Tax Planning

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.

Tips for Planning The “Financial Talk” With Houston Parents

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

The best time to discuss finances with your parents is when they are competent, self-sufficient adults. Planning ahead and seeking out the appropriate professional financial assistance on their behalf can help ensure your parents enter their golden years in the most comfortable, stress-free and secure way possible.

You may dread having the "financial talk" with your aging parents, but this is one conversation that needs to happen sooner rather than later.

A recent article on KARE11.com, titled "Helping aging parents with financial matters," wisely advises approaching this topic in a respectful manner. The article stresses that you be extremely mindful of the delicate nature of your parents' financial and emotional needs, and that you should not step in if it is not necessary.

Houston Twenty-Somethings Can Be Savvy About Estate Planning

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

Now is the time to adopt financial habits that determine a successful retirement,
even if you’re still in your 20s.

(Note: Parents, here is a great article to share with your twenty-something adult children!)

If you are a twenty-something, you have plenty of time to think about investing, right?

Corporations 101: Structure And Taxes for Houston Businesses

Published on: April 4, 2014 | By McCulloch & Miller, PLLC

For many years, when an individual outgrew a proprietorship, a corporation was the norm. Today, limited liability companies (LLCs) are popular. But despite the inroads of the LLC, corporations persist. But there are key differences between S and C status.

If you own a business or are chosen to inherit one, it is important to know how the business is structured. Is it a C Corp or an S Corp? Are there other alternatives?

There is a significant difference between the C Corporation and the S Corporation. Fortunately, Forbes helps clarify the distinction in an article titled “Key Facts About Corporations, S Elections & Buy-Sell Agreements.” If nothing else, it might dissuade you from a “corporation” at all.