Beneficiary

03 Jul TRUST REFORMATION FOR TAX OR GOVERNMENTAL BENEFITS ELIGIBILITY PURPOSES BECOMES LAW

Posted at 11:00h in Beneficiary, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Trusts, Wills

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On May 22, 2017, Governor Abbott signed a new law which allows a trust to be reformed if necessary or appropriate to achieve the tax objectives of the one who created the trust (the “trustor”) or to qualify a beneficiary for governmental benefits and is...

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19 Jun TEXAS SENATE PASSES BILL FOR A BLOCK GRANT WITH REPEAL OR REPLACEMENT OF OBAMACARE LOOMING

Posted at 11:00h in Beneficiary, Divorce, Estate Planning, Lady Bird Deed, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Retirement, Social Security

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The Texas Senate has passed a bill (which has been sent to the Texas House) to facilitate the design and development of a Medicaid block grant waiver so that there would be a continuation of joint funding by the federal and state governments while allowing...

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22 May LADYBIRD DEED, TRANSFER ON DEATH DEED OR DEED OF GIFT – WHICH IS BEST?

Posted at 11:00h in Beneficiary, Estate Planning, Lady Bird Deed, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Public Benefits Protection, Taxes, Transfer of Death

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There are numerous ways real estate can be transferred to avoid probate, but which way is best will depend on the circumstances. The most common choices are either a deed of gift, transfer on death deed or a Ladybird deed (which is an enhanced life...

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15 May CAR TRANSFER ON DEATH MAY SOON GET EASIER

Posted at 11:00h in Beneficiary, Estate Planning, Michael Cohen Dallas Elder Lawyer, Transfer of Death, Wills

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The Texas Legislature is presently considering a new law permitting a motor vehicle owner to simply designate who will be entitled to the car upon the owner’s death. If a car title is jointly owned, then the sale of the vehicle requires both owners. Also...

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29 Mar PUBLIC BENEFITS COULD BE JEOPARDIZED WHEN YOU CREATE CROWDFUNDING (SUCH AS GOFUNDME) ACCOUNTS

Posted at 09:01h in Beneficiary, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Social Security, Special Needs, Special Needs Trust, Trusts

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In recent years, numerous crowdfunding platform websites (such as GoFundMe, Indiego and Crowdrise) have grown rapidly raising millions of dollars (generally online) for various causes and individuals. Although the intent is often to help those with disabilities, it can actually be detrimental if the account...

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08 Mar LIFE INSURANCE BENEFITS TO YOUR ESTATE PLAN

Posted at 09:00h in Beneficiary, Business, Estate Planning, Inheritance, Long Term Care, Michael Cohen Dallas Elder Lawyer, Social Security, Taxes

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Life insurance can be beneficial in numerous ways to estate plans – even for those who are older with less means. Here are but a few ways it can be helpful: Provide long-term care benefits. Some policies allow you to add a rider for long-term...

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01 Mar CONGRESS CONSIDERING REFORMING MEDICAID WITH A PER CAPITA ALLOTMENT

Posted at 15:38h in Asset Protection, Beneficiary, Divorce, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home

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At the present time, the federal government matches (in some states up to 70%) state funds budgeted for Medicaid. This is an incentive for states to allot more of their budget on Medicaid and be inefficient in their spending. Medicaid spending has soared to the...

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20 Feb PLANNING FOR A CHILD WITH SPECIAL NEEDS

Posted at 09:30h in Beneficiary, Estate Planning, Guardianship, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Special Needs, Special Needs Trust

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If you have a child who has special needs and you want your child to be a beneficiary of your estate, a standard will or trust may be insufficient. A few things to consider are as follows: If your child became disabled before age 26,...

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20 Oct ABLE ACT BECOMES OFFICIAL IN FOUR STATES

Posted at 19:51h in 529 plan, Beneficiary, Disability Benefits, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Special Needs, Special Needs Trust, Trusts

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Regulations have now been approved in four states (Ohio, Florida, Tennessee, and Nebraska) for the Achieving a Better Life Experience (ABLE) Act which permits disabled individuals (if they were disabled before age 26) or their families to set up a special savings account (similar to...

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07 Sep WHAT DO YOU MEAN I CAN’T SAVE MY HOME IF A POWER OF ATTORNEY IS USED?

Posted at 09:02h in Beneficiary, Disability Benefits, Estate Planning, Financial Powers of Attorney, Lady Bird Deed, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Retirement, Trusts

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One of the most common misconceptions is that a Power of Attorney will be recognized by all financial institutions and title companies. Due to concerns about abusive actions of agents and potential liability, financial institutions and title companies often do not recognize financial Powers of...

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