Probate Attorney

Houston Scam Alert! Don’t Fall Victim to Estate Planning Cons

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

Constantly in the news, it seems like there is a new scam making headlines. One surprising area in which scams are becoming more common is estate planning. Each year, more people fall victim to unscrupulous and unqualified sellers of ineffective estate planning documents. Often, these scammers are door-to-door salesmen or telemarketers.

Estate planning is a very personal and essential process to protect your loved ones and your assets. And all it takes is a scammer to mess that all up. A recent Webwire article, titled "How to Avoid an Estate Planning Scam," points out things to keep in mind when considering your estate planning options.

Employ a qualified estate planning attorney. Do-It-Yourself is very popular these days, from home improvement to filing income taxes. There are many websites that offer DIY wills. Beware! Estate planning is not a point-and-click or fill-in-the-blank proposition: it is a complex area of law with different rules depending on where you reside. Use a licensed, experienced estate planning attorney to prepare your estate plan. Check with the state bar and make sure he or she is licensed to practice law in your state.

Yes, Houston. You Really Do Need a Will

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

If for no other reason, you need a will to name an executor (or executrix).

So, do you really need a will? Yes. Really.

A recent Forbes article titled "Do I Really Need a Will?" recommends that you should have a will to at least designate an executor or executrix to administer your estate. This individual will be responsible for taking care of your affairs after you pass away. Without a will, the probate court will appoint an administrator—this could end up being almost anyone. Anyone with a decent reason has the ability to petition the court to be appointed—like your cousin Reggie (who you last saw at your fourth birthday party) or your Uncle Ted (who is always dressed like it is 40 below, even in July).

Houstonians Can Back Up Life With An Estate Plan

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

…As with hard drives, our limited shelf life requires that we make the most of each day while also planning for a peaceful transition. Having loved ones struggle with managing unorganized financial affairs with no assistance only prolongs grief and blemishes fond memories.

Why do most of us give more attention to backing up our PCs than we do to our estate plans? This question was explored in a recent Time article, titled "How Writing a Will Is Like Backing Up Your Hard Drive." To make sure our computers work effectively, we conduct updates, check for viruses, and clean up unwanted material. Being unorganized only leads to trouble and added expense. Making our loved ones deal with unorganized financial affairs and estates only creates more stress and adds to the grief.

In one way, if you do not back up your PC's hard drive or do not have an estate plan, you are not alone. However, that really is not good news. Just because a lot of people flunk the final exam does not make the conversation with your parents any easier. So too, in estate planning—being unorganized only makes more work for your family and your estate planning attorney. On top of that there will be more expenses involved.

Phillip Seymour Hoffman’s Passing Spurs Estate Planning Lesson

Published on: August 27, 2014 | By McCulloch & Miller, PLLC

His Will was written before the birth of his last two children and never updated; thus, his estate plan is completely silent about his wishes for them. The actor's death also highlights the effect that marriage can have on an estate plan.

It seems that once a high-profile celebrity passes away, news of their estate floods the media shortly after. A recent article in The National Review, titled "A Hollywood Lesson for Everyday People: Trusts," emphasizes how one of the biggest misfortunes in the passing of actor Phillip Seymour Hoffman is that everyone now knows his business. We all know what assets were left to whom, who was left out, and how much money he had. These are typically private concerns, but because Hoffman only had a will, which is publicly probated in open court, everyone has access to these public records. Fortunately, there is a simple way for people to keep their estate plans from becoming blog material (like this!): create a trust.

A revocable living trust is a common type of trust that can help secure your privacy. According to the original article, Hoffman said he did not want his kids to be "trust fund kids." This meant he did not want his kids to be spoiled by his acting fortune. However, his definition of a trust could have used some better intel. Hoffman's children actually would have been better off with a trust that set out specific distributions tied to some conditions or events, such as their 25th birthdays or to use for college tuition.

Estate Planning Pointers for Blended Families in Houston

Published on: August 26, 2014 | By McCulloch & Miller, PLLC

No one wants to leave their heirs with a mess to sort out or fight over. Here's a look at the top six things to remember when you're estate planning for a blended family.

If you are remarried, how does the new marriage affect your estate planning? There are many things to consider when blending two families.

A recent article in TheStreet.com, titled "6 Things to Consider When Estate planning for Your Second Family," suggests that you first consider how long your family has been together. If you and your second spouse married when your children were still young, or if you had your own children together, your family is hopefully just one family. If you look at all of your family's kids as "our" kids, then make provisions in your will that show that harmony, according to the original article. This is a truly blended family.

Houston Estate Planning Step 1: Identify Your Assets

Published on: August 25, 2014 | By McCulloch & Miller, PLLC

Your first step? Take stock of all your assets. These include your investments, retirement accounts, insurance policies, real estate and any business interests.

According to CNN Money's "Identifying your assets" (i.e., part of its Money Essentials Series), a good first step for estate planning is to review and inventory all of your assets. This includes your investments, pensions, retirement accounts, life insurance policies, real estate, and businesses. While you are at it, be sure to categorize your important papers, like birth and marriage certificates, Social Security cards, insurance policy numbers and current statements, and mortgage information, along with updated contact information for each.

The second step is to determine what you want to accomplish with those assets—do you want to pass them to your children, set up a trust for a favorite charity, or a combination of these? Maybe you want to go in a different direction all together.

Think You Don’t Need an Estate Plan Because You Don’t Have Kids? Think Again, Houston!

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

Did you think estate planning would be easier because you don’t have children … or that you don’t really need an estate plan? If so, you couldn’t be more wrong!

The website dailycall.com recently posted an article, titled "Aging and estate planning for singles and couples without children," to help get you thinking about the special challenges people face who do not have adult children to assist them in their aging years.

Here are some of the ideas suggested:

Breaking Taboos – It’s Time to Talk About Your Houston Estate Plan

Published on: August 12, 2014 | By McCulloch & Miller, PLLC

If there is a boogeyman when it comes to family conversations about inheritance, it is not death. It’s the $40 trillion that financial advisers say their baby boomer clients are going to pass to their children either in an orderly way — or in a chaotic mess. A report by UBS on why families should talk about inheritance confirms the reluctance of people to talk about death and money.

Remarkably, a recent New York Times article, titled "What’s Almost as Certain as Death? Not Talking About the Inheritance," noted that it is easier to have a will (83% do) than it is to discuss the will with your children (only half). It is even more difficult to give them details about those assets (34%).

Regardless their levels of financial wealth, those surveyed were equally deficient when it comes to discussing estate plans with their children. Roughly 55% of people with more than $1 million talk to their children about an inheritance, and 53% of people with fewer than $1 million did. As you might expect, the majority of parents want the transfer of money to their children to go smoothly (84%) without creating bad feelings among siblings (66%).