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09 Sep Happy 80th Birthday Social Security!

Posted at 06:00h in Beneficiary, Estate Planning, Michael Cohen Dallas Elder Lawyer, Retirement, Social Security, Taxes

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By Richard W. Jackson, CFP®, CRPC, Principal Schlindwein Associates, LLC     Having enough resources to maintain one’s lifestyle throughout retirement is a major concern for most retirees. Social Security income can play a vital role in enjoying a comfortable retirement. With this in mind, the following provides a brief history...

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02 Sep The Truth About 401(k)s

Posted at 06:00h in 401(k), Business, Estate Planning, Guardianship, Retirement, Taxes

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By Rick Foster   Putting money in a 401(k) is the right thing to do, isn't it? Yes! No! Maybe? Surprisingly, the answer to that question may not be as simple as it seems. What is a 401(k)? In the late 1960s due to market volatility and the realization...

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26 Aug WHITE HOUSE CONFERENCE ANNOUNCES ACTIONS FOR ELDER JUSTICE & ABUSE PREVENTION

Posted at 06:00h in Elder Justice, Long Term Care, Medicaid Planning, Medicare, Nursing Home, Quality of Life

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On July 13, 2015, major efforts for elder justice and prevention of elder abuse were announced at the White House Conference on Aging including: The Centers for Medicare and Medicaid Services will update and improve the quality and safety requirements of the nation’s nursing homes...

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19 Aug TEXAS TRANSFER ON DEATH DEED ACT SIGNED BY GOVERNOR

Posted at 06:00h in Beneficiary, Estate Planning, Lady Bird Deed, Probate Administration, Transfer of Death

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On June 17, 2015, Governor Abbott approved the bill authorizing a revocable deed on the death of the transferor. The law becomes effective September 1, 2015. Similar to bank accounts that are “paid on death”, this law allows the transfer of real estate on the...

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12 Aug ALZHEIMER’S DISEASE: TEEN DEVELOPS DIAGNOSIS TEST

Posted at 06:00h in Alzheimer’s, Estate Planning, Long Term Care, Michael Cohen Dallas Elder Lawyer

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Although at the present time Alzheimer’s disease is determined by looking at the brain after death or through a series of tests, a 15 year old boy from England has developed a potential test of detection well before (as much as 10 years) symptoms appear. The...

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05 Aug SUPREME COURT UPHOLDS HEALTH INSURANCE SUBSIDIES – BUT SUBSIDIES ARE USUALLY LOST AT 65

Posted at 06:00h in Elder Justice, Medicare, Michael Cohen Dallas Elder Lawyer

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  On June 25, 2015, the U.S. Supreme Court protected the rights of consumers in all states, including states that did not set up their own health insurance marketplace to receive tax credits. Chief Justice John Roberts stated “Congress passed the Affordable Care Act to improve...

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29 Jul LONG-TERM CARE FACILITIES: REQUIRED TO REQUEST COPY OF GUARDIANSHIP ORDERS

Posted at 06:00h in Assisted Living, Estate Planning, Guardianship, Long Term Care, Nursing Home

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As of September 1, 2015, nursing homes and assisted living facilities must make a reasonable effort to request a copy of any court order appointing a guardianship of a resident or resident’s estate from the resident’s nearest relative or the person responsible for the resident’s...

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22 Jul NEW LAW REQUIRES PROMPT RECORDING OF POWER OF ATTORNEY

Posted at 06:00h in Estate Planning, Power of Attorney

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If you rely on your agent under your Power of Attorney to handle real estate transactions, you better record your Power of Attorney within 10 days after the instrument related to the real estate transaction (such as a deed, deed of trust, oil, gas or...

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26 May Tau Protein Found As Primary Cause of Alzheimer’s

Posted at 06:00h in Alzheimer’s, Michael Cohen Dallas Elder Lawyer

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MAYO CLINIC RESEARCH FINDS TAU PROTEIN (NOT AMYLOID) AS PRIMARY CAUSE OF ALZHEIMER’S DISEASE The Mayo Clinic has recently issued a finding that the tau protein as the primary cause for memory loss usually seen in Alzheimer’s disease. Previously, most believed the toxic protein called Amyloid...

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22 May VETERAN’S AFFAIRS (VA) PROPOSED RULE CHANGES

Posted at 06:00h in Assisted Living, Charitable Giving, Michael Cohen Dallas Elder Lawyer, Nursing Home, Veterans

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TAKES DEAD AIM AT OUR MILITARY VETERANS AND THEIR SURVIVING SPOUSES Do you think anyone in good health should be penalized for giving to a charity or their church? Do you think anyone should be penalized for an action that was legal at the time such...

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19 May Financial Advisors in Pennsylvania Can’t Be Lawyers

Posted at 17:42h in Michael Cohen Dallas Elder Lawyer

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PENNSYLVANIA BECOMES FIRST STATE TO STOP LAWYERS FROM BEING FINANCIAL ADVISORS The governing body to discipline attorneys in Pennsylvania, the Disciplinary Board of the Pennsylvania Supreme Court, has issued a prohibition against lawyers who are federally or state licensed financial advisors or insurance agents fr om recommending...

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22 Apr Companion Bill Could Salvage Ladybird Deeds

Posted at 06:00h in Estate Planning, Lady Bird Deed, Medicaid Planning, Transfer of Death

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Senate Bill 462 (companion bill)  has been introduced so that new rights are not granted to the Medicaid Estate Recovery Program that would have occurred if the Transfer on Death Deed Act bill passes. As previously mentioned in the January issue of the Texas Elder...

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14 Apr Bill Filed to Implement Able Act in Texas

Posted at 06:00h in Disability Benefits, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Quality of Life, Special Needs Trust

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A bill has been proposed to the Texas legislature to implement the Achieving a Better Life Experience Act (ABLE) which allows adults and children with disabilities whose disability occurred before age 26 to shelter up to the annual exclusion (presently $14,000 per year) into an...

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10 Apr SPECIAL NEEDS TRUST FUNDED BY IRAs

Posted at 06:00h in Beneficiary, End of Life Care Planning, Inheritance, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Retirement, Special Needs, Special Needs Trust, Trusts

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To Stretch or Not? According to a U.S. Census report, around 13 percent of our U.S. population who are not in an institution are disabled. It is anticipated with an aging population that over 50 million Americans are disabled. As a result, many plan for those...

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06 Apr CARE SERVICES FOR MEDICAID & MEDICARE HOLDERS

Posted at 06:00h in Medicaid Application, Medicaid Planning, Medicare

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TEXAS DUAL (MEDICARE AND MEDICAID) ELIGIBLE INTEGRATED CARE PROJECT IMPLEMENTED IN DALLAS AND TARRANT COUNTIES Dallas and Tarrant Counties are two of the six counties in Texas that are part of a demonstration project whereby individuals can receive managed care services if they are eligible for both...

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31 Mar Medicaid Transfer Penalty Divisor to Be Increased in Year 2015

Posted at 06:00h in Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home

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It is anticipated that the Texas Medicaid transfer penalty divisor will be increased to the rate of $162.41 for those who apply for long-term care Medicaid on or after September 1, 2015. Under the long-term care Medicaid Rules, it is presumed that if an applicant...

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27 Mar Long-Term Care Insurance Continues to Increase

Posted at 06:00h in Long Term Care, Michael Cohen Dallas Elder Lawyer, Nursing Home

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According to the 2015 Long-Term Care Insurance Price Index, long-term care insurance premiums increased approximately 8.6% in year 2014 as a result of higher claim costs and low interest rates. In year 2015, approximately $7.5 billion was paid in claims. The American Association for Long-Term...

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23 Mar Assisted Living Facility Pays For Unlawful Confinement

Posted at 06:00h in Assisted Living, Estate Planning, Long Term Care

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Assisted Living Facility Pays $750,000 for Unlawful Confinement to Estate of "Kung Fu" Judge A New York assisted living facility which was alleged to have kept former Brooklyn judge John Phillips confined to its facility against his will for 8 months prior to his death and...

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18 Mar IRAs UNDER ATTACK!

Posted at 06:00h in Beneficiary, Financial Powers of Attorney, Michael Cohen Dallas Elder Lawyer, Retirement

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President Obama has attacked Individual Retirement Account (IRAs) as indicated by his Fiscal Year 2016 Budget released two weeks ago. Although probably most provisions will not likely be passed by congress, it paints a clear picture what the administration would like to do. Although there...

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13 Mar Gift Tax Law Changes Proposed by President

Posted at 06:00h in Estate Planning, Financial Powers of Attorney, Michael Cohen Dallas Elder Lawyer, Taxes

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Under current law, a donor may give $14,000 per year, per person, without having to report such gift to the IRS or be subject to gift taxes. Furthermore in Texas (which follows the federal law), a donor can give an amount in excess of $14,000...

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