Beneficiary

10 Apr SPECIAL NEEDS TRUST FUNDED BY IRAs

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...

18 Mar IRAs UNDER ATTACK!

Posted at 06:00h in Beneficiary, Financial Powers of Attorney, Michael Cohen Dallas Elder Lawyer, Retirement

President Obama has attacked Individual Retirement Account (IRAs) as indicated by his Fiscal Year 2016 Budget released two weeks ago. Although probably most provisions will not likely be passed by congress, it paints a clear picture what the administration would like to do. Although there...

27 Feb TRANSFER ON DEATH (“TOD”) DEEDS

Posted at 06:00h in Beneficiary, Estate Planning, Guardianship, Lady Bird Deed, Medicaid Planning, Power of Attorney, Probate Administration, Transfer of Death, Wills

Most of us are familiar with POD or “Pay on Death” provisions in bank accounts, but many are not familiar with real estate passing at death without a will or trust. Among the crop of new legislation being considered by the 84th Texas Legislature is...

05 Jan CONGRESS PASSES ABLE ACT EFFECTING MEDICAID APPLICANTS AND SPECIAL NEEDS TRUSTS

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 BILLS OF INTEREST TO ELDER LAW ATTORNEYS DURING CONGRESSIONAL LAME-DUCK SESSION

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...

14 Jul U.S. Supreme Court Rules Inherited IRAs Do Not Have Creditor Protection

Posted at 07:30h in Beneficiary, Estate Planning, Michael Cohen Dallas Elder Lawyer, Retirement, Taxes, Trusts

The U.S. Supreme Court ruled on June 12, 2014 that inherited IRAs are not exempt from the claims of creditors under the U.S. Bankruptcy Code. Previously, inherited IRAs were protected from the claims of creditors in many jurisdictions including Texas. After the death of the individual...

09 Jun Increased Federal Tax Proposals for year 2015 Budget Announced

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...

02 Jun Do you trust your Trust?

Posted at 05:02h in Asset Protection, Beneficiary, Divorce, Estate Planning, Lawsuits, Michael Cohen Dallas Elder Lawyer, Public Benefits Protection, Trusts

As a follow up to last month’s Dallas Morning News article by Pamela Yip entitled “Maintaining Trust”, we thought those who receive our email might be interested in the questions that she asked and a more detailed explanation as follows: Q: Do you have the right...

09 Mar Agent Under POWER OF ATTORNEY Faces 25 Years After Unsuccessfully Arguing that Transfers to Self Were for Medicaid Planning Purposes

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....

06 Feb MEDICARE “PROGRESS” STANDARD ELIMINATED

Posted at 16:46h in Beneficiary, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home

Although the government agreed to settle a lawsuit (Jimnov v. Sebelius) in early 2013 whereby the government agreed that Medicare has been incorrect in requiring a patient to progress or improve to get skilled nursing services, home health and out-patient therapy covered by Medicare, the...