Will Changes

High Wage Earners in Houston Should Mind Tax Tips

Published on: February 16, 2015 | By McCulloch & Miller, PLLC

There is less emphasis on estate taxes because the exemption—$5.43 million per person—is so high now. But income taxes are higher, so know what you are in for.

Maybe the estate tax doesn’t apply to you, but what about rising income taxes? How should you plan accordingly?

According to a recent post on cnbc.com, titled Tax planning tips for high-income earners,” tax planning is better done looking ahead three or five years. If you see a trend, such as an increase or reduction in income, you can alter your deductions or deferrals.

Store-Bought Gifts? Give Assets to Houston Families Instead

Published on: December 31, 2014 | By McCulloch & Miller, PLLC

Gifting can be an estate planning tool, for you can save on future estate taxes and have the pleasure of watching your dollars work for your children or grandchildren while you are still alive.

If you're tired of the standard store-bought items for gifts, you may consider a different spin on gifting. What about giving away some assets to your children or grandchildren?

In certain states, the estate exemption is just $1 million, not the $5 million (indexed for inflation) as at the federal level. CBS Boston's recent posting, titled “All About Gifting Assets,” warns that things can get complicated pretty fast and you should have a good estate planning attorney to help you.

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:

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.

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."

Estate Tax Changes Are Favorable, But Different Worries May Arise

Published on: November 20, 2014 | By McCulloch & Miller, PLLC

State and federal estate and inheritance tax rates are what drive most people’s estate plans, but now that tax rates are falling and exemptions rising in many jurisdictions, how much people will leave their heirs isn’t what keeps them awake at night anymore. What they really worry about is how the money they leave will affect the lives of those who will inherit it.

Are you cheering for the new death tax changes on the horizon, or will you be up all night worrying about the potential downsides to your Houston estate?

So-called “death tax” rates have been the subject of much debate, reform, and repeal over the past 15 years. Some say that repeal will suppress entrepreneurship and economic growth. However, tax rates have been unreliable, so it's hard to use them when looking at a long-term estate plan. A recent Forbesarticle, titled "Estate Planning Fears That Keeps Us Up At Night,"explains what this means.

Houston Families: Don’t Shy Away from Key Estate Planning Questions!

Published on: November 19, 2014 | By McCulloch & Miller, PLLC

Establishing a will is a vital part of protecting your financial legacy and there is no benefit in delaying it. Here are six often-avoided questions to help you get over your fear of wills and establish one for your family.

There are no silly questions when it comes to your Houston estate plans!

A recent Forbes article, titled "6 Questions About Wills You Were Afraid To Ask," gives us some answers to several often-avoided questions to help alleviate some trepidation over wills and to motivate you into creating one for your family. Here are a few of them:

Five Estate Planning “Don’ts” for Houston Families

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

To prevent you and your family members from enduring more stress, misery or confusion than necessary, here are five estate-planning booboos to avoid …

Think you have the right ideas when it comes to your Houston estate? You may want to watch out for some common "don'ts" in the estate planning world.

The Financial Post's recent article, titled "‘Your grandfather’s dead. It’s my money now': Five estate-planning mistakes to avoid," discusses some typical estate planning mistakes.

Get The Latest on Grantor Trusts

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

“Income-tax rates are going up so it becomes more expensive for a grantor to maintain the grantor trust status of a trust they’ve set up,” says Lynn Halpern Lederman, managing director and senior fiduciary counsel – Northeast Region at Bessemer Trust, a New York firm that oversees $97.5 billion.

A Wall Street Journal article, titled "Rethinking Some Grantor Trusts," says that the latest bull market created potentially substantial taxable gains for individuals—and with the top federal rate on long-term capital gains at nearly 24%, as compared to 15% in 2012—there's a concern that some people may have a harder time paying that income tax bill.

How does this affect grantor trusts?

Houston Families: Estate Planning Document List Review

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

A well-planned estate is a wonderful legacy you can leave your heirs — instead of untangling a messy estate, they can follow concrete steps, allowing them to take care of business while mourning their loved one.

Document gathering can be overwhelming when it come to a loved one's passing. What about when you are no longer here? Will your loved ones be able to gather the appropriate information for your estate?

Newsday's recent article, titled "Estate planning: Putting affairs in order before death," lists the basic documents you will need prior to passing away.