Author: Michael B. Cohen

02 Nov SUCCESS STORY OF THE MONTH – THERE IS NO TIME LIKE THE PRESENT

Posted at 19:33h in Dementia, Estate Planning, Guardianship, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Social Security, Success Story of the Month, Transfer of Death

The following case is an example of how an entire estate was preserved for the benefit of an ill spouse and then for the children after her passing. The planning was done years ago, but the total savings were realized as of the date of...

02 Nov AGENCY UNDER A POWER OF ATTORNEY: SERVICE BY SOME BUT AGENT ORANGE TO OTHERS

Posted at 19:22h in Beneficiary, Disability Benefits, Elder Justice, End of Life Care Planning, Estate Planning, Financial Powers of Attorney, Guardianship, Power of Attorney

Financial powers of attorney are commonly used to give authority to a trusted individual (the “Agent”) to handle assets of the one who signed (the “Principal”) the power of attorney. The power of attorney is an important estate planning document especially if the Principal should...

02 Nov 2019 PROJECTED MAXIMUM RESOURCE LIMITS FOR VA BENEFITS AND SPOUSAL MEDICAID

Posted at 19:16h in Disability Benefits, Divorce, Elder Justice, Home Equity, Long Term Care, Medicaid Application, Medicaid Planning, Nursing Home, Social Security, Success Story of the Month, Veterans

As we live longer, there is a greater likelihood of disability and the need for long-term care. However, most Americans have inadequate resources for such care and also lack long-term care insurance or similar insurance products. As a result, some elderly and disabled seek public...

02 Nov NINE THINGS TO CONSIDER BEFORE NAMING YOUR IRA BENEFICIARY

Posted at 19:04h in Asset Protection, Beneficiary, Business, Charitable Giving, Divorce, Elder Justice, End of Life Care Planning, Estate Planning, Guardianship, Inheritance, Medicaid Planning, Probate Administration, Public Benefits Protection, Retirement, Taxes

You would think simply naming a beneficiary of your IRA is the only thing you need to do but is that the only thing that the owner of the IRA should consider or think about? Here are several planning considerations so that your beneficiaries can benefit...

05 Oct SUCCESS STORY OF THE MONTH – “HONOR THY FATHER AND MOTHER” – OR ELSE!

Posted at 15:07h in Asset Protection, Beneficiary, Disability Benefits, Success Story of the Month, Trusts

Mother and father created an irrevocable trust which mother and father retained control of the assets and were trustees. After mother and father’s death, all their assets were to be distributed equally between their two daughters although the assets would pass to the daughters in...

05 Oct TAX LAW BENEFITS ABLE ACCOUNTS

Posted at 15:04h in Beneficiary, Disability Benefits, Medicaid Planning, Retirement, Special Needs, Special Needs Trust, Taxes, Trusts

The Tax Cuts and Jobs Act has made a couple of changes to those who have ABLE accounts. A few years ago a federal law, entitled the Achieving a Better Life Experience (ABLE) Act, was passed which allowed for tax-free growth savings accounts for the...

05 Oct DON’T LOOK A GIFT HORSE IN THE MOUTH? GIFTING PROS AND CONS – CONSIDER BOTH TAX AND PUBLIC BENEFITS ISSUES

Posted at 15:01h in Charitable Giving, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Retirement, Taxes, Texas Bar Today Top 10 Blog Posts, Transfer of Death, utma, Veterans

Although many realize you can make a tax-free gift of $15,000 per calendar year, per recipient without having to report the gift to the IRS, we often find that most are unaware of unintended adverse consequences that could result from that act of generosity since...

05 Oct BOLD INFRASTRUCTURE FOR ALZHEIMER’S ACT GETTING BIPARTISAN SUPPORT

Posted at 14:56h in Alzheimer’s, Dementia, Quality of Life

In a time of partisan politics, there seems to be at least one issue that Democrats and Republicans agree – something should be done to combat Alzheimer’s Disease. Not only has Congress passed a $425 million increase in Alzheimer’s and Dementia research funding, which has...

04 Oct VETERANS BENEFITS PLANNING TORPEDOED

Posted at 20:58h in Assisted Living, Charitable Giving, Disability Benefits, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Trusts, Veterans

As of October 18, 2018, planning to obtain certain Veterans (such as “improved pension” which includes aid and attendance) benefits for non-service connected disability will get much more difficult. Wartime veterans (or their surviving spouse) often get governmental assistance which helps pay for care costs...

11 Sep DEMENTIA PREVENTION? 12 DIFFERENT WAYS TO HELP YOUR MENTAL HEALTH

Posted at 15:09h in Alzheimer’s, Dementia

As we learn more about the causes of dementia, growing evidence of a healthy lifestyle is likely to reduce the risk of decline. Here are some of the ways to lower your risk of dementia: Lower your blood pressure. Evidence is growing that the lower...

11 Sep RETIREMENT ACCOUNT MEDICAID COUNTABILITY POLICY CHANGE ANNOUNCED BY TEXAS HHSC

Posted at 15:07h in 401(k), Assisted Living, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Retirement

The lead attorney for the Texas Health and Human Services Commission announced a major policy clarification on the treatment of retirement accounts as a non-countable resource for long-term care Medicaid eligibility purposes. Since long-term care Medicaid (which helps pay for nursing home care costs and...

07 Sep SUCCESS STORY OF THE MONTH – FINANCIALLY CHALLENGED UNMARRIED ADULT CHILD SAVES PARENT’S HOME FROM STATE’S REIMBURSEMENT CLAIM

Posted at 13:00h in Estate Planning, Home Equity, Long Term Care, Medicaid Planning, Nursing Home, Success Story of the Month

Client’s largest resource is her $205,000 homestead which does not count as a resource for “means-tested” long-term Medicaid benefits (provided the Medicaid applicant is single and the equity limit is under $572,000 pursuant to Texas law). Client obtains long-term care Medicaid resulting in the government...

06 Sep POSSIBLE LOSS OF HOME TO GOVERNMENT FOR REPAYMENT OF BENEFITS LEADS TO ELDER ABUSE

Posted at 22:42h in Asset Protection, End of Life Care Planning, Estate Planning, Home Equity, Lady Bird Deed, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Success Story of the Month, Transfer of Death, Trusts

The granddaughter of an elderly California resident was recently sentenced to jail for 17 years for elder abuse after her grandmother was discovered with open wounds and bed sores which resulted in the grandmother’s death due to the granddaughter’s (and daughter’s) neglect. The daughter (who...

06 Sep DID ARETHA FRANKLIN GIVE HER HEIRS ANY “R-E-S-P-E-C-T”?

Posted at 14:40h in Disability Benefits, Estate Planning, Inheritance, Long Term Care, Michael Cohen Dallas Elder Lawyer, Music, Probate Administration, Special Needs, Special Needs Trust, Taxes, Wills

Aretha Franklin, the beloved “queen of soul” died on August 16 with an estimated $80 million estate without a Will or other estate planning documents. She was survived by four sons – one of whom has special needs. Although her music and legacy will live...

01 Aug WILL WE SOON BE ABLE TO CAPITALIZE WITH LESS CAPITAL GAINS TAX?

Posted at 15:00h in Estate Planning, Taxes

Steven Mnuchin, the U.S. Treasury secretary, reportedly said at a July meeting of the Group 20 summit meeting in Argentina that the Treasury Department was reconsidering the definition of “cost” to allow taxpayers to adjust the initial base (value) of an asset for inflation when...

31 Jul SHORT-TERM CARE INSURANCE: THE NEW ALTERNATIVE TO LONG-TERM CARE INSURANCE

Posted at 20:49h in Assisted Living, Disability Benefits, Long Term Care, Medicaid Planning, Nursing Home, Short Term Care

As fewer companies offer long-term care insurance since people are living longer (and insurance companies miscalculated increased life expectancy) and fewer policyholders dropped their policies, a new alternative has been developed for those who have poorer health – short-term care insurance. The trend in recent...

31 Jul 2ND SUCCESS STORY OF THE MONTH – JUDGE TO HELP ALAMO DESCENDANTS SAVE “TARA” WITH ORDER PERMITTING LADYBIRD DEED

Posted at 20:48h in End of Life Care Planning, Estate Planning, Guardianship, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney, Success Story of the Month, Transfer of Death, Wills

An ancestor of client received a Spanish land grant for what is presently client’s homestead with the acreage surrounding it. The property has been passed from generation to generation for almost 200 years (well before Texas became a state). One of client’s ancestors was even...

31 Jul 1ST SUCCESS STORY OF THE MONTH – FINANCIAL ADVISOR DISCOVERS HE SAVED CLIENT $300,000 BY READING OUR MAY NEWSLETTER

Posted at 20:47h in Asset Protection, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Public Benefits Protection, Retirement, Social Security, Success Story of the Month, Taxes, Veterans

Several years ago, a local financial advisor recommended that his client (a married man who is retired) invest his entire traditional IRA worth $300,000 in an annuity (within such IRA). The IRA is the largest asset of the client (he and his wife have $80,000...

Medicaid Services

Author: Michael B. Cohen

02 Nov AGENCY UNDER A POWER OF ATTORNEY: SERVICE BY SOME BUT AGENT ORANGE TO OTHERS

02 Nov NINE THINGS TO CONSIDER BEFORE NAMING YOUR IRA BENEFICIARY

05 Oct SUCCESS STORY OF THE MONTH – “HONOR THY FATHER AND MOTHER” – OR ELSE!

05 Oct TAX LAW BENEFITS ABLE ACCOUNTS

05 Oct DON’T LOOK A GIFT HORSE IN THE MOUTH? GIFTING PROS AND CONS – CONSIDER BOTH TAX AND PUBLIC BENEFITS ISSUES

05 Oct BOLD INFRASTRUCTURE FOR ALZHEIMER’S ACT GETTING BIPARTISAN SUPPORT

04 Oct VETERANS BENEFITS PLANNING TORPEDOED

11 Sep DEMENTIA PREVENTION? 12 DIFFERENT WAYS TO HELP YOUR MENTAL HEALTH

11 Sep RETIREMENT ACCOUNT MEDICAID COUNTABILITY POLICY CHANGE ANNOUNCED BY TEXAS HHSC

07 Sep SUCCESS STORY OF THE MONTH – FINANCIALLY CHALLENGED UNMARRIED ADULT CHILD SAVES PARENT’S HOME FROM STATE’S REIMBURSEMENT CLAIM

06 Sep POSSIBLE LOSS OF HOME TO GOVERNMENT FOR REPAYMENT OF BENEFITS LEADS TO ELDER ABUSE

06 Sep DID ARETHA FRANKLIN GIVE HER HEIRS ANY “R-E-S-P-E-C-T”?

01 Aug WILL WE SOON BE ABLE TO CAPITALIZE WITH LESS CAPITAL GAINS TAX?

31 Jul SHORT-TERM CARE INSURANCE: THE NEW ALTERNATIVE TO LONG-TERM CARE INSURANCE

31 Jul 2ND SUCCESS STORY OF THE MONTH – JUDGE TO HELP ALAMO DESCENDANTS SAVE “TARA” WITH ORDER PERMITTING LADYBIRD DEED

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Medicaid Services

Author: Michael B. Cohen

02 Nov SUCCESS STORY OF THE MONTH – THERE IS NO TIME LIKE THE PRESENT

02 Nov SOCIAL SECURITY RECIPIENTS TO RECEIVE 2.8% INCREASE IN 1029 – BUT IS THAT FAIR TO SENIORS?

02 Nov AGENCY UNDER A POWER OF ATTORNEY: SERVICE BY SOME BUT AGENT ORANGE TO OTHERS

02 Nov 2019 PROJECTED MAXIMUM RESOURCE LIMITS FOR VA BENEFITS AND SPOUSAL MEDICAID

02 Nov NINE THINGS TO CONSIDER BEFORE NAMING YOUR IRA BENEFICIARY

05 Oct SUCCESS STORY OF THE MONTH – “HONOR THY FATHER AND MOTHER” – OR ELSE!

05 Oct TAX LAW BENEFITS ABLE ACCOUNTS

05 Oct DON’T LOOK A GIFT HORSE IN THE MOUTH? GIFTING PROS AND CONS – CONSIDER BOTH TAX AND PUBLIC BENEFITS ISSUES

05 Oct BOLD INFRASTRUCTURE FOR ALZHEIMER’S ACT GETTING BIPARTISAN SUPPORT

04 Oct VETERANS BENEFITS PLANNING TORPEDOED

11 Sep DEMENTIA PREVENTION? 12 DIFFERENT WAYS TO HELP YOUR MENTAL HEALTH

11 Sep RETIREMENT ACCOUNT MEDICAID COUNTABILITY POLICY CHANGE ANNOUNCED BY TEXAS HHSC

07 Sep SUCCESS STORY OF THE MONTH – FINANCIALLY CHALLENGED UNMARRIED ADULT CHILD SAVES PARENT’S HOME FROM STATE’S REIMBURSEMENT CLAIM

06 Sep POSSIBLE LOSS OF HOME TO GOVERNMENT FOR REPAYMENT OF BENEFITS LEADS TO ELDER ABUSE

06 Sep DID ARETHA FRANKLIN GIVE HER HEIRS ANY “R-E-S-P-E-C-T”?

01 Aug WILL WE SOON BE ABLE TO CAPITALIZE WITH LESS CAPITAL GAINS TAX?

31 Jul SHORT-TERM CARE INSURANCE: THE NEW ALTERNATIVE TO LONG-TERM CARE INSURANCE

31 Jul 2ND SUCCESS STORY OF THE MONTH – JUDGE TO HELP ALAMO DESCENDANTS SAVE “TARA” WITH ORDER PERMITTING LADYBIRD DEED

31 Jul 1ST SUCCESS STORY OF THE MONTH – FINANCIAL ADVISOR DISCOVERS HE SAVED CLIENT $300,000 BY READING OUR MAY NEWSLETTER

31 Jul WIDOWS/WIDOWERS ENTITLED TO EXTRA $255 OF SOCIAL SECURITY — IF THEY APPLY