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Beneficiary

11 Dec

Posted at 16:42h in Beneficiary, End of Life Care Planning, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Retirement, Social Security

The House of Representatives has a proposed bill (HR 1771) that would change long established rules for the use of single premium immediate annuities in planning for the protection of a well-spouse (commonly referred to as the “community spouse”) if his or her spouse needs...

09 Sep

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

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...

10 Apr

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

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...

05 Jan

Posted at 06:18h in 529 plan, Beneficiary, Disability Benefits, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Quality of Life, Social Security, Special Needs, Special Needs Trust, Trusts

On December 16, 2014, Congress passed 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 gift tax exclusion amount (presently $14,000) per year into an account which...

08 Dec

Posted at 00:37h in Beneficiary, Guardianship, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Special Needs, Special Needs Trust, Trusts

Although nothing of particular significance is expected during the present Congressional lame-duck session other than passing a short-term bill to fund the government, there are two bills that elder law attorneys are hoping for passage to help the needs of their clients. One bill that possibly...

09 Jun

Posted at 07:06h in Beneficiary, Business, Estate Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Taxes, Transfer of Death, Trusts

The Obama Administration’s Fiscal Year 2015 Revenue Proposals have been published, and there are numerous suggested proposals which increase taxes in connection with estate planning. Although the Senate passed proposals this past week retaining certain tax incentives for businesses and individuals, the revenue proposals included...

09 Mar

Posted at 23:11h in Beneficiary, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney

A Texas appeals court has upheld the conviction of an agent under a power of attorney who transferred funds to himself, supposedly to qualify his former grandmother-in-law for Medicaid. In an earlier proceeding, a jury sentenced the agent to 25 years in prison. Natho v....

03 Feb

Posted at 16:45h in Beneficiary, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Social Security, Special Needs, Special Needs Trust, Trusts, utma

The Social Security Administration (SSA) has issued new policy interpretations in 2014 that affect Special Needs Trusts (trusts created for a disabled person in which the assets held in the trusts are not counted as a resource which would have otherwise resulted in the loss...

26 Aug

Posted at 08:09h in 529 plan, Beneficiary, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, utma

As previously reported in the May issue of the Texas Elder Law E-Letter, a new Texas law will permit transfers to any 529 (college education fund) for the benefit of children and grandchildren as an exception to the transfer penalty rules (in addition to being...

16 Aug

Posted at 02:48h in Beneficiary, Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Special Needs, Special Needs Trust, Veterans

Under current law, military veterans who invest in a survivor benefit plan must leave their benefits (an annuity) directly to their beneficiary – even if the beneficiary is disabled. Veterans are not permitted to roll their survivor benefits into a special needs trust (a trust...

01 Jul

Posted at 19:18h in Assisted Living, Beneficiary, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home

Governor Perry has just signed a law (to be effective as of September 1, 2013) that allows Medicaid applicants to sell their life insurance policies to life settlement companies and not jeopardize Medicaid benefits provided certain conditions are met. Medicaid is a jointly run state and...

06 Jun

Posted at 13:02h in Beneficiary, End of Life Care Planning, Home Equity, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Quality of Life, Social Security, Special Needs, Special Needs Trust, Trusts

On May 15, 2013, the Social Security Administration (SSA) announced changes to its Program Operations Manual System (POMS) to ensure that legitimate expenditures from special or supplemental needs trust are used for the sole benefit of a disabled beneficiary even if it may impart incidental...

30 May

Posted at 13:01h in 529 plan, Beneficiary, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, utma

In an apparent attempt to promote saving for higher education, a new rule (Section358.356) has been published in the Texas Administrative Code which now excludes tuition savings programs (such as a prepaid tuition program or higher education savings plan or a qualified tuition program that...

28 Dec

Posted at 08:39h in 529 plan, Beneficiary, Long Term Care, Medicaid Application, Medicare, Michael Cohen Dallas Elder Lawyer, utma

Although irrevocable 529s (for college education) and UTMAs (accounts for minors) are not considered a resource for certain Texas Medicaid programs, the Texas Health and Human Services Commission (which governs Medicaid eligibility in Texas) currently counts resources and income in prepaid tuition programs and higher...