Michael B. Cohen and Associates is an elder law firm located in Dallas, Texas. We concentrate on elder law with a particular emphasis on obtaining and/or retaining public benefits (especially Medicaid) for the elderly and disabled. We provide both crisis and advance planning to protect assets against the possibility that clients become disabled or incapacitated or need home, assisted living or nursing home care or if there is a sudden illness or death.
In the practice of elder law and estate planning, we often see people in medical, financial and emotional crises. 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 which creates a need for long-term care, which in turn 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 Improved Pension including Aid and Attendance.
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. We help to shift the burden of the cost of care to prevent financial devastation and to preserve as much, if not all, of their resources. 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, Asset Protection Trusts, etc.), transfers of both income and resources, changing the nature of assets or just simply keeping resources in the exact same condition depending on the factual situation. Tax issues, such as gift taxes, capital gains taxes, estate taxes, income taxes, other tax issues and various deductions also should be considered when planning. 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, 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 our Dallas office (214)-720-0102 or you can contact us online below to schedule a consultation.