Houston Probate

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.

California Legislators Provide Shortcut Law to Help Senior Homeowners

Published on: February 12, 2016 | By McCulloch & Miller, PLLC

Written by Assemblyman Mike Gatto (D-Glendale), a new law, AB 139, is unlike most of the over-reaching and bombastic legislation that originates in the State Capital. As reported in The San Diego Times-Union, "State ushers in refreshingly modest law," this new law makes one aspect of estate planning easier for California homeowners.

The measure, which passed unanimously in both the Assembly and the Senate, creates "a new, non-probate method for conveying real property upon death through a revocable transfer upon death deed." It's a simple way for people to transfer their home (or one-to-four-unit investment properties) upon their death – without having to pay for a living trust or having it all sorted out in probate court.

California had provided simple "payable upon death" forms for many valuable items, such as automobiles and stock accounts, but not for real property. Creating a trust has many advantages, but legislators realized that without a trust, the estate would be handled in a potentially lengthy probate process.

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.

Texas Land Is Your Legacy and Estate Planning Is Important

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

Farmers are well versed in the cyclical nature of life, particularly those who deal with livestock. But thinking about your own demise is different than considering the eventual end of animals bred and raised solely for consumption. Talking about death among family members is difficult. But planning in advance for the next generation will help with survivors' ability to work the land and continue a legacy.

A recent AgriNews article, "Estate planning can lessen grief for survivors," emphasizes that the land is key. It's the heart of the business. Estate planning is about protecting that land.

You should seek the advice of a qualified and experienced estate planning attorney who is well-versed in current estate laws and farm business operations in the state.

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.

Dementia: Don’t Wait Too Late For Estate Planning

Published on: December 28, 2015 | By McCulloch & Miller, PLLC

It’s very important for individuals who are diagnosed with dementia to appoint a trusted family member or friend to make a commitment to help them make important financial and medical decisions when they no longer can do these tasks. According to an article in Money, "5 Essential Documents for Protecting a Loved One with Dementia," the time to make this assignment is when the person is still mentally competent and has the legal capacity to make sound decisions.

If you delay with the paperwork, your family member's dementia may progress to the point where he or she cannot legally turn over power. At that point, your only option is to petition for guardianship and ask a judge to declare the person incapacitated. That can take about two months and may be expensive. It can get even worse if your loved one—or another family member—contests the application.

Laws vary by state, and mistakes can be costly. You should draft these documents with the help of an experienced elder care attorney. Here are the key documents that are recommended:

Judge Sealed Probate Records in Rare Oklahoma Case

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

Probate records are open to the public and many individuals seek planning methods that may protect the privacy and security of survivors. Estate planning is one tool where individuals may keep the contents of their wills, details of assets, and private matters private.

Interestingly, judges have the authority to seal probate records on a case-by-case basis if there is just cause to do so. However, that authority is rarely used. Nevertheless, in the case of Mark Costello, an Oklahoma judge has sealed his will.

So, who was Mark Costello? The Labor Commissioner in Oklahoma.