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Asset Protection

30 Jan

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...

27 Jan

Posted at 13:53h in Asset Protection, Charitable Giving, Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Taxes, Transfer of Death, Trusts

As of January 1, 2025, you can give up to $19,000 per year, per person (other than gifts of future interests) without reporting to the IRS and without gift taxation. So, for example, if a married couple with three children wanted to give the maximum...

01 Jan

Posted at 09:40h in Asset Protection, 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, Mortgage, Power of Attorney, Probate Administration, Public Benefits Protection, Special Needs, Special Needs Trust, Taxes, Transfer of Death, Trusts

Decision Tree Chart on Ladybird Deeds vs. Transfer on Death Deeds Many ask the question on the differences between an Enhanced Life Estate (Ladybird) Deed and a Transfer on Death Deed since both avoid probate. In other words, the grantee/beneficiary of the deed would simply either...

27 Nov

Posted at 10:23h in Asset Protection, Beneficiary, Business, Divorce, Estate Planning, Guardianship, Lady Bird Deed, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Public Benefits Protection, Special Needs, Special Needs Trust, Taxes, Transfer of Death, Trusts, Wills

Estate Planning Decision Tree Chart for Will vs. Revocable Living Trust – 20 Issues One of the most common dilemmas in estate planning is whether it is better to have a Will or a Revocable Living Trust (RLT). There are numerous types of trusts, but this...

05 Nov

Posted at 11:44h in Asset Protection, Disability Benefits, Divorce, Estate Planning, Home Equity, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Public Benefits Protection, 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...

10 Oct

Posted at 13:17h in Asset Protection, Beneficiary, Disability Benefits, Divorce, End of Life Care Planning, Estate Planning, Guardianship, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Public Benefits Protection, Retirement, Taxes, Transfer of Death, Veterans, Wills

Beneficiary designations (where you name one or more beneficiaries to receive assets of yours upon your death) are sometimes a great and simple tool in estate planning, but sometimes, they could lead to a disastrous result. Beneficiary designations supersede your will.  Thus, there could be...

20 Sep

Posted at 16:20h in Asset Protection, Beneficiary, Divorce, Estate Planning, Inheritance, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Power of Attorney, Probate Administration, Retirement, Trusts

Famed actress, Shannen Doherty, most commonly known for her television roles in “Beverly Hills 90210” and “Charmed”, got divorced from her husband, successful photographer, Kurt Iswarienko (“Kurt”), hours before her death in California on July 13, 2024.  In contrast, Aristotle Onassis planned on divorcing former first...

26 Jul

Posted at 09:30h in Asset Protection, Beneficiary, Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Public Benefits Protection, Retirement, Special Needs, Special Needs Trust, Trusts

After the passage of the Secure Act a few years ago, planning by naming a trust as a beneficiary of a retirement account (that is not a ROTH IRA) had to be reconsidered. Previously a designated beneficiary (even if the trust is named as the...

24 Jul

Posted at 09:13h in Asset Protection, Estate Planning, Lawsuits, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Notarizations, Probate Administration, Public Benefits Protection, Social Security

Identity theft is real. The brazen attempt of foreign fraudsters to foreclose on Graceland, the former home of the late iconic singer, Elvis Presley, illustrates the need to be vigilant in the protection of your assets – and so should the representatives of your estate...

04 Jul

Posted at 11:17h in Alzheimer’s, Asset Protection, Beneficiary, Dementia, End of Life Care Planning, Estate Planning, Guardianship, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney, Probate Administration, Public Benefits Protection

Researchers have found that people with 2 copies of the APOE4 gene is more than a risk factor – it is now considered an underlying cause of Alzheimer’s Disease. Prior to the research’s finding published in May, scientists knew the gene APOE4 increased risk. Although...

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