Watchman," there was much mystery about the second book, which generated a fortune. Now the mystery surrounds the estate of Nelle Harper Lee.
While the value of her estate isn't exactly known, an old lawsuit showed that Lee earned nearly $1.7 million during a six-month period in 2009 — before she announced the release of her second book last year, sales of which were well over $40 million.

The International Business Times says in its recent article, "Did Harper Lee Have a Will? Here's What Could Happen To The 'To Kill A Mockingbird' Author's Money," that Lee never married and had no children. Her parents and siblings died years ago—and those closest to her have been accused of scamming her. So what happens now?

Lee once publicly said she had a will, but only her friends and family know for certain. She most likely didn't die without her affairs in order: her father and sister were both practicing lawyers (and her estate has been involved in several lawsuits). But given her reclusive nature, she may have created a trust rather than a will. Wills become public record when they are submitted to probate court, but trusts are continued by a successor trustee and administered accordingly. Some reports say

New Baby? New Tax Planning Required

Published on: March 3, 2016 | By McCulloch & Miller, PLLC

The last thing most new parents are thinking about is taxes, but the addition of a new baby to your family has some nice tax perks, according to "The Most-Overlooked Tax Breaks for New Parents" from Kiplinger's. First step: make sure your new addition has a Social Security number.

You'll need an SSN to claim your new baby as a dependent on your tax return. If you don't report the number, it can mean a $50 fine and tie up your refund. Request a Social Security number for your newborn at the hospital when you apply for a birth certificate.

Dependency Exemption. Claiming your son or daughter as a dependent will shelter $4,000 of your income from taxes in 2015, which will save you $1,000 if you are in the 25% bracket. You will receive the full year's exemption, no matter when the child was born or adopted during the year.

First Quarter: Time to Review Houston Estate Plan

Published on: February 26, 2016 | By McCulloch & Miller, PLLC

Over the course of time, things change that have an impact on your estate plan. Your children may have married or welcomed a new baby into the family. Perhaps you moved, or maybe you were widowed. Life is filled with changes, at every stage, and your estate plan needs to reflect those changes.

Dairy Herd published a valuable article, "Legal: Review and update your estate plan now," which advised that you should at least have the basic estate planning documents in place. This includes a will, a power of attorney, a medical power of attorney and an advanced healthcare directive (often called a living will). Also, some should look into trusts, depending on individual situations.

Taking the time to prepare these documents now can help avoid fighting and stress for loved ones left behind.

Checklist Serves as End-of-Life Care

Published on: February 25, 2016 | By McCulloch & Miller, PLLC

For a generation that is proud of their ability to ignore all kinds of taboos, millennials are no different than any other generation when it comes to discussing end-of-life care and estate planning with their parents. It's up to you, Baby Boomers, to initiate the conversation with your millennial children and make sure that they – and you – understand the basic documents needed for estate planning and end-of-life care.

Benzinga's recent article, "Millennials and Estate Planning: How to Get Started," says that when you do begin discussing end-of-life care, you need to understand the documents involved.

Here is a list:

New Life Event? Review Your Houston Estate Plan

Published on: February 22, 2016 | By McCulloch & Miller, PLLC

From the following Forbes article, "8 Reasons to Revise Your Estate Plan Today," we learn that 51% of Americans age 55 – 64 don't have a Will. That's bad news for their families, who will have to deal with the estate plan default: whatever the rules are for their state. But for those who are smart enough to have an estate plan in place, there are still some maintenance issues that need to be addressed with a review every now and then. Everything changes over time, including your personal and financial situations and tax and estate planning laws.

Even if your estate plan was crafted by a skilled and experienced estate planning attorney, you'll want to talk to him or her if any of these things occur:

Marriage or Re-marriage. This doesn't automatically change the provisions of your will or trust and won't necessarily provide for your new spouse. Talk with your attorney to ensure your plan reflects your new goals, both individually and as a couple.