Michael Cohen Dallas Elder Lawyer |

01 Jul New Texas Law Promotes Using Life Settlements In Connection with Medicaid Planning

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 Social Security Amendment Clarifies Special Needs Trust Expense Planning

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 Medicaid Planning with Tuition Savings Programs Gets Easier

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 Proposed Texas Rule Excludes Tuition Savings Programs from being a Countable Resource for Medicaid Eligibility

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...

27 Aug Son of a Gun – is there really such a thing as a Gun Trust?

Posted at 09:13h in Beneficiary, Michael Cohen Dallas Elder Lawyer, Probate Administration, Trusts

Although the 2^nd Amendment of the U.S. Constitution gives the fundamental right to own a firearm, the National Firearms Act of 1936 regulates NFA firearms including, but not limited to, all fully automatic and select fire weapons, short-barreled rifles, shotguns and sound suppressors (silencers). If permitted under state law, you can own an NFA firearm. However, you have to pay a $200 tax on each firearm and you have to register them with the Bureau of Alcohol, Tobacco, Firearms and Explosives. Furthermore, unless you acquire them through a trust or other entity, you have to obtain the consent of your chief of police (which some may be reluctant to do). Failure to do so could result in criminal prosecution, a fine and the confiscation of the firearm(s).

06 Aug New Annuity Introduced to Assist those Applying for Veterans Benefits -but will it work?

Posted at 08:58h in Assisted Living, Beneficiary, Disability Benefits, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Trusts, Veterans

To assist with the costs of care if their medical expenses are high, wartime veterans or their surviving spouses often apply for non-service connected disability improved pension benefits (commonly referred to as “Aid & Attendance” although that is only a portion of the benefit) assuming all eligibility requirements are met. Various types of annuities are often used in the planning process so that eligibility can be obtained for Veterans Benefits. However, Medicaid benefits are often greater (especially for nursing home care) and the eligibility rules (and planning) are significantly different. On the other hand, VA benefits can be used anywhere (home, assisted living, nursing home, etc.) whereas very few assisted living facilities accept any Medicaid program.