Probate

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:

Financial Guidance for Late-in-Life Divorces

Published on: December 18, 2014 | By McCulloch & Miller, PLLC

"There are no 'do-overs' after you agree to a settlement," says Vickie Adams, a certified financial planner and certified divorce finance analyst in San Pedro, Calif. "After 50, you'll have fewer years to recoup from financial errors, so it's essential to get this right." Here are a few tips for protecting your finances during a later-in-life divorce.

Unfortunately, divorce is possible at any age. But there are differences in financial tactics depending on your stage of life, particularly for divorce after age 50. A recent article in USA Today, titled "Protect finances in later-in-life divorce," provides some tips for protecting your finances during a later-in-life divorce.

Use a third party mediator. Although some couples can sort things out on their own, many others use an impartial third party to help with the process. The original article says that couples heading into a divorce who choose to litigate should give their attorneys permission to contact their accountant, estate planning attorney, and financial adviser.

Ask These Estate Planning Questions Prior to 2015

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

Have a plan; either you decide or someone else does.

Year-end is a great time to evaluate your estate planning goals! This timely topic was the theme of a recent article in the Pittsburgh Post Gazette titled "Holiday season is the best time to update your estate planning."

Here are some questions you ought to ask yourself as 2015 draws near:

Should You “Leave It to Beaver” When It Comes to Houston Estate?

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

Leave it to Beaver? Or do you prefer to leave your estate to someone else? Today’s families are a lot different than Ward and June Cleaver. There are more families today with non-traditional situations than ever before. This makes financial and estate planning all the more important.

If your family looks nothing like the family of Ward and June Cleaver, you are not alone. Families today are very different compared to the days of Leave It to Beaver. Our so-called modern families leave much to consider when it comes to financial and estate planning.

A recent article in The Patriot Ledger, titled "Estate planning for non-traditional relationships," takes a practical look at a common personal, financial and legal challenge.

A Review of Perpetual Trusts?

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

“Why do we care about these perpetual trusts?” Mr. Sitkoff said. “Because there’s a lot of money in them. Billions of dollars is pouring into these jurisdictions.”

Perpetual trusts: good or bad? The principle of this tool is up for debate.

Perpetual trusts allow trust creators to maintain some control after they pass, and help protect fortunes from taxes and creditors. However, people who set up these perpetual trusts in states where they’re legal could have some headaches as lawsuits brought in a state where the trusts are prohibited could mean the out-of-state assets could be counted in any settlement.

Does Your Houston Estate’s Library Hold Great Value?

Published on: December 3, 2014 | By McCulloch & Miller, PLLC

Managing an estate can be complicated and overwhelming, but libraries can often be sources of hidden value, and thus should not be ignored. There's always a chance that tucked away in that library are a few rare first editions or hard-to-find antique items. But if you're facing hundreds of volumes and you have little experience with books, where do you start?

Libraries and rare books may not be your idea of a good inheritance, but they can actually be hidden treasures if you do your research. A recent JD Supraarticle, titled “California Estate Planning: What to Do if You Inherit a Library,” warns against failing to value books that are left as part of an estate.

You never know if the library has tucked away an inscribed first edition of “For Whom the Bell Tolls” by Ernest Hemingway. That’s going for $8,500 on Ebay right now. Or maybe a signed J.D. Salinger “The Catcher in The Rye.” Asking price for this is only $55,000 these days. These rare first editions or hard-to-find antique items are out there. If you are left with the responsibility of sorting through a collection containing hundreds of volumes, and you have little experience with books, where do you start?

Providing for Houston Heirs, Regardless of Wealth

Published on: December 2, 2014 | By McCulloch & Miller, PLLC

“Regardless of how much wealth you have,” says Gregory Popera, a private wealth adviser with Bank of America Merrill Lynch, “having some type of estate plan and financial power of attorney are sort of the financial building blocks to make sure your assets go where you want them to go.”

Making sure your heirs are taken care of once you pass is an important goal of estate planning. And you don't have to be among the wealthy to create financial stability for your loved ones.

The Washington Post recently discussed practical strategies for financial security in an article titled "How to pass money on to your children."

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.

Helpful Houston Estate Planning Add-Ons: A Letter of Instruction

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

Where there’s a will, there’s a way—and sometimes an ugly family feud. Families are consumed with grief when a loved one dies, but unfortunately certain legal and organizational tasks that arise can’t be ignored or put off for long. But you can ease the burden on your loved ones by making some simple preparations in addition to a will.

Sometimes your family may need more detail than what is normally included in a will. To get in front of hard feelings and potential conflicts over your personal possessions, think about adding a letter of instruction to your will. This is an informal document you can draft which isn’t legally binding, but can be a helpful guide for your family.

A recent article in The Wall Street Journal, titled “When a Will is Not Enough,” suggests that you organize your letter into three sections: funeral arrangements, financial and personal affairs, and distribution of personal effects.

“Sweetheart Wills” for Houston-Area Couples with No Children

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

Recently, I outlined a basic estate plan for a couple with children. Now, a reader in California asks: “What about marrieds without kids?”

Married without children? What essential estate planning tasks should you focus on?

The Wall Street Journal says, in an article titled “Estate Planning for Childless Couples,” that you have two main estate planning tasks: (i) decide what will happen to your property after you die; and (ii) specify the individual who will oversee your medical and financial affairs if you’re unable to do so.