Author: Michael B. Cohen

15 Dec IRS ISSUES LONG-TERM CARE PREMIUM DEDUCTIBILITY LIMITS FOR 2015

Posted at 00:46h in Estate Planning, Long Term Care, Medicare, Michael Cohen Dallas Elder Lawyer, Taxes

The Internal Revenue Service (IRS) is increasing the amount taxpayers can deduct from their 2015 taxes as a result of buying long-term care insurance. Premiums for “qualified” long-term care insurance policies (see explanation below) are tax deductible to the extent that they, along with other unreimbursed...

08 Dec BILLS OF INTEREST TO ELDER LAW ATTORNEYS DURING CONGRESSIONAL LAME-DUCK SESSION

Posted at 00:37h in Beneficiary, Guardianship, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Special Needs, Special Needs Trust, Trusts

Although nothing of particular significance is expected during the present Congressional lame-duck session other than passing a short-term bill to fund the government, there are two bills that elder law attorneys are hoping for passage to help the needs of their clients. One bill that possibly...

01 Dec Government Helps Pay Nursing Home Cost with 2015 Protected Resource Amount Increase

Posted at 00:25h in Medicaid Planning, Nursing Home

Although not officially released, projections for the 2015 Protected Resource Amount (“PRA”) dollar figures can now be estimated in light of the consumer price index update recently made. These figures are used to determine how much can be protected when one spouse is in...

11 Nov ELDERLY COUPLE MAY BE ON THE HOOK FOR ADULT SON’S MEDICAL BILLS

Posted at 06:27h in Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home

An Elderly Pennsylvania husband and wife are being asked to pay their deceased adult son’s medical bills under a law making family members responsible for a loved one’s unpaid bills. The case is a reminder that such “filial responsibility” laws may go both ways –...

04 Nov LADYBIRD DEEDS UNDER ATTACK

Posted at 06:18h in Estate Planning, Lady Bird Deed, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Taxes, Transfer of Death, Trusts

Ladybird deeds, which are commonly used to avoid probate and to avoid claims by the state if the property owner receives Medicaid benefits, are under attack. This is a red flag to all Texans whose biggest asset is their home and who have inadequate insurance...

28 Oct UPDATE: MEDICARE FIVE STAR RATING SYSTEM ANNOUNCES IMPROVEMENTS TO BE MADE

Posted at 06:07h in Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home

The White House has announced additional measures to improve the Five Star rating system of Medicare. In last month’s issue of the Texas Elder Law E-letter, we reported about some of the flaws of the current system including certain facilities increasing staff before inspections, etc....

23 Oct STANDBY REVERSE MORTGAGES: POSSIBLE RISK MANAGEMENT TOOL FOR RETIREMENT DISTRIBUTION

Posted at 02:00h in Estate Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Retirement

The Journal of Financial Planning recently reported that a standby reverse mortgage (SRM) can be helpful as a risk management tool to help clients meet their retirement goals. The SRM represents an additional source of readily available cash in a bucket strategy to draw upon...

29 Sep NURSING HOME ARBITRATION AGREEMENT HELD ONLY BINDING WHEN THERE IS PROPER AUTHORITY

Posted at 06:53h in Financial Powers of Attorney, Guardianship, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney

It is common for nursing home admission agreements to indicate that the patient and nursing home are bound by arbitration – which generally results more favorable decisions for the nursing home (as opposed to litigation). Recently, the son of a patient (his mother) seeking entry...

22 Sep MEDICARE NURSING HOME RATING SYSTEM FLAWED

Posted at 06:43h in Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home

Medicare’s rating system for nursing homes is often misleading. Medicare set up a rating system in 2009 with the hopes that nursing homes would make efforts to increase the star rating (maximum of 5 stars) by improving the quality of care. However, some nursing homes have...

15 Sep INJURED HOME HEALTH WORKERS ASSUME THE RISK WHEN HELPING ALZHEIMER’S PATIENTS

Posted at 13:34h in Alzheimer’s, Michael Cohen Dallas Elder Lawyer

On August 4, 2014, the California Supreme Court ruled that Alzheimer’s patients and their families are not liable to home health care workers for injuries the workers incur on the job. In this case, the home health agency was warned that the patient could be...