Probate Attorney

How Do I Incorporate My Business into My Estate Planning?

Published on: January 9, 2020 | By McCulloch & Miller, PLLC

“Running and owning a business is just like raising a child: Both are investments in the future, and both require a lot of time, resources and effort to raise successfully. One can argue that you would treat your business like you'd treat a child; you'd want it to succeed even after you've passed on or retired.”

When people think about estate planning, many just think about their personal property and their children’s future. If you have a successful business, you may want to think about having it continue after you retire or pass away.

Forbes’ recent article entitled “Why Business Owners Should Think About Estate Planning Sooner Than Later” says that many business owners believe that estate planning and getting their affairs in order happens when they’re older. While that’s true for the most part, it’s only because that’s the stage of life when many people begin pondering their mortality and worrying about what will happen next or what will happen when they're gone. The day-to-day concerns and running of a business is also more than enough to worry about, let alone adding one's mortality to the worry list at the earlier stages in your life.

What to do with a Sudden Windfall

Published on: December 30, 2019 | By McCulloch & Miller, PLLC

It’s a problem that most people wish they had: a sudden influx of money, sometimes a lot of money. It can be overwhelming, and the most important thing to do is—nothing, at first.

The first thing to do when you are newly flush with money, is take a few deep breaths. Then take a long, clear look at your financial status, advises WMUR.com’s recent article, “Handling unexpected wealth.”

Depending on how much you have received, you could be in a very different place financially. You should take an in-depth look at your net worth and cash flow.

Why You and Everyone Else Needs a Will

Published on: December 11, 2019 | By McCulloch & Miller, PLLC

Once you understand what a will can do, the reason that everyone needs one becomes a lot clearer, especially if you have any minor children or any assets.

A will is a legal document used to provide clear and binding instructions on how you want your assets to be distributed after you die. Everyone should have a will, because they can also be used to identify a person who you want to handle your property, known as the executor and who should be the guardian of your minor children, if both parents die.

Yahoo Finance’s article, “What Does a Last Will and Testament Actually Do?” explains that a last will and testament has instructions for what you want to happen with your assets. A will also designates an executor, names beneficiaries and more. You should work with a qualified estate planning lawyer, when preparing one.

How Powerful are Powers of Attorney?

Published on: December 4, 2019 | By McCulloch & Miller, PLLC

It’s easy to focus most of the estate planning attention on the will and distribution of assets. However, a power of attorney is often as important as a will.

Naming a person to take on the role of Power of Attorney is not easy. For some families, it can hang up the entire estate planning process.

Forbes’ article, “9 Things You Need To Know About Power Of Attorney,” reminds us that it’s an important decision and not one that should be taken lightly. Let’s look at what you need to know to get your POA right.

What Happens When There’s a Will Contest?

Published on: October 30, 2019 | By McCulloch & Miller, PLLC

Contesting a will is not for the faint of heart, but this is the process that lets a person legally challenge a will.

When there’s a will, there’s a way to challenge it, known as a “will contest.” If someone dies and they had a will, their estate goes through the probate process. The probate court is the jurisdiction for challenging a will.

Understanding how this works is important, if you’ve been named as a beneficiary of an estate or you’re concerned that your own will may one day be contested.

What is a Probate Lawyer? Do I Need One?

Published on: October 28, 2019 | By McCulloch & Miller, PLLC

While it’s possible for people to manage some parts of their loved one’s estate, very often the tasks feel overwhelming. When getting assets out of probate becomes too much of a challenge, it’s time for help.

There are instances when an executor knows they need to hire an attorney who focuses their practice on settling an estate immediately. That’s usually when there’s a lot of money at stake, or if the family has a history of fighting. Other times, the job of settling an estate starts out okay, then hits a roadblock, or becomes too emotionally draining.

KAKE.com’s recent article, “Do I Need to Hire a Probate Lawyer?: The Top Signs You Should Lawyer Up” says that trying to do this on your own can often be time-consuming and expensive. That’s why it’s smart to have a probate lawyer working with you.

Talking About Financial Planning with Aging Parents

Published on: September 19, 2019 | By McCulloch & Miller, PLLC

Unless you are raised in a family that talks about money, values and planning, starting a conversation with elderly parents about the same topics can be a little awkward. However, it is necessary.

In a perfect world, we’d all have our estate plans created when we started working, updated when we married, updated again when our kids were born and had them revised a few times between the day we retired and when we died. In reality, a recent report by Merrill Lynch and Age Wave says that only half of Americans have a will by age 50.

More than 50% said their lack of proper planning could leave a problem for their families.

How Gray Divorces Impact Senior Lives

Published on: September 9, 2019 | By McCulloch & Miller, PLLC

It used to be unheard of, a divorce after fifty, sixty or even seventy years old. However, gray divorce is now becoming more common. There are pitfalls to be aware of, before taking this big step.

According to the National Center for Health Statistics and the U.S. Census Bureau, younger Americans are divorcing at much lower rates, while divorces for adults over 50 have just about doubled since the 1990s. Back in the 90s, for every 1,000 persons age 50 and older, only five divorced. In 2015, for every 1,000 married persons age 50 and older, 10 are divorced.

The issues of a gray divorce are very different than those of a younger couple, not to mention the financial and legal complexities of marriages that span decades.

What Happens to Credit Card Debt When Someone Dies in Texas?

Published on: September 3, 2019 | By McCulloch & Miller, PLLC

Here’s a legacy that you may not want to leave for your family to pay: your credit card debt. It doesn’t go away when you die.

Three out of four consumers die in debt, says Yahoo Finance’s recent article, “What Happens to Credit Card Debt When You Die?” That means the executor has to pay the debt, and the money comes from what might have been an inheritance. If you have many debts, the inheritance may become very small—or vanish altogether.

If you’re worried about your family being stuck with your debts after you die, know your rights and work with an estate planning attorney to help protect your assets.

Could Aretha’s Handwritten Wills Be Valid?

Published on: June 10, 2019 | By McCulloch & Miller, PLLC

Despite early reports that she had no will, it seems the Queen of Soul spent a fair amount of time creating three wills to provide for her four sons and leaving behind some strong opinions of the people in her circles. She just didn’t share those wills with her attorney.

When Aretha Franklin died of pancreatic cancer last August, it seemed that she had joined the ranks of many celebrities who never created their wills or thought much about what they wanted their legacy to be.

The Detroit News’s recent article, “Handwritten wills found in Aretha Franklin home favor her four sons” reports that three handwritten wills have been discovered in one of her homes.