Houston Probate Court

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.

Executor Fees Can be Complicated if Will Does Not Specify Details

Published on: February 17, 2016 | By McCulloch & Miller, PLLC

A jumbo sized battle in a high profile and seemingly never-ending estate matter highlights what may appear to be a minor detail in estate planning but what is in fact an important consideration: the executor fee.

According to a recent Wall Street Journal article, "Battle Involving Leona Helmsley Estate Spotlights Issue of Executor Pay," the New York attorney general has challenged the proposed fee on the estate of real estate mogul Leona Helmsley. The $100 million sought by the executors, including two of Helmsley's grandchildren, is "astronomical" and should be reduced by 90%, the state Attorney General Eric Schneiderman said.

An issue in this case is that the will does not specify how the executor fees should be calculated, while ruling out the use of a fee schedule in state law, according to the attorney general's filing.

Bishop’s Large Estate: Church vs. Family Members

Published on: February 16, 2016 | By McCulloch & Miller, PLLC

Family members are fighting to lift a shroud of secrecy following the death of a successful bishop who built a real estate empire and a megachurch. As reported in The Detroit News in "Family battles over megachurch founder's estate," the estate of a Pentecostal bishop from Detroit could be valued at up to $10 million. The bishop's heirs want their inheritance, and the church is pushing back.

Bishop William Bonner's two adult grandchildren say his survivors are being shut out of their inheritance, and they believe officials with a Harlem church are hiding money and records about property that belongs to the family.

Bonner died in April at age 93, after suffering from dementia and complications from a stroke. He founded Solomon's Temple in 1944, which has grown into a 2,500-seat sanctuary. His real estate empire includes as many as 30 homes and other properties in several states, his family says. His survivors want the church to open its books on his financial affairs to give them more information about the bishop's Will detailing property and cash that they claim should be part of their inheritance.

Divorced? Who’s Your Beneficiary Designation?

Published on: February 8, 2016 | By McCulloch & Miller, PLLC

Updating beneficiary designations is usually the simplest part of estate planning, but it's also the most likely part of estate planning to be overlooked. You have beneficiaries on pretty much every account, from 401(k)s to life insurance policies. Do you know who your beneficiaries are?

USA Today says that it's not just because many of us have the majority of our assets tied up in products like these. The article, "Your ex could get rich if you don't update your beneficiaries," explains that it's also because beneficiary designations on a 401(k) or IRA are legally binding and often take precedent over anything in your will. This can lead to some serious unpleasantries if your beneficiary information isn't updated.

Many times a person who has worked at the same company for 20 years has a beneficiary designation that they set up on their first day of work, and they never think about it again. However, their lives are rarely the same fifteen or twenty years down the line. For example, they might be divorced and remarried, or they might have children or grandchildren who weren't even a twinkle in someone's eyes way back then. Leaving an estate to an ex-spouse or disinheriting your own children is not a rare event when people don't update their beneficiary designations.

We Lost Mom’s Will! What are Options?

Published on: February 2, 2016 | By McCulloch & Miller, PLLC

What steps can you take when a parent passes away without sharing the location of a will or telling you who the attorney was who drafted and executed the will? What if you can't find any copies in what seem like reasonable hiding places in Houston?

The article, "What steps to take when you lose a will," from New Jersey 101.5 says there are plenty of clues you can use to track this down.

If your mom has passed away, first be certain that a will hasn't already been probated. Contact the probate court in the county where your mother lived at the time of her death. These records are public.

Houston Parents Need to Protect Children with Estate Planning

Published on: January 14, 2016 | By McCulloch & Miller, PLLC

An unmarried father-to-be asked what he needs to do to protect the mother of his child in the column "Having a baby, but not married? Some financial advice," from New Jersey 101.5. His concern is well founded because if something unfortunate happened to him, she would not be first in line for his assets. He also asks if the necessary documents are prepared while they are unmarried, what needs to be changed when and if they do get married?

In many states, the rights of unmarried couples are different than those of married couples. As far as a minor child, child custody issues are the same whether or not you are married, as the courts make decisions based upon the best interest of the child. Of course, the surviving parent will be the default guardian, but in the event that both parents die, issues can arise without a will and the designation of an alternate guardian. In addition to an unforeseen death, you also need to consider what could happen if you and your partner split up.

Distribution of property is very different between married and unmarried couples that break up. If you are married, almost all property will be distributed equitably and alimony can be awarded. However, when unmarried couples split up, individual property is retained by the original owner—and only jointly-owned property, like a home with both names on the deed, is divided between the parties. Further, neither party of an unmarried couple gets alimony, but this can be addressed by an unmarried couple if they sign a Cohabitation Agreement.

Houston Heirs Will Thank You for Proper Estate Planning

Published on: January 4, 2016 | By McCulloch & Miller, PLLC

Financial planners who help families build and manage assets are often asked what documents are needed in an estate plan. The following documents create a foundation of an estate plan: an up-to-date will, a durable power of attorney for health care (sometimes called a health care proxy), and an advance health care directive (also known as a living will).

Property transfer clarity. We hear about the disastrous fallouts when celebrities die without wills or other crucial documents in place. Elvis Presley is a famous example, but there are countless others, including James Gandolfini, Whitney Houston and Phillip Seymour Hoffman in the past few years. Who needs that kind of drama?

If you have a valid will, the transfer of assets is much less confusing and difficult. A will tells your executor or personal representative how your assets should be distributed. A will can also state the order in which your heirs should receive these assets—in case funds run out before all of the bequests are fulfilled.

Everyone Needs to Make Time for Estate Planning

Published on: January 1, 2016 | By McCulloch & Miller, PLLC

The only way to make sure that your wishes are carried out after your death is to have the proper estate planning documents prepared in advance, according to a post from WMUR.com, "Money Matters: Common estate planning mistakes." Some people make the mistake of thinking that estate planning will be extremely complicated, while others think it will be far simpler than it ever could be. While every situation is different, there are a number of mistakes that are common at every income and asset level.

Failing to plan. Many of us don't have a will—but like it or not you do have an estate plan. The plan is called the law of your state and the probate judge. If you die without a will, your estate will be divided according to intestacy laws. In that case, there's no guarantee this will be what you wanted. A one-page will or a more complex plan with other strategies like a trust can help reduce estate taxes, save on administrative costs, and put you in the driver's seat when deciding how your assets are to be distributed to your heirs, charities, or to help a family member with special needs. Another important point: in many states a will is the only way that you can name a guardian for your minor children. So, if you move from one state to another, be sure to check local laws.

Failing to maximize your marital estate exemption. The new portability law provisions ease some of the estate tax planning burden by allowing each individual a $5.43 million federal estate tax exemption in 2015. If one spouse dies without using up his or her $5.43 million, the unused portion may be transferred to the other spouse for use at the survivor's death (hence the term "portable."). You should also remember to investigate any state estate taxes when reviewing your strategy and make certain to discuss how portability is elected with your attorney.

Scheduled Court Appearances Vital to Legal Cases

Published on: December 31, 2015 | By McCulloch & Miller, PLLC

An entire $3 million estate of a Texas doctor was awarded to his ex-wife in a recent court ruling. Mrs. Denise Reichert took the oath of independent executrix of the will and estate of Dr. Oscar Reichert.

The judge who presided over the hearing dismissed the contest of will filed by Brandi Reichert, who is the doctor's oldest daughter from his first marriage.

However, Brandi failed to show up in court.