Long-Term Care Planning

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.

Estate Planning for Houston Families without the Stress

Published on: January 7, 2015 | By McCulloch & Miller, PLLC

Wouldn’t knowing someone will step in if you become incapacitated create a little peace of mind? Wouldn’t knowing that your family is taken care of create even more peace of mind? Wouldn’t knowing there is a plan in place – a plan you developed – if something happens to you take a significant weight off your shoulders?

Estate planning can do a lot of things for you, but one of the most valuable takeaways is peace of mind.

A recent Forbes article, titled “11 Fundamental Elements of a Stress-Free Estate Plan,” provides practical advice on how to design a plan that protects your assets and provides for loved ones. While everyone’s individual needs are a bit different, there are some basic components you need to examine along with deciding who gets what.

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?

Caregiving for Loved Ones, Without Family Feuds

Published on: December 24, 2014 | By McCulloch & Miller, PLLC

Although nobody can be forced to participate as a caregiver, there are ways to approach the situation that are more likely to have a positive result.

Families encounter many issues when planning care for a loved one. A common issue is the unwillingness of siblings to “step up to the plate” and make a contribution to the caregiving tasks.

The (Carlisle, PA) Sentinel’s recent article, titled "Elder Care: Keeping family conflict to minimum," explains that even though no one can be forced to participate as a caregiver, there are some ways to approach the situation that may yield more positive results.

WWII Vet Victim of Elder Abuse

Published on: December 11, 2014 | By McCulloch & Miller, PLLC

Through a series of legal maneuvers and Iowa's then-blind eye toward financial elder abuse, his caregiver betrayed the World War II Navy veteran's trust and drained his savings over a number of years, according to friends and court documents.

According to an article reported in The Des Moines Register, titled "Caregiver's $700K theft shakes elder advocates," the cost of financial exploitation against seniors is more than $2.6 billion a year in our country, and one in 10 financial abuse victims turns to Medicaid as a result.

Cases like World War II VeteranJames Ruby's are, unfortunately, not uncommon. Seniors fall victim to financial abuse every day.

Plan Wisely for Medicaid or Else! One State’s Warning

Published on: December 4, 2014 | By McCulloch & Miller, PLLC

This case has drawn plenty of attention due to its legal and financial implications. Essentially, the case has escalated to the point of a federal judge warning state regulators that she would consider issuing an order to drop Ohio from Medicaid enrollment altogether, leaving the Buckeye State without federal funds to provide medical care for its elderly residents.

The State of Ohio is penalizing seniors by refusing to grant them long-term care benefits because a spouse or close relative has purchased a Medicaid-compliant insurance annuity. Medicaid administrators in Ohio say that an elderly nursing home patient is not entitled to long-term care benefits as long as he or she has a relationship with an individual who has purchased an annuity.

Other cases have been filed in federal courts in Ohio, and one federal judge has warned Ohio officials that she may hold them in contempt if they don’t follow federal law. The latest lawsuits filed against Ohio’s Medicaid administrators were brought by three elderly women whose husbands used their retirement accounts to buy annuities, which State Medicaid investigators say is illegal.

Plan Before Alzheimer’s Strikes Your Houston Family

Published on: October 24, 2014 | By McCulloch & Miller, PLLC

Medical research confirms one of the first things people have trouble with in the very early stages of dementia is managing personal finances. This means people can make very expensive financial mistakes, often before anyone notices there is a problem. I have seen this happen, and it is heartbreaking.

You never know what the future holds, so early planning for late-in-life health issues is essential.

For instance, you may notice that a loved one seems more disorganized than usual. Bills may pile up. The loved one may have difficulty remembering names and fumble for the right words. See a doctor if there are concerns. Alzheimer's Disease and most forms of dementia are progressive. This means it will get worse over a few years.

Houston Families Beware: Elder Abuse by a Spouse Can Happen

Published on: October 23, 2014 | By McCulloch & Miller, PLLC

The woman Benny claims took advantage of him was his second wife. He says after he had a stroke, she threw him in a nursing home and never saw him again.

At one time, World War II veteran Benny Goo was very affluent with a gorgeous home in Hawaii. Now, Benny has nothing. He says that a woman named “Barbara” stole $2 million from him, which forced him to sell his home.

According to a KLAS TV(Las Vegas) news report posted on the station’s website, titled "Veteran claims elderly abuse by ex-wife," Benny believes that “Barbara”—the woman who took advantage of him—was his second wife. Mr. Goo said that when he had a stroke, Barbara placed him in a nursing home. He never saw her again. However, Barbara was busy cleaning out his bank account and switching his Social Security and pension checks to be deposited directly into her accounts.

Financial Pointers: Providing Care for Aging Parents in Houston

Published on: October 17, 2014 | By McCulloch & Miller, PLLC

Dealing with aging parents is not only tough emotionally, but financially.

As one's parents age, financial and health care discussions are essential for families to have in order to plan ahead for any care they may require.

A recent Newsday article, titled"Money Fix: The cost of caregiving," tackled this tough issue and offered some financial and non-financial advice to help with providing care for aging parents.

Plan Now for the “What Ifs” of Life in Houston

Published on: September 16, 2014 | By McCulloch & Miller, PLLC

The most important thing for any patient with a long-term illness is to focus on his overall health and mental outlook. Having financial plans in place allows a patient to set other worries aside.

How do you plan for future illnesses or tragedies? The "what ifs" of life are all too real, so get your financial plans in place ahead of time.

Life Insurance is extremely important if you have young children who depend on your income. A recent Time article, titled "When Tragedy Strikes a Young Family," suggests a 20- to 30-year level term policy as a good start to help support your family through the children’s school years. Another often overlooked part of this type of planning is Disability Insurance. As many people have discovered, being unable to go to work due to an injury or sickness can be more financially catastrophic than death. Expenses typically increase with treatment and recovery, but your income stops. A disability policy either through your employer or through a private insurer can be a real wise move and offers a good deal of protection—it provides a portion of your income while you are unable to work.