Legacy Planning

Shifting to Values-Based Estate Planning in Houston

Published on: June 28, 2021 | By McCulloch & Miller, PLLC

Estate planning is a critical collection of documents that protects one’s assets and property for future generations. An “estate” is the collection of these documents, and it specifies who will protect ones’ wishes and act on them when the time comes. While estate planning is a centuries-old tradition that many people have engaged in, a shift is occurring that is changing the way many people choose to pass down their assets. This new trend is commonly referred to as “values-based” estate planning.

Historically, estate plans were designed to address assets, not personal, familial relationships. However, when familial relationships are on thin ice, a family’s overall wealth can suffer. According to research, many family businesses dissipate after the second generation. This fact highlights the importance of addressing estate plans with a new lens.

Texans who want to pass on their wealth effectively should consider hiring an attorney to gather materials and develop a values-based estate plan. Values-based estate planning involves evaluating the creators’ values, celebrates the life they have built, and creates a fulfilling legacy to leave behind for future generations. These documents help create an atmosphere of trust amongst heirs and help forge meaningful relationships between family members for generations to come.

Can an Estate Plan Become a Legacy Plan?

Published on: September 25, 2018 | By McCulloch & Miller, PLLC

The old saying that the first generation builds the business, the second generation struggles to maintain it and the third squanders everything, is sadly, statistically true. However, creating a legacy might give you better odds of success.

If you’ve been responsible and had an estate plan created, you are way ahead of most of your peers. You’ve planned for your family and your heirs with a will, powers of attorney, an advanced directive and likely created the appropriate trusts to hold life insurance policies to minimize estate taxes and protect the proceeds from creditors. You may have even done some succession planning, using family trusts and other planning vehicles. However, will this be enough for a lasting legacy?

Forbes’ recent article, “How To Turn Your Estate Plan Into A Legacy Plan,” says that perhaps you’ve heard that legacy planning is the solution to your problem. However, you are worried about the expense. If you create a legacy plan, does it mean you’ve wasted time and money? No, it doesn’t. The documents you’ve already prepared for estate planning can most likely be used and incorporated into a more effective legacy plan. Let’s look at how to turn an estate plan into a legacy plan.

Buyer Beware: Burial Plot Purchase Requires Shopping Savvy

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

Consider the amount of time you spend on planning a one-week vacation. You’ll want to spend more time on planning your eternal resting place.

A local television station in Sarasota, Florida aired a news story about a cemetery where the grass and weeds were so overgrown they sparked complaints from local residents walking their dog near the property. As a result, according to a WTSP 10 News report, “Protecting your loved ones last resting place,” Sarasota Memorial Park was told by county code officials to bring the grounds up to code or be fined. Not long after the news report aired, workers were seen doing maintenance on the grounds.

The people who had called to complain even called on volunteers to mow Sarasota Memorial Park. They mowed a section one morning until they were told to leave. However, their complaint to the County Code Enforcement Department resulted in a warning to the cemetery property owners. They were ordered to clean up the cemetery or face a notice of violation and fines.

Contents of Will Publicly Announced British Actor Lord Attenborough’s Final Wishes

Published on: October 14, 2015 | By McCulloch & Miller, PLLC

Upon British actor and director Lord Richard Attenborough's death, the value of his estate and his last wishes were made public via his will. His estate in the United Kingdom was worth approximately £1.5 million, not including the value of any assets held in trust or any foreign assets.

However, his will also revealed that Attenborough requested that his body be cremated.

His wish was that one-third of his remains be placed at his Scottish estate and another third be taken to an estate in France. The final third of his remains he wants intermingled with the remains of his daughter and granddaughter at a church near Attenborough's estate in the UK.