Beneficiary

26 Jul Should You Name A Trust As A Beneficiary Of Your IRA?

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...

25 Jul “Home” Purchased After Buyer Is Institutionalized Counts As Resource For Medicaid

Posted at 09:18h in Beneficiary, End of Life Care Planning, Estate Planning, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration

The Texas Supreme Court has ruled that a Medicaid applicant who purchases a home or an interest in a home after admission into a skilled nursing facility is not excluded as a resource for Medicaid eligibility. On the other hand, the Court suggests if the...

04 Jul Two copies of gene found to be underlying cause in Alzheimer’s Disease – are you Destiny’s Child?

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...

02 Jul Michael Jackson’s children tell grandmother to “beat it” in estate legal battle

Posted at 11:05h in Beneficiary, Business, Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Music, Probate Administration, Taxes

The children of Michael Jackson (Paris, Prince and Bigi) are no longer talking with their grandmother, Katherine Jackson, as a result of her request for Jackson’s estate to pay her legal fees of over $500,000 when she unsuccessfully challenged the sale of the rights to...

01 Jul Conflicting testimony as to common law marriage results in child inheritance of estate

Posted at 11:02h in Beneficiary, Elder Justice, Estate Planning, Inheritance, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Social Security

If you don’t have a will or beneficiary designation of assets, inheritance is determined by state law which is called intestate succession. If the deceased was married at the time of death but has no will, then a surviving spouse will have some inheritance rights...

21 May 23ANDME MAY LEAD TO INHERITANCE WORTH MILLIONS

Posted at 15:00h in Beneficiary, Estate Planning, Inheritance, Lawsuits, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration

Carmen Thomas, 26, who found out through a DNA sample sent to 23andMe that she was the daughter of Joseph Brown, has sued Brown’s estate for failing to include her as a part of the wrongful death settlement with a hospital and 2 doctors. The...

14 May NO LADY LUCK FOR SURVIVING SPOUSE (OR HER DAUGHTER) OF JOINT LADYBIRD DEED

Posted at 14:48h in Beneficiary, Estate Planning, Lady Bird Deed, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Nursing Home, Power of Attorney, Probate Administration

A Texas Court of Appeals decision last year illustrates the importance of how a joint ladybird deed is drafted as to ownership of property after one owner dies. A ladybird deed is also known as an enhanced life estate which reserves a life estate with full...

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...

01 Apr Medicaid Estate Recovery Kill Bill

Posted at 15:01h in Asset Protection, Beneficiary, Business, Disability Benefits, End of Life Care Planning, Estate Planning, Lady Bird Deed, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Public Benefits Protection, Social Security, Transfer of Death, Trusts

U.S. Congresswoman Jan Schakowsky of Illinois has proposed a bill that would end Medicaid estate recovery (Medicaid estate recovery is the process to recoup care costs such as nursing home care, care at home, medications, etc.) from the estate of the deceased Medicaid recipient. Typically,...

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...

27 Mar Is There A Standard “Standard” For Trust Distributions? Why Is The HEMS Standard So Common?

Posted at 13:27h in Asset Protection, Beneficiary, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Probate Administration, Public Benefits Protection, Special Needs, Special Needs Trust, Taxes, Trusts

Irrevocable trusts (including trusts created within a will as well as irrevocable trusts created within a revocable living trust) give guidelines to a trustee as to how distributions are to be made in accordance with your desires. Some prefer mandatory distributions (i.e., trustee must give...

26 Mar He Who Laughs Last, Laughs Best – 20 Of The Funniest (And Strangest) Will Provisions

Posted at 13:21h in Beneficiary, Estate Planning, Inheritance, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Miller Trust, Probate Administration, Wills

“Life is worth living as long as there’s a laugh in it” was stated in the book “Anne of Green Gables”. There can even be laughter at death as some of the following will provisions illustrate. There are also weird bequests some of which are...

25 Mar 4 Ways To Use Annuities For Asset Preservation In Government Assisted Care Costs In Texas

Posted at 13:12h in Beneficiary, 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, Retirement, Social Security, Special Needs, Special Needs Trust, Taxes

Long-term care Medicaid (the government program that assists in payment of nursing home care and medication) is means-tested. The government looks at an applicant’s assets prior to obtaining eligibility for paying for long-term care. The government (Texas Health and Human Services Commission) also considers income...

28 Feb 15 Will Drafting Mistakes For Texas Wills

Posted at 13:36h in Beneficiary, Charitable Giving, Estate Planning, Guardianship, Inheritance, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Notarizations, Power of Attorney, Probate Administration, Trusts, Wills

Whether a will is drafted by an attorney or not, there are often mistakes that should be avoided including, but not limited to, the following: Choosing a beneficiary as a witness -This could result in disinheritance of that witness under Texas law. Self-proving affidavit not in substantial...

22 Jan A Will Contest That Would Make Jerry Springer Smile

Posted at 12:44h in Beneficiary, Divorce, Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Wills

Anna, the niece and the surviving “spouse” of her uncle, attempted to probate his will in which she was the primary beneficiary. Julie, one of the 3 children of the deceased, contests the will since Texas law prohibits marriage to a niece (or to a...

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...

01 Jan Differences Between Small Estates Affidavits And Affidavits Of Heirship In Texas

Posted at 13:02h in Beneficiary, Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration

Small estates affidavits and affidavits of heirship are often confused as an alternative to a costly court-ordered heirship determination which are often needed when a decedent dies without a will. Heirship determinations require at least 2 attorneys (the applicant’s attorney and an attorney to represent the...

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,...

04 Dec 15 Benefits To Surviving Spouses In Texas

Posted at 18:09h in Beneficiary, Business, Disability Benefits, End of Life Care Planning, Estate Planning, Home Equity, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Nursing Home, Probate Administration, Retirement, Social Security, Taxes

Surviving spouses are entitled to numerous rights under federal and Texas laws. The following are just a few of the many that widows and widowers should be aware. Homestead rights Under the Texas Constitution, a surviving spouse is entitled to the exclusive right to occupy the homestead...

29 Nov 2024 Long Term Care Medicaid Income Cap Increase – When And How To Use A Miller Trust

Posted at 17:58h in Beneficiary, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Miller Trust, Nursing Home, Probate Administration, Social Security, Trusts

Applicants for long-term care and Star+ Medicaid must be below an income cap as one of the requirements for eligibility. If the applicant’s income exceeds the income limit of $2,829 (as of January 1, 2024), the eligibility solution for this particular requirement is the creation...

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