Michael B. Cohen and Associates, is an elder care law firm located in Dallas, Texas, concentrating on elder law with a particular emphasis on obtaining and/or retaining public benefits (especially Medicaid) for the elderly and disabled. We also plan for the possibility that clients become disabled or incapacitated or need home, assisted living or nursing home care.
In the practice of elder law and estate planning, we often see people in a medical, financial and emotional crisis. It is common that a family member has a chronic or an extended illness or disability resulting from a stroke, Alzheimer’s or Parkinson’s disease, or other illness resulting in a need for long-term care, which jeopardizes the financial security that the family has worked all of their lives to obtain. It is our goal to lift that financial burden from the shoulders of our clients – often by helping clients plan to either obtain and/or keep public benefits such as Medicaid or Veterans Aid and Attendance Improved Pension.
So, for example, when someone needs to be admitted into a nursing home and they do not have long-term care insurance or they have inadequate long-term care insurance, we often help them with Medicaid and/or Veterans benefits planning and counseling to shift the burden of the cost of care to prevent financial devastation and to preserve as much, if not all, of their resources – all pursuant to the laws, rules and regulations. Sometimes this requires the discussion of the use of trusts (such as Miller Trusts/Qualified Income Trusts, Supplemental/Special Needs Trusts, Living Trusts, Income Only Trusts, etc.), transfers of both income and resources, changing the nature of resources or just simply keeping resources in the exact same condition but simply increasing the amount of resources that otherwise could be protected for public benefits. Tax issues, such as gift taxes, capital gains taxes, estate taxes and income taxes and other tax issues and various deductions also should be considered when planning in addition to other estate planning issues. There are numerous Medicaid programs and the eligibility requirements for the programs often are different – not to mention the eligibility requirements for Veterans benefits are different.
At the present time in Texas, it is not unusual to protect $500,000, and sometimes much more, and obtain long-term care Medicaid in situations where one spouse needs to go into a nursing home and one spouse lives at home or in the community. We try to achieve the goal of the client – whether it be simply how to make assets last longer, asset protection or preserving assets in its present condition and obtaining public benefits such as long-term care Medicaid, or simply planning in the event of disability or death by the use of wills, trusts, powers of attorney and other legal documents. We can be contacted at (214)720-0102.
Data contained in this web site answers legal questions offered by seniors in Texas. The answers refer to Texas law, but may give readers in other states a basis for discussion with their own attorneys. Laws change, and you should consult with your own attorney before taking action on a legal issue. Often if the law has changed concerning long-term care Medicaid, it will be addressed in our newsletter which is posted as time permits (click on the newsletter section).
No designation has been made by the Texas Board of Legal Specialization for a Certificate of Special Competence in this area. Not Certified by the Texas Board of Legal Specialization.
Collin, Dallas, Denton, Ellis, Grayson, Hill, Hopkins, Hunt, Johnson, Kaufman, Navarro, Parker, Rockwall, Tarrant and Van Zandt
Allen, Arlington, Bedford, Carrollton, Cedar Hill, Celina, Cleburne, Coppell, Corsicana, Dallas, Denison, DeSoto, Duncanville, Ennis, Euless, Farmersville, Ferris, Flower Mound, Forney, Fort Worth, Frisco, Garland, Grand Prairie, Grapevine, Greenville, Hillsboro, Hurst, Irving, Kaufman, Keller, Lewisville, McKinney, Mesquite, Midlothian, Plano, Princeton, Red Oak, Richardson, Rockwall, Royce City, Sachse, Seagoville, Sulphur Springs Terrell, Waxahachie, and Wills Point