Asset Protection

28 Dec Success Story Of The Month: The Powerful Power Of Attorney

Posted at 12:34h in Asset Protection, Estate Planning, Financial Powers of Attorney, Guardianship, Lawsuits, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Public Benefits Protection, Success Story of the Month, Transfer of Death, Trusts

Client created a basic estate plan including a will, financial power of attorney, medical power of attorney, directive to physicians a/k/a living will, HIPPA authorization and declaration of guardian in the event of later incompetence. The client gave extra powers to the agent in the...

25 Oct 10 New Laws That Concern Elders, Estate Planning And Probate

Posted at 10:18h in Asset Protection, Beneficiary, Business, End of Life Care Planning, Estate Planning, Guardianship, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Public Benefits Protection, Trusts, Wills

Although there are dozens of new laws in Texas, the following (in no particular order) are just some that affect estate planning, probate, guardianship and the elderly. Homesteads Held in Revocable Trusts Need Specific Language to Have Homestead Property Tax Exemption and Homestead Exemption for Creditor...

24 Oct Reasons Why Out-Of-State Estate Planning Documents Should Be Renewed

Posted at 10:23h in Asset Protection, Beneficiary, Business, End of Life Care Planning, Estate Planning, Financial Powers of Attorney, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Notarizations, Nursing Home, Power of Attorney, Probate Administration, Public Benefits Protection, Taxes, Trusts, Wills

It is no secret that people are moving to Texas for numerous reasons ranging from less taxes and affordable housing to Texas being more business friendly. As a result, estate planning documents prepared in other states should be reviewed when moving to Texas – even...

05 Oct Medicaid Planning With Reverse Mortgages

Posted at 11:31h in Asset Protection, Assisted Living, Beneficiary, Business, 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, Mortgage, Nursing Home, Power of Attorney, Probate Administration, Public Benefits Protection, Retirement, Social Security, Taxes, Transfer of Death

Your homestead is usually the largest asset you might own. Most people would prefer to stay at home as long as possible - even if there is a need for skilled care rather than living in a facility. As a result, often elderly (over age...

04 Oct 8 Exceptions To Losing “Tara” Under Texas Medicaid Estate Recovery Laws

Posted at 11:15h in Asset Protection, Beneficiary, Disability Benefits, End of Life Care Planning, Estate Planning, Lady Bird Deed, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Public Benefits Protection, Social Security, Transfer of Death

Tara, the fictional plantation in “Gone with the Wind”, was more than Scarlett O’Hara’s plantation home. It was a symbol of family and continuity for Scarlett. The homestead is often the most important (in addition to being the most valuable) asset that a deceased person...

13 Sep Transfer Of Home Exceptions Without Medicaid Transfer Penalty

Posted at 15:44h in Asset Protection, Beneficiary, Disability Benefits, End of Life Care Planning, Estate Planning, Home Equity, Inheritance, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Mortgage, Nursing Home, Power of Attorney, Probate Administration, Public Benefits Protection, Social Security, Transfer of Death

Home, sweet home - the most valuable asset of many. However, if you need financial assistance for long-term care, you have to be careful when making a transfer. Long-term care Medicaid (which helps pay for skilled nursing care that many seek since Medicare has limited coverage...

02 Aug 5 Ways To Plan Your Estate For A Child With A Drug Issue

Posted at 13:57h in Asset Protection, Beneficiary, Charitable Giving, Divorce, Estate Planning, Inheritance, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Public Benefits Protection, Trusts

The opioid crisis is real. Fentanyl is in the news seemingly on a daily basis. Drug and alcohol addiction of a family member or relative is an issue often discussed in estate planning. A beneficiary with an addiction who receives assets outright will often simply...

01 Aug Success Story Of The Month: It’s More Than Take 2 Aspirins And Call Me In The Morning – Use Of Estate Planning And Elder Law To Solve A Planning Headache

Posted at 13:52h in Asset Protection, Beneficiary, Disability Benefits, Divorce, End of Life Care Planning, Estate Planning, Financial Powers of Attorney, Guardianship, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Notarizations, Nursing Home, Power of Attorney, Probate Administration, Public Benefits Protection, Special Needs, Special Needs Trust, Success Story of the Month, Taxes, Transfer of Death

Is your head ready to explode with the myriad of legal issues that can spring from your estate planning problems? The case below illustrates the problems and solutions to eliminating the pain and meet the goals of a client. FACTS: 54-year-old disabled, divorced man (“Recipient”) needs...

08 Mar 9 Documents Other Than a Will to Consider in Estate Planning

Posted at 11:12h in Asset Protection, Disability Benefits, End of Life Care Planning, Estate Planning, Financial Powers of Attorney, Guardianship, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Public Benefits Protection, Special Needs, Special Needs Trust, Taxes, Trusts, Wills

Most people think of a will when it comes to estate planning, but there are many other documents to consider in basic estate planning depending on your individual situation. This list of documents (exclusive of a will) includes, but is not limited to, the following: Financial...

31 Jan 6 Advantages And Disadvantages Of A Will And A Revocable Living Trust

Posted at 10:24h in Asset Protection, Beneficiary, Business, Disability Benefits, End of Life Care Planning, Estate Planning, Financial Powers of Attorney, Guardianship, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Notarizations, Nursing Home, Power of Attorney, Probate Administration, Public Benefits Protection, Retirement, Special Needs, Special Needs Trust, Transfer of Death, Trusts, Wills

There is much debate among Texas attorneys as to whether it is better to have a Last Will and Testament or a Revocable Living Trust in estate planning. The simple answer is that it depends on the facts, your goals, the type of assets, cost...

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....

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...

20 Aug Should You Name A Trust As A Beneficiary Of A Retirement Account?

Posted at 16:12h in Asset Protection, Beneficiary, Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Public Benefits Protection, Retirement, Special Needs, Special Needs Trust, Taxes, Trusts, Wills

Prior to the passage of the SECURE ACT, trusts named as a beneficiary of a retirement account could be prepared to stretch distributions (for tax-deferred growth) over the lifetime of the designated beneficiary. However, unless the beneficiary is either (1) a spouse; (2) someone less...

20 Aug 10 Same-Sex Marital Rights That Could Be Lost After Scotus Roe Ruling

Posted at 16:05h in Asset Protection, Beneficiary, Elder Justice, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney, Probate Administration, Public Benefits Protection, Retirement, Social Security, Taxes, Transfer of Death

Although the recent ruling by the Supreme Court of the US (“SCOTUS”) that there was no constitutional right to an abortion (and the case only dealt with abortion), Justice Clarence Thomas indicated in his decision that the constitutionality of same-sex marriage should also be reconsidered...

03 May Three Reasons Why Revocable Living Trusts Should Not Be Used For Long-term Care Medicaid

Posted at 17:43h in Asset Protection, Beneficiary, Business, Estate Planning, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Public Benefits Protection, Special Needs, Special Needs Trust, Success Story of the Month, Transfer of Death, Trusts

Revocable living trusts are useful in estate planning for many different reasons (avoidance of probate, privacy, quick transition of an on-going business, etc.) but there are only limited situations when they are helpful in planning for long-term care Medicaid which helps pay for nursing home...

03 May Nine Exceptions To Lender Forcing Payment Or Foreclosing On Your Home When You Make A Transfer

Posted at 17:39h in Asset Protection, Beneficiary, Divorce, End of Life Care Planning, Estate Planning, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Probate Administration, Public Benefits Protection, Transfer of Death, Trusts

Whenever you borrow from a bank or other lender to purchase residential real estate or borrow against the equity, it is typical that there is a “due-on-sale” clause in your deed of trust or mortgage. This gives the lender the ability to require full payment...

03 May ‘Til Death Do Us Part – And Then My Marriage Can Be Voided

Posted at 17:31h in Asset Protection, Business, Divorce, Elder Justice, End of Life Care Planning, Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration

You have probably heard stories when someone who is very old marries their caretaker or someone significantly younger (do you remember Anna Nicole Smith?) – especially when the older “spouse” has significant assets. However, you probably are not aware that Texas law permits a marriage...

13 Apr What Do Jerry Jones, Charley Pride And Charles Manson Have In Common?

Posted at 16:03h in Asset Protection, Beneficiary, Divorce, End of Life Care Planning, Estate Planning, Inheritance, Lawsuits, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Public Benefits Protection, Retirement

Last month a lawsuit was filed against Jerry Jones to determine if Jones is the father of a child (Alexandra Davis) who was not born of Jones’ marriage to his wife. Last year a will contest was filed against the Estate of Charley Pride by a...

13 Apr Nine Different Types Of Wills

Posted at 15:59h in Asset Protection, Beneficiary, Estate Planning, Financial Powers of Attorney, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Notarizations, Power of Attorney, Probate Administration, Public Benefits Protection, Taxes, Transfer of Death, Trusts, Wills

There are certain requirements for a last will and testament to be valid in Texas including: (1) being of sound mind; (2) being the age of majority (or married or a member of the armed forces of the U.S.); (3) not being unduly influenced; (4)...

15 Mar Eight Circumstances To Leave Assets In A Trust For Your Beneficiary

Posted at 21:00h in Asset Protection, Beneficiary, Charitable Giving, Divorce, End of Life Care Planning, Estate Planning, Guardianship, Inheritance, Long Term Care, Medicaid Planning, Probate Administration, Public Benefits Protection, Taxes, Trusts, Wills

Instead of your beneficiary inheriting outright, below are eight situations whereby you may want a trust for various protection: If your beneficiary is a minor or too immature to handle assets If your beneficiary is a minor, then the beneficiary (as a matter of law) cannot make...

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