Probate Attorney

Why Should Houston Residents Have a Will?

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

"If you make a will you can distribute the wealth as per your wish and avoid many hassles. It particularly becomes more complicated if there are immovable properties involved and there are disputes on the values of such properties," says Ashish Kehair, EVP and head – private wealth and international businesses, ICICI Securities.

Why do you need a will?

One of the big reasons to make a will is to distribute the wealth as you want and avoid many of the headaches and expenses for your heirs, especially when you have immovable properties and disputes over their value. This caution is discussing in a recent article in The Business Standard titled "Why you should make a will." If there is no will and more than one legal heir, the distribution of assets is conducted by the court under probate law. This can be time-consuming and cumbersome.

Houston Residents: What Can Happen If You Don’t Sign Your Will!

Published on: November 7, 2014 | By McCulloch & Miller, PLLC

The legal dispute surrounding the roughly $200 million estate of the late Charlotte developer Henry Faison has been resolved, with his company winning forgiveness of more than $100 million in loans he’d extended to it.

In this recent court case filed by Faison's sons, Jay and Lane, they asked the court to force Henry's company to allow the assets, including $105 million in loans extended by Faison, to pass to his foundation. The dispute centers on Henry's June 2000 will, which left the residuary of his estate to Faison Enterprises.

Supreme Court Ruling Says IRAs Not Protected from Bankruptcy

Published on: October 30, 2014 | By McCulloch & Miller, PLLC

As a result, financial advisers and families are taking steps to shield IRA assets for children and other beneficiaries in case those heirs ever find themselves in bankruptcy proceedings.

Is your IRA protected from creditors in the event of bankruptcy? Not anymore. Because of the recent unanimous high court decision, experts and families are taking steps to protect IRA assets for beneficiaries in the event those heirs declare bankruptcy.

A recent Wall Street Journalarticle, "Court Ruling Sparks Rush to Shield IRAs," finds that many advisers are urging clients to create a trust as the IRA’s beneficiary, or to set up an IRA as a trust account while the owner is still alive. Either way, the original owner has access to the money before he or she dies. Depending on the type and terms, trusts can shield assets (including an IRA) against creditors.

Pass the Pie: Use Holiday Time to Discuss Estate Planning

Published on: October 29, 2014 | By McCulloch & Miller, PLLC

Thanksgiving weekend is a time to reflect, visit family, and of course, eat your fair share of pie. And while we may be thankful for the people and the wealth in our lives, not enough of us have planned to protect all that we have.

Pass the pie please! And not just the pumpkin pie. How about my slice of the Houston estate? Probably not something you'd really say at your Thanksgiving dinner, but maybe you should.

CBC News in Toronto recently cited a survey that 40 percent of Canadians aged 65 and older felt unprepared about their estate plan. It seems that our good friends to the north are unfortunately much like those of us here in the United States.

Are Online Estate Planning Forms Worth the Risk for Houston Families?

Published on: October 28, 2014 | By McCulloch & Miller, PLLC

The online forms you come across may or may not work. These forms tend to not be state specific which means your will may or may not be valid. If you are going to take the time to draft a will or any other estate planning document (which you should), you definitely want to ensure that it is valid. Visiting an attorney in your state will ensure that it is valid and properly executed so that your interests are protected.

Just like fixing up your house, there are jobs you can handle yourself and those that require the assistance of an expert.

A recent article in ABA Law Technology Today, titled "3 Reasons to Avoid Online Forms for Wills and Estate Planning,"points out some glaring problems with trying to DIY your estate plan.

Five Estate Planning Tools for Houston Families

Published on: October 22, 2014 | By McCulloch & Miller, PLLC

If you want to stay in control of your money and medical decisions until the end, here are the five most important estate-planning documents you need to have.

If you aren't sure which estate planning tools you really need, at least start with the basics.

A recentCNBC article, titled "Stay in control with 5 estate-planning documents," talks about essential estate planning documents that everyone should have.

Living Trust Advantages for Houston Families

Published on: October 21, 2014 | By McCulloch & Miller, PLLC

A revocable living trust is similar to a will in that it indicates how you would like your assets to be distributed after your death and can be amended anytime. While you should always have a will, a living trust—which is simply a trust set up during your lifetime as opposed to one created after your death—can be a valuable addition to your estate plan. Here’s why.

If you have a will, do you really need a living trust? Let's explore the advantages of living trusts to find out.

A recent article in Time, titled "Why This Estate Planning Tool Beats Just Having a Will," gives several reasons to consider living trusts.

Talking to Your Kids about Your Houston Estate Plan

Published on: October 20, 2014 | By McCulloch & Miller, PLLC

Talking to family members about estate planning and legacies can be difficult and even painful. Those discussions, however, will almost certainly be less painful in the long run than the stories children may make up after parents are gone about why they made the choices they did.

Should you tell the kids? When it comes to your estate plan, yes!

A recent Time article, titled "The Hardest Part of Making a Will: Telling Your Kids What’s in It" lists a few ideas to help you overcome the challenges of having these important conversations.

Consider These Inheritance Planning Questions for Houston Estates

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

Making decisions about the disposition of your assets can be an emotionally fraught and time-consuming process. Take small steps and seek expert guidance to realize your plans for the financial care of your families.

Who gets what when it comes to your estate? The process of distributing your assets is no easy task.

A recent Forbesarticle, titled "Estate Planning 101: Picking Your Heirs," provides some very useful instructions on basic estate planning. The article lists a series of questions that can help you organize your thoughts and prioritize your planning.

Sibling Tug-of-War: Estate Planning Nightmare

Published on: October 15, 2014 | By McCulloch & Miller, PLLC

Dealing with an ill parent or their estate once they pass can be difficult, and having support through your siblings is important. However, sibling feuds can get in the way and cause conflicts during this time. Having your parents’ estate planning documents in order not only ensures their health care, finance and estate decisions are being taken care of, but that siblings are able to be there for each other instead of fighting.

If you think fights with your siblings are in your childhood past, wait until one of your parents turns ill or passes away. You'd be surprised at the feuds that can break out over an estate!

A recent Law Depot article, titled "Estate Planning: 4 Things Siblings Feud Over," compiled four items that commonly cause sibling fighting in estate planning, as well as some ideas to prevent fights from happening: