Wills

New Year…New Financial Goals for Houston Families

Published on: January 21, 2015 | By McCulloch & Miller, PLLC

The New Year is a great time to regroup on your financial plans, reevaluate and/or create new financial goals. By sticking to your financial resolutions throughout the year, you can keep on track towards achieving your financial objectives in 2015 and beyond.

Make the New Year a happy one by getting your finances in order. Setting some basic goals can help make 2015 one of the best years yet.

Make a budget. Creating a budget is the key to long-term financial success. Nonetheless, a 2013 Gallup poll found that only one in three Americans maintained a budget. A budget takes on even more importance when you plan to move into retirement and leave a steady paycheck to live on a fixed income.

Houston Families: Do You Have Your ICE File?

Published on: January 19, 2015 | By McCulloch & Miller, PLLC

Create a file that you name sometime like "ICE," which stands for “in case of emergency.” Some people call this their “grab-and-go” file, since that’s what it’s for. Make sure that anyone who needs to have this information knows how to access it. For example, if you have to leave for the hospital in a hurry, this file will contain all your important information. Here’s what to put in there.

Are you prepared for an emergency? Do you have all your files ready to go?

A recent article in the Ashland Daily Tidings, titled “In the new year, be sure you have your 'ICE' file ready,” suggests that you create a file named ICE—“in case of emergency” or the “grab-and-go” file. Make sure anyone who needs to have this information knows where it is, so if you have to leave for the hospital in a hurry, you’ll have all your important information.

2015: New Financial Goals for Houston Families

Published on: January 13, 2015 | By McCulloch & Miller, PLLC

If history is a guide, this coming week nearly half of us will make resolutions seeking to improve some facet of our lives, many of which will be focused on personal finance. If one of your goals for the New Year is to get your financial life in order, here are a few key areas which should be included on your 2015 financial planning checklist.

As you begin compiling your 2015 financial goals, one of the first items on your list should be to calculate how much money you'll need in retirement. It’s one of the most significant math problems you’ll do after you finish grade school. Once you have arrived at the answer to this math problem, you need to examine if that answer will create a problem for you as you prepare for retirement.

With that target in place, pay heed to the advice in an article from Seacoastonline.com titled “Start your 2015 financial planning checklist.” Consequently, you should create a strategy that will help you achieve that goal. A savings plan is one method you can use—and take maximum advantage of any tax-deferred savings opportunities available to you along the way.

Keeping a Vacation Home in the Family

Published on: January 9, 2015 | By McCulloch & Miller, PLLC

Make a detailed plan for the home's future to avoid family feuds down the road.

Many memories are made in family vacation homes, and a lot of families do not want those traditions to end when a loved one passes. However, experts say you need to be careful in planning so the home's future isn’t the source of feuding. The biggest mistake owners can make is to fail to make a detailed plan for the home's future, cautions a recent Kiplinger's Retirement Report article titled "How to Pass Down a Vacation Home."

If an owner says “I don't care, I won't be here,” it rarely leads to a happy result. As we always say, besides honesty, communication is the best policy. Owners should meet with their adult children and spouses to create a plan for either keeping the vacation house in the family or selling it. Families can also get help from an experienced estate planning lawyer to develop ideas and plans.

A Trust Can Help Keep Public Lives A Bit More Private

Published on: January 8, 2015 | By McCulloch & Miller, PLLC

In all likelihood, [film director] Nichols had a "revocable living trust," that contained the dispositive provisions of his estate so that his wishes were shielded from the public.

Celebrities and high-profile estates tend to be a hot topic in the media, but sometimes the media doesn't get the full story.

An article from The National Review, titled "The Death of Mike Nichols and Estate Planning," sheds some light on why we know so little about the estate of award winning director Mike Nichols.

Estate Planning for Houston Families without the Stress

Published on: January 7, 2015 | By McCulloch & Miller, PLLC

Wouldn’t knowing someone will step in if you become incapacitated create a little peace of mind? Wouldn’t knowing that your family is taken care of create even more peace of mind? Wouldn’t knowing there is a plan in place – a plan you developed – if something happens to you take a significant weight off your shoulders?

Estate planning can do a lot of things for you, but one of the most valuable takeaways is peace of mind.

A recent Forbes article, titled “11 Fundamental Elements of a Stress-Free Estate Plan,” provides practical advice on how to design a plan that protects your assets and provides for loved ones. While everyone’s individual needs are a bit different, there are some basic components you need to examine along with deciding who gets what.

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.

Recent Survey Says 80% of Americans Failed Retirement Literacy Test

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

“We’re not surprised by the fact that people don’t know a lot about retirement income planning,” says David Littell, program director at the American College. “I was surprised at how badly they did.”

Could you pass a retirement literacy test? Apparently, 80 percent of Americans surveyed did not.

These Americans were polled on 38 retirement literacy questions on basics like Social Security, life expectancy, IRAs, life insurance and investments, and the mechanics of bonds. Sadly, only 20 percent were given passing grades, the college said. This isn't the first survey to raise concerns about Americans’ retirement readiness. In an article titled “Americans fail in retirement literacy,“ The (Palm Springs, CA) Desert Sunnoted similar shortcomings in a 2011 report.

Who Gets Grandma’s Houston Keepsakes?

Published on: December 29, 2014 | By McCulloch & Miller, PLLC

There is no magic formula or solution available for transferring personal property because each family and their possessions are different. However, the Extension program "Who Get's Grandma's Yellow Pie Plate?" suggests there are some factors for every family to consider whether planning for the transfer an individual's own personal property or working together to plan the transfer of items belonging to a family member.

While an estate plan is critical in dealing with titled property, there are few individuals who take the time to plan ahead regarding the items in their household.

The Time for Giving Is Upon Us! Check Out Houston Opportunities

Published on: December 23, 2014 | By McCulloch & Miller, PLLC

The end of the year is a great time to consider making a contribution to a cause that is meaningful to you. Along with potential tax benefits, there is the enjoyment that comes from making a positive difference and helping the organization of your choice.

Is the holiday spirit prompting you to give back to charity?

Like many charities, the SPCA of Northern Nevada depends to a great extent on year-end giving in order to raise funds for its ongoing operations. The SPCA wants all of its animals to find homes during the holidays: the cost of caring for each animal is on average more than $350. It really adds up, given the thousands of animals the charity rescues every year.