Michael Cohen Dallas Elder Lawyer | Resources

05 Dec 13 Common Mistakes Of Executors

Posted at 12:36h in Asset Protection, Beneficiary, Disability Benefits, Estate Planning, Inheritance, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Public Benefits Protection, Retirement, Taxes, Transfer of Death, Wills

The executor named in a will is the fiduciary who is responsible for (1) collecting the assets that pass by probate; (2) paying the debts, taxes, expenses and fees of the estate; and (3) distributing the assets in accordance with the terms of the will....

02 Dec 2023 Maximum Resource Limits For Spousal Medicaid (How To Keep More For The Well Spouse If Ill Spouse Needs To Go Into Nursing Home)

Posted at 12:15h in Disability Benefits, Divorce, Estate Planning, Home Equity, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Social Security

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

01 Dec IRS Announces Increase In Amount That Can Be Given In Life And At Death Without Taxation

Posted at 12:09h in Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Taxes, Transfer of Death

As of January 1, 2023, you can give up to $17,000 per year, per person without reporting to the IRS and without gift taxation. So, for example, if a married couple with three children wanted to give the maximum to each child, then they could...

03 Nov 12 Exceptions To Long-term Care Medicaid’s Transfer Penalty Rules

Posted at 12:07h in Beneficiary, Disability Benefits, End of Life Care Planning, Estate Planning, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Social Security, Taxes, Transfer of Death

Since long-term care Medicaid (which helps pay for skilled nursing care and medications) is “means-tested” (assets of the applicant are reviewed to determine if there is eligibility for the government to pay), there is a five year “look-back” period as there is a presumption resources...

03 Nov 5 Reasons Why You Do Not Need To Divorce To Get Your Spouse On Medicaid

Posted at 11:57h in Asset Protection, Business, Divorce, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Public Benefits Protection, Social Security

Since the cost of long-term care (i.e., nursing home care or care at home, etc.) is so great (average monthly cost is in excess of $7,000 per month) and since most have inadequate income, resources and/or long-term care insurance to pay for such care, many...

03 Nov Effect Of Divorce On Wills, Trusts, Beneficiary Designations And Other Estate Planning

Posted at 11:53h in Beneficiary, Disability Benefits, Divorce, End of Life Care Planning, Estate Planning, Guardianship, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Retirement, Trusts, Wills

It is not unusual for married couples to have a will or trust, joint accounts and/or beneficiary designations whereby the spouse is a beneficiary and/or is a fiduciary (i.e., executor, trustee, agent under power of attorney, etc.). However, if the couple divorces, the fiduciary relationship...

03 Nov Legal Anatomy: Simple Wills Could Lead To Big Problems

Posted at 11:49h in Beneficiary, Divorce, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Retirement, Special Needs, Special Needs Trust, Transfer of Death, Trusts, Wills

Although simple wills are sometimes adequate, planning for the worst-case scenario is the general perspective of the estate planning attorney. You don’t have to be wealthy to need estate planning. The following are facts of a case and solutions from the perspective of the estate...

03 Oct Ten Common Mistakes When Completing A Nursing Home Medicaid Application

Posted at 10:39h in End of Life Care Planning, Estate Planning, Home Equity, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Social Security, Taxes

The cost of long-term care is great (average is over $7,000/month in Texas). As a result, many apply for long-term care Medicaid for governmental assistance. It is not unusual for us to receive calls after either a facility or applicant has submitted an application and...

03 Oct No Capacity, No Medical Power Of Attorney – No Problem?

Posted at 10:34h in Elder Justice, Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney, Probate Administration

A medical power of attorney should be part of even the most basic estate planning documents that every adult (assuming mental capacity) should have. This is a document whereby you chose whom you want to act as your agent and any alternate if you lack...

03 Oct Eight Reasons Why Elderly Should Not Get Married

Posted at 10:30h in Assisted Living, Divorce, Elder Justice, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Social Security, Taxes

It is not unusual that a widow or widower or someone who is elderly meets someone later in life and enjoys their companionship and love or simply enjoys traveling together. Living together without being married use to be considered strictly taboo, but the potential financial...