Michael Cohen Dallas Elder Lawyer |

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

Posted at 14:05h in 529 plan, Asset Protection, Dementia, Estate Planning, Financial Powers of Attorney, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Power of Attorney, Probate Administration, Public Benefits Protection, Success Story of the Month, utma

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...

23 Aug Gift of Appreciated Assets to Elderly Parent Could Save You Taxes – Gain Without Pain?

Posted at 09:45h in 529 plan, Beneficiary, End of Life Care Planning, Estate Planning, Guardianship, Inheritance, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Retirement, Taxes

Avoiding capital gains tax is often considered in estate planning. Now some are considering “upstream planning” when a child has highly appreciated assets and his or her elderly parent does not have a taxable estate (for estate tax purposes). Generally, if you own an asset (i.e.,...

02 Apr 15 Tips On Estate Planning From A Texas Elder Law Attorney’s Perspective

Posted at 15:06h in 529 plan, Asset Protection, Beneficiary, Disability Benefits, End of Life Care Planning, Estate Planning, Guardianship, Inheritance, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney, Probate Administration, Public Benefits Protection, Retirement, Special Needs, Special Needs Trust, Transfer of Death, Trusts, utma, Veterans

Although planning for disability and death should always be considered in estate planning, the potential need for public benefits or loss of valuable public benefits (such as Medicaid or Veterans’ benefits) should not be overlooked. The following are a few examples of what planning options...

29 Mar Options To Consider When Planning For A Minor Who Is A Beneficiary

Posted at 13:32h in 529 plan, Beneficiary, End of Life Care Planning, Estate Planning, Guardianship, Inheritance, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Taxes, Trusts, utma, Wills

It is very common for a minor to be named as a beneficiary of a will or trust. However, since a minor is presumed to lack capacity under law until reaching the age of majority, different planning options should be considered. Even when a child...

02 Jan 14 Exceptions To Long-term Care Medicaid’s Transfer Penalty Rules

Posted at 13:09h in 529 plan, 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, utma

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 5-year “look-back” period as there is a presumption resources were...

31 Dec Don’t Knock A Gift Horse In The Mouth- 6 Ways To Use Transfer Planning To Reduce Or Eliminate Estate Tax Before Law Changes

Posted at 12:45h in 529 plan, Asset Protection, Beneficiary, Disability Benefits, Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Public Benefits Protection, Retirement, Taxes, Transfer of Death, Trusts

The Tax Cuts and Jobs Act is scheduled to sunset at the end of year 2025 which is scheduled to reduce the federal and estate and gift tax exclusion to one-half of the exemption level that exists at that time. As of January 1, 2024,...

31 Jan Bill Passed For ABLE Account Age Adjustment

Posted at 10:39h in 529 plan, Beneficiary, Disability Benefits, Estate Planning, Guardianship, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Social Security, Special Needs, Special Needs Trust, Trusts

There is good news for those who are on Supplemental Security Income and Medicaid and who were disabled between ages 26 and 46. As of January 1, 2025, those who were disabled prior to ae 46 can establish an ABLE account and the funds will...

11 Jul It’s Better To Give Than Receive – Or Is It? Considerations By Grandparents Before Gifting

Posted at 10:59h in 529 plan, Disability Benefits, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Probate Administration, Taxes, Transfer of Death, Trusts, utma

It is not unusual that grandparents want to help pay for a grandchild’s wedding, college or private school education, camp, car or other items which they feel may help a grandchild. However, the following matters should be considered before a grandparent makes a gift to...

12 Jul 529 PLANS VS. UTMA: PROS & CONS

Posted at 19:14h in 529 plan, Beneficiary, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Taxes, utma

It is not unusual for parents and grandparents (as well as others) to want to help plan for payment of school and other expenses of a beneficiary who is a minor. A UTMA (Uniform Transfers to Minors Act) account is a custodial account usually established...

26 May HOW TO PREVENT LOSS OF MEDICAID ELIGIBILITY WHEN SELLING YOUR HOMESTEAD

Posted at 20:27h in 529 plan, Assisted Living, Beneficiary, 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, Special Needs, Special Needs Trust, Transfer of Death, utma

Usually the most valuable non-countable resource for a long-term care Medicaid recipient (whereby the government helps pay for care costs at a long-term care facility plus medications if the applicant/recipient has less than $2,000 of countable resources) is the homestead. Although there is no equity...