Living Trust Attorney

“Downton Abbey” — A Good Lesson for Houston Families

Published on: March 24, 2015 | By McCulloch & Miller, PLLC

The viewers of this high-end PBS costume drama, which takes place about a century ago, could very likely be your clients' demographic. Look at who's a top corporate sponsor: Viking River Cruises, which told The New York Times that “our demographic is affluent Baby Boomers 55+.” It's a big group: more than 10.1 million viewers watched the first episode of the fifth season in early January. Look closely and see if Downton can impart valuable financial lessons to you.

It can be difficult to explain to clients the ramifications of putting off their estate planning. Sometimes people have to “see it to believe it,” so to speak. Enter PBS hit series, Downton Abbey.

Downton Abbey follows the lives of the fictitious Crawley family who live in a grand English country house in the early 1900s. Downton’s characters can teach some valuable financial lessons, according to AccountingWEB’s recent post titled, “8 Lessons You and Your Clients Learn by Watching Downton Abbey.

High Wage Earners in Houston Should Mind Tax Tips

Published on: February 16, 2015 | By McCulloch & Miller, PLLC

There is less emphasis on estate taxes because the exemption—$5.43 million per person—is so high now. But income taxes are higher, so know what you are in for.

Maybe the estate tax doesn’t apply to you, but what about rising income taxes? How should you plan accordingly?

According to a recent post on cnbc.com, titled Tax planning tips for high-income earners,” tax planning is better done looking ahead three or five years. If you see a trend, such as an increase or reduction in income, you can alter your deductions or deferrals.

2015: New Financial Goals for Houston Families

Published on: January 13, 2015 | By McCulloch & Miller, PLLC

If history is a guide, this coming week nearly half of us will make resolutions seeking to improve some facet of our lives, many of which will be focused on personal finance. If one of your goals for the New Year is to get your financial life in order, here are a few key areas which should be included on your 2015 financial planning checklist.

As you begin compiling your 2015 financial goals, one of the first items on your list should be to calculate how much money you'll need in retirement. It’s one of the most significant math problems you’ll do after you finish grade school. Once you have arrived at the answer to this math problem, you need to examine if that answer will create a problem for you as you prepare for retirement.

With that target in place, pay heed to the advice in an article from Seacoastonline.com titled “Start your 2015 financial planning checklist.” Consequently, you should create a strategy that will help you achieve that goal. A savings plan is one method you can use—and take maximum advantage of any tax-deferred savings opportunities available to you along the way.

A Trust Can Help Keep Public Lives A Bit More Private

Published on: January 8, 2015 | By McCulloch & Miller, PLLC

In all likelihood, [film director] Nichols had a "revocable living trust," that contained the dispositive provisions of his estate so that his wishes were shielded from the public.

Celebrities and high-profile estates tend to be a hot topic in the media, but sometimes the media doesn't get the full story.

An article from The National Review, titled "The Death of Mike Nichols and Estate Planning," sheds some light on why we know so little about the estate of award winning director Mike Nichols.

Ring In the New Year with a Roth IRA

Published on: January 1, 2015 | By McCulloch & Miller, PLLC

Sharron Epperson, who is CNBC’s senior personal finance correspondent, stressed the importance of retirement planning in the coming year — with two products in particular.

Need a financial resolution for 2015? Save as much money as you can in a Roth IRA. One of the best things you can do to set yourself up for financial success in the future is to be strategic with your savings.

According to a recent article at gobankingrates.com, titled “CNBC’s Sharon Epperson on Why You Need a Roth IRA in 2015,” in the event of an emergency make sure you're able to withdraw your contributions at any time without incurring penalties or fees. This is also a terrific way to save for retirement, because you might be in a higher or lower tax bracket when you’re in your 60s. Who knows?

Store-Bought Gifts? Give Assets to Houston Families Instead

Published on: December 31, 2014 | By McCulloch & Miller, PLLC

Gifting can be an estate planning tool, for you can save on future estate taxes and have the pleasure of watching your dollars work for your children or grandchildren while you are still alive.

If you're tired of the standard store-bought items for gifts, you may consider a different spin on gifting. What about giving away some assets to your children or grandchildren?

In certain states, the estate exemption is just $1 million, not the $5 million (indexed for inflation) as at the federal level. CBS Boston's recent posting, titled “All About Gifting Assets,” warns that things can get complicated pretty fast and you should have a good estate planning attorney to help you.

Checking Santa’s Estate Planning Tips for Houston

Published on: December 19, 2014 | By McCulloch & Miller, PLLC

Yes, nobody relishes thinking about the day when they will no longer be around. But with a little effort and foresight, you can give your family the ultimate gift: a piece of mind. Here's a quick checklist of estate planning essentials.

Not really ready for an estate planning talk around the fire this holiday season? It's definitely not a pleasant conversation when considering the end of one's life. Yet, if you could give your family the gift of "peace of mind", would you? Probably so. What does this gift look like?

The Street’s recent article, “The best holiday gift for your family: estate planning,” gives us a quick checklist of estate planning essentials:

Trusts Remain Good Ideas for Houston Families

Published on: December 10, 2014 | By McCulloch & Miller, PLLC

Irrevocable trusts, which are virtually unchangeable once established, have decreased in use, but revocable trusts, over which the grantor retains control, still flourish.

A recent Cincinnati.com article, titled “Trusts remain useful tool in estate planning,” addressed some confusion over the use of trusts in light of recent changes in the law.

One very popular estate planning tool, the revocable trust, remains very much the foundation for many estate plans and is used frequently. In this arrangement, the maker of the trust (the person planning his or her estate) retains total control over the assets, but bypasses probate should the trust maker become incapacitated or die.

Only the Rich Need a Trust in Houston? Wrong!

Published on: December 9, 2014 | By McCulloch & Miller, PLLC

By keeping even modest sums of money protected, trusts can ensure that your wishes for your money will be honored into the future.

A recent article by the Motley Fool,titled "5 Things You Didn't Know — but Should! — About Trusts," sheds some light on common misperceptions of trusts.

Here are a few beneficial takeaways from the article for Houston families:

Planning for Death Is Unpleasant; Critical for Houston Families

Published on: December 1, 2014 | By McCulloch & Miller, PLLC

Once someone dies there is much work to be done. These are a few suggestions to help you get administratively organized for death.

To make death easier for all involved, it’s critical to plan some of the issues related to death far in advance with some contemplation to make everything go as smoothly as possible when a loved one passes away.

When a loved one dies you have to remember IRS deadlines, Social Security Administration requirements, compliance with state laws, and dealing with other grieving family members. There’s also the chance you might have some relatives who feel entitled to more or different assets.