Beneficiary

16 Jan FIVE REASONS WHY YOU SHOULD NOT USE A STANDARD FORM FINANCIAL POWER OF ATTORNEY

Posted at 16:23h in 529 plan, Asset Protection, Assisted Living, Beneficiary, Disability Benefits, End of Life Care Planning, Estate Planning, Financial Powers of Attorney, Guardianship, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney, Public Benefits Protection, Retirement, Special Needs, Special Needs Trust, Transfer of Death, Trusts

When it comes to estate planning, most immediately think about planning for their death first. However, approximately 30% of Americans will become disabled or incompetent at some time during their lifetime. A Will only becomes effective at your death – not if you are disabled....

16 Jan SUCCESS STORY OF THE MONTH – IRREVOCABLE ‡ UNCHANGEABLE

Posted at 16:14h in Beneficiary, End of Life Care Planning, Estate Planning, Lawsuits, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Success Story of the Month, Trusts

Often clients are surprised to learn that their “irrevocable” trust can be changed. There are several ways to make changes to an irrevocable trust including by court order, agreement of all interested parties, decanting (pouring into another trust), or by simply exercising a “power of...

13 Dec SUCCESS STORY OF THE MONTH – HOODWINKED ELDERLY CLIENT SALVAGES MEDICAID

Posted at 19:10h in Beneficiary, Estate Planning, Guardianship, Long Term Care, Medicaid Application, Medicaid Planning, Nursing Home, Probate Administration, Success Story of the Month

An elderly client, whose husband lives in a skilled nursing home due to his lack of mental capacity, retains us to apply for long-term Medicaid for her husband so that the government will help pay for his cost of care. However, to be eligible for...

02 Nov AGENCY UNDER A POWER OF ATTORNEY: SERVICE BY SOME BUT AGENT ORANGE TO OTHERS

Posted at 19:22h in Beneficiary, Disability Benefits, Elder Justice, End of Life Care Planning, Estate Planning, Financial Powers of Attorney, Guardianship, Power of Attorney

Financial powers of attorney are commonly used to give authority to a trusted individual (the “Agent”) to handle assets of the one who signed (the “Principal”) the power of attorney. The power of attorney is an important estate planning document especially if the Principal should...

02 Nov NINE THINGS TO CONSIDER BEFORE NAMING YOUR IRA BENEFICIARY

Posted at 19:04h in Asset Protection, Beneficiary, Business, Charitable Giving, Divorce, Elder Justice, End of Life Care Planning, Estate Planning, Guardianship, Inheritance, Medicaid Planning, Probate Administration, Public Benefits Protection, Retirement, Taxes

You would think simply naming a beneficiary of your IRA is the only thing you need to do but is that the only thing that the owner of the IRA should consider or think about? Here are several planning considerations so that your beneficiaries can benefit...

05 Oct SUCCESS STORY OF THE MONTH – “HONOR THY FATHER AND MOTHER” – OR ELSE!

Posted at 15:07h in Asset Protection, Beneficiary, Disability Benefits, Success Story of the Month, Trusts

Mother and father created an irrevocable trust which mother and father retained control of the assets and were trustees. After mother and father’s death, all their assets were to be distributed equally between their two daughters although the assets would pass to the daughters in...

05 Oct TAX LAW BENEFITS ABLE ACCOUNTS

Posted at 15:04h in Beneficiary, Disability Benefits, Medicaid Planning, Retirement, Special Needs, Special Needs Trust, Taxes, Trusts

The Tax Cuts and Jobs Act has made a couple of changes to those who have ABLE accounts. A few years ago a federal law, entitled the Achieving a Better Life Experience (ABLE) Act, was passed which allowed for tax-free growth savings accounts for the...

11 Jul SUCCESS STORY OF THE MONTH – WHERE THERE IS A BAD WILL, THERE IS A WAY

Posted at 19:15h in Beneficiary, Divorce, Estate Planning, Notarizations, Probate Administration, Short Term Care, Success Story of the Month, Wills

Husband and wife (2nd marriage for each and both having children of prior marriage) purchase real estate together, but they fail to deed it into their joint revocable trust that they signed twenty years ago. Since the property wasn’t deeded into the trust, there was need...

14 Jun BABY YOU CAN DRIVE MY CAR – FINALLY! NEW FORM LIKE LADYBIRD DEED OR TOD DEED FOR A CAR

Posted at 17:40h in Beneficiary, Estate Planning, Lady Bird Deed, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Transfer of Death, Wills

After almost a year since Governor Abbott signed the bill allowing vehicle owners to transfer their vehicle upon death to a beneficiary (and they can sell their car without the consent of the beneficiary), the Department of Motor Vehicles (DMV) finally created a one-page form...

14 Jun 7 REASONS TO NOT GIVE OUTRIGHT ASSETS TO YOUR CHILD

Posted at 17:31h in Asset Protection, Beneficiary, Disability Benefits, Divorce, End of Life Care Planning, Estate Planning, Guardianship, Inheritance, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Public Benefits Protection, Trusts, Wills

It is common for parents with simple wills or trusts to have their children inherit and have outright ownership of parents’ assets after the parents’ death. However the following seven (7) reasons are advantages for the child to inherit by trust (not including, the power often...