Tax 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:

Money Mindsets and Financial Decisions for Houston Residents

Published on: October 14, 2014 | By McCulloch & Miller, PLLC

Money security, in most cases, is a choice. It requires the right mindset and consistent actions. Like learning a craft or skill, time, patience and devout determination is required, most especially if you are starting from a difficult position.

How do you deal with money? What is your "mindset" when it comes to finances? The way you think about money can largely affect your financial health.

A recent Forbesarticle, titled "Retirement Reality Bites: It's Time To Bite Back," says there are many controllable factors when it comes to how we think about and deal with money. The article terms this your money mindset. Beliefs about money are founded at an early age, when we are just children. These beliefs can be healthy and responsible, or they can be destructive and lead to disastrous behavior.

Tragedy Can Strike at Any Time, Don’t Delay Your Estate Planning!

Published on: October 13, 2014 | By McCulloch & Miller, PLLC

Family law practitioner Andy Low Hann Yong also noted a "significant increase" in inquiries for will writing service of late. He said this could be due to rising public awareness on the importance of having a will, or the occurrence of unfortunate incidents such as Malaysia Airlines Flight MH370 and earthquakes, and reports of bitter fights over estates involving well-known personalities or tycoons.

When tragedy hits the news, do you tend to think of your loved ones? Many people start evaluating the plans they have in place for the "what ifs" of life.

Malaysia Airlines Flight MH370 went missing with 239 people aboard in March, and in July Flight MH17 with 298 aboard crashed near the Russia-Ukraine border.

Trust Myths Busted for Houston Families

Published on: October 9, 2014 | By McCulloch & Miller, PLLC

They can be incredibly useful tools, and thanks to the publicity, more people may consider using them, but many people misunderstand how trusts work. Let's take a look at — and dispel — three common myths about them.

Are trusts too much work? Are they only for the rich and famous? Do you really need to establish a trust before you die?

Trusts can be very useful tools, but few people understand how trusts work. Daily Financerecently posted an article titled "3 Myths About Trusts That You Can't Afford to Believe." This article examines and dispels three common myths about trusts.

Is Estate Planning Only for Wealthy Houstonians?

Published on: October 8, 2014 | By McCulloch & Miller, PLLC

So who needs estate planning? The answer is just about everyone. Although it is true that the planning that is required for a person with very limited wealth versus that of a person with great wealth, should not be as complex or costly, some degree of planning is required nevertheless.

Who exactly needs estate planning? Only the wealthy? Wrong! Everyone needs to do some form of estate planning.

Although the planning may vary based on the overall wealth and intentions of individuals, some degree of planning is required regardless if you are a prince or a pauper… or somewhere in between. The recent article in the Capital Gazette, titled "Estate planning, it's not just for the rich," reminds us of some very simple tasks you can do to get your estate organized. Communication is important when it comes to estate planning and end-of-life decisions. Consequently, you should talk with your loved ones and the executor of your will about your plans and wishes. You should also speak with an experienced estate planning attorney and do the following:

Should You Use Mediation To Discuss Houston Elder Law Issues?

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

Mediation has emerged as a valuable tool for seniors and their families as an alternative to costly litigation. Mediation can be a useful instrument to prevent post death conflict by dealing with a family's issues during the senior's life.

A recent issue of the New York Law Journal, titled "Mediation: Prevent Estate Litigation, Preserve Relationships," explains when a family has a positive relationship and is making decisions together, difficult issues can be dealt with little or no hard feelings. On the other hand, if family members disagree or have competing interests, there is a chance that conflicts may arise. These disputes can lead to contested guardianship proceedings when the senior is alive and contested estate proceedings after he or she is gone. Either one of these disputes can take an immense toll financially and emotionally on a family.

Elder law attorneys help seniors address and resolve the issues that face them at their current stage of life. This can include long-term care matters, retirement benefits, estate planning, housing, abuse and neglect of a vulnerable senior, potential guardianship, and health care. Elder law attorneys can also assist with post-death issues relating to probate and estate administration.

Passing on Artwork? How To Divide the “Picassos” of Your Houston Estate

Published on: October 6, 2014 | By McCulloch & Miller, PLLC

Serious art collectors might roll over in their graves—or never marry—if they knew what feuds their purchases were destined to inspire. On the other hand, lots of friction can be avoided if lovers of art and their families acquaint themselves with a few legal and tax basics.

So, who's getting the Picasso? Dividing assets of artwork can be a challenge.

A recent Wall Street Journal article, titled "Tips for Dividing Art in a Divorce or Death," warns that fighting can be avoided if art lovers and their loved ones learn a little about some legal and tax basics. The original article offers some ideas on how to decide—in a fair and civilized manner—who gets what, and the ways of disbursing an art collection to minimize taxes.

Tom Clancy’s Unintended Thriller: His Estate Battle

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

A tax battle is brewing over his $83 million estate, pitting Mr. Clancy’s wife against the adult children of his former marriage. His widow Alexandra Clancy is taking legal steps aimed at shifting all state and federal estate taxes—estimated in court papers at as much as $16 million—to the portion of the estate Mr. Clancy willed to the four grown children he had with his first wife.

A high-profile estate battle is brewing for a certain famous author. The late Tom Clancy likely didn't anticipate adding this "thriller" to his list of works.

Tom Clancy’s estate includes a 12 percent stake in the Baltimore Orioles baseball team—estimated to be worth $65 million—and a collection of unique items, such as a World War II tank "with very low mileage,” according to Maryland probate court filings. In 2013, he died in Baltimore. He was survived by his daughter from his current marriage.

Financial Planning Has Four Seasons In Houston

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

Below are key financial planning tips to guide you through the four seasons of your financial life.

With summer ending and fall around the corner, the changing of seasons is almost upon us. Just as the seasons change with each passing year, your financial seasons change as well.

An article titled "The four seasons of financial planning," as recently published in the Las Vegas Review Journal, explained the four “financial seasons” of life, which can help you see where you are now and what you need to do in the future. Understanding the change of seasons and how to handle your money will ultimately determine if you are successful in attaining or exceeding your long-term financial goals.

Save Your DIY Skills for Saturday Projects, Not Your Houston Estate Plan

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

The important point to keep in mind is that DIY estate planning provides forms and not legal advice. An attorney may provide you insights into your situation and prepare documents that are specifically tailored to your circumstances and needs, potentially saving your loved ones expense and frustration. Before embarking on a DIY estate plan, consider the pros and cons carefully.

If you think your Saturday DIY projects should include an estate plan, think again.

A recent article on WMUR.com Money Matters, titled "The potential pitfalls of DIY estate planning," gives us some pros and cons to consider before trying your hand at creating your own estate plan.