Author: Michael B. Cohen

30 Jan Success Story of the Month – Rearranging Assets for Government Care Assistance

Posted at 14:05h in Estate Planning, Medicaid Planning, Public Benefits Protection, Success Story of the Month, Uncategorized

Mom has dementia that has resulted in the need for skilled care. Although mom owns a homestead, she now lives with daughter due to the dementia. Mom has no long-term care insurance. Mom’s only assets are the home (which she purchased for $200,000 – although...

29 Jan Kellie Pickler in a Pickle

Posted at 13:58h in Estate Planning, Probate Administration, Uncategorized, Wills

Kellie Pickler in a Pickle In-laws to Kellie: “These Are Not the Best Days of Your Life” Country star singer and former American Idol contestant, Kellie Pickler, has sued her late husband’s parents in a dispute over who owns certain personal property items after they took...

27 Jan IRS Announces Increase in Gift and Estate Tax Exemptions, Tax Brackets, Etc. for 2025

Posted at 13:53h in Asset Protection, Estate Planning, Taxes, Uncategorized

As of January 1, 2025, you can give up to $19,000 per year, per person (other than gifts of future interests) without reporting to the IRS and without gift taxation. So, for example, if a married couple with three children wanted to give the maximum...

22 Jan Home Sweet Home – Equity Limit Increased for 2025 Announced

Posted at 13:51h in Estate Planning, Home Equity, Medicaid Planning, Public Benefits Protection

As of January 1, 2025, the homestead equity limit for a Medicaid applicant who is not married and who either applies for the nursing home Medicaid program or “waiver” home care Medicaid program will increase to $730,000 ($713,000 in year 2024). Thus, if the home...

20 Jan 2025 Long Term Care Medicaid Income Cap Increase – When and How to Use a Miller Trust

Posted at 13:45h in Estate Planning, Long Term Care, Medicaid Planning, Public Benefits Protection

Applicants for long-term care and Star+ Medicaid must be below an income cap as one of the requirements for Medicaid eligibility. If the applicant’s income exceeds the income limit of $2,901 (as of January 1, 2025), the eligibility solution for this particular requirement is the...

02 Jan Tax Planning as a Result of Trump’s Election

Posted at 09:05h in Estate Planning, Probate Administration, Taxes, Uncategorized

The election of Donald Trump and the control of both the House and Senate by the Republican Party is likely to have a great impact on tax planning. As a result, planning strategies could change. Higher Estate Tax Exemption As of January 1, 2025, the federal estate...

01 Jan Decision Tree Chart on Ladybird Deeds vs. Transfer on Death Deeds

Posted at 09:40h in Estate Planning, Lady Bird Deed, Medicaid Planning, Transfer of Death

Decision Tree Chart on Ladybird Deeds vs. Transfer on Death Deeds Many ask the question on the differences between an Enhanced Life Estate (Ladybird) Deed and a Transfer on Death Deed since both avoid probate. In other words, the grantee/beneficiary of the deed would simply either...

26 Dec Injunction on Corporate Transparency Act Leaves BOI Reporting Clear to Partly Cloudy

Posted at 08:53h in Business, Estate Planning, Lawsuits

On December 3, 2024, a federal judge from the U.S. District Court in the Eastern District of Texas issued a nationwide injunction which temporarily delays the enforcement of the Corporate Transparency Act (“CTA”) and its reporting requirements on Beneficial Owner Information (“BOI”). The Department of...

23 Dec 10 Ways to Make Things Easier for Others In the Event of Your Death or Disability

Posted at 08:40h in Beneficiary, End of Life Care Planning, Estate Planning, Probate Administration, Quality of Life, Uncategorized

No one likes to think about death or disability, but here are a few tips to make things easier for your heirs, beneficiaries, or those you trust. 1. Keep your estate planning documents in a safe place It is generally more difficult to probate a copy of...

27 Nov Estate Planning Decision Tree Chart for Will vs. Revocable Living Trust – 20 Issues

Posted at 10:23h in Estate Planning, Trusts, Uncategorized, Wills

Estate Planning Decision Tree Chart for Will vs. Revocable Living Trust – 20 Issues One of the most common dilemmas in estate planning is whether it is better to have a Will or a Revocable Living Trust (RLT). There are numerous types of trusts, but this...