Beneficiary

03 May “Great Balls Of Fire” – Jerry Lee Lewis’ Son Fumes As Cousins Evict Him From Dad’s Ranch

Posted at 13:06h in Beneficiary, Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Music, Probate Administration, Taxes, Transfer of Death, Wills

The late legendary rock & roll star Jerry Lee Lewis bought 2/3 of a 30-acre Mississippi ranch almost 50 years ago. Not only did Jerry Lee Lewis live there until his death on October 28, 2022, so did his son, Jerry Lee Lewis, III (Lee)...

13 Apr 7 Ways To Set Up An Account In Texas – Your Beneficiary May Not Be As You Intended

Posted at 12:47h in Beneficiary, Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Transfer of Death, Trusts

There is often confusion as to who is the beneficiary of a bank account when an owner of the account dies. The type of account selected on a signature card determines how the account passes at death. Texas has a law on the seven (7) types...

12 Apr 12 Ways To Transfer Real Estate On Death In Texas

Posted at 12:55h in Beneficiary, Estate Planning, Guardianship, Lady Bird Deed, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Nursing Home, Probate Administration, Transfer of Death, Trusts

There are numerous ways to transfer real estate upon death depending on the facts and the type of planning – if any. The following are 12 of the ways property is transferred at death: Executor’s Deed. When the deceased has a will that has been admitted to...

11 Apr Future Success Story Of The Month? Will A QLAC Within An Ira Become The Latest Tool To Save Money In Care Costs?

Posted at 13:01h in Beneficiary, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Mortgage, Nursing Home, Probate Administration, Retirement, Social Security, Success Story of the Month

Recent changes under the Secure Act 2.0 that became effective January 1, 2023 may make a QLAC (Qualified Longevity Annuity Contract) a planning option for long-term care Medicaid which helps pay for nursing care and care at home. A QLAC is an annuity within your retirement...

07 Mar Will Charles Manson’s Helter-skelter Estate Battle Be Coming to a Dead End?

Posted at 11:02h in Beneficiary, Divorce, End of Life Care Planning, Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration

The battle over the estate of notorious murderer Charles Manson (who died in 2017) may soon be finally coming closer to a conclusion. However, it is likely that the hearing (set for later this month) will only get one step closer to finalization. Three people...

31 Jan Bill Passed For ABLE Account Age Adjustment

Posted at 10:39h in 529 plan, Beneficiary, Disability Benefits, Estate Planning, Guardianship, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Social Security, Special Needs, Special Needs Trust, Trusts

There is good news for those who are on Supplemental Security Income and Medicaid and who were disabled between ages 26 and 46. As of January 1, 2025, those who were disabled prior to ae 46 can establish an ABLE account and the funds will...

31 Jan 15 Ways To Avoid Guardianship Of The Estate

Posted at 10:28h in Beneficiary, Disability Benefits, Estate Planning, Guardianship, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Social Security, Special Needs, Special Needs Trust, Transfer of Death, Trusts, utma

Guardianship is often needed for an incapacitated person, but it is an expensive legal process which should be avoided if possible. Thus, planning should be considered as an alternative to guardianship. Texas law defines an “incapacitated person” as: 1) a minor; 2) an adult, who...

31 Jan 6 Advantages And Disadvantages Of A Will And A Revocable Living Trust

Posted at 10:24h in Asset Protection, Beneficiary, Business, Disability Benefits, End of Life Care Planning, Estate Planning, Financial Powers of Attorney, Guardianship, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Notarizations, Nursing Home, Power of Attorney, Probate Administration, Public Benefits Protection, Retirement, Special Needs, Special Needs Trust, Transfer of Death, Trusts, Wills

There is much debate among Texas attorneys as to whether it is better to have a Last Will and Testament or a Revocable Living Trust in estate planning. The simple answer is that it depends on the facts, your goals, the type of assets, cost...

20 Dec How Much Respect Will Same-Sex Marriages Be Given Under The Respect For Marriage Act?

Posted at 15:32h in Beneficiary, Business, Elder Justice, Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Public Benefits Protection, Retirement, Social Security, Taxes

Last month President Biden signed into law the Respect for Marriage Act that achieved bipartisan support. The law gives protection of federal benefits to same-sex legally married couples who move to another state where the laws do not recognize same-sex marriage. For example, if a same-sex...

07 Dec 2023 Long Term Care Medicaid Income Cap Increase – When And How To Use A Miller Trust

Posted at 12:48h 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 $2,742 (as of January 1, 2023), the eligibility solution for this particular requirement is the creation...

06 Dec 9 Things That Should Not Be In Your Will

Posted at 12:41h in Beneficiary, Divorce, Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Retirement, Transfer of Death, Wills

While it is often advisable to have a will, there are some things you should not include such as the following: Account information Your accounts can change from the time your will is signed to when your will is probated – even if you think you will...

05 Dec 13 Common Mistakes Of Executors

Posted at 12:36h in Asset Protection, Beneficiary, Disability Benefits, Estate Planning, Inheritance, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Public Benefits Protection, Retirement, Taxes, Transfer of Death, Wills

The executor named in a will is the fiduciary who is responsible for (1) collecting the assets that pass by probate; (2) paying the debts, taxes, expenses and fees of the estate; and (3) distributing the assets in accordance with the terms of the will....

03 Nov 12 Exceptions To Long-term Care Medicaid’s Transfer Penalty Rules

Posted at 12:07h in 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

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 five year “look-back” period as there is a presumption resources...

03 Nov Effect Of Divorce On Wills, Trusts, Beneficiary Designations And Other Estate Planning

Posted at 11:53h in Beneficiary, Disability Benefits, Divorce, End of Life Care Planning, Estate Planning, Guardianship, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Retirement, Trusts, Wills

It is not unusual for married couples to have a will or trust, joint accounts and/or beneficiary designations whereby the spouse is a beneficiary and/or is a fiduciary (i.e., executor, trustee, agent under power of attorney, etc.). However, if the couple divorces, the fiduciary relationship...

03 Nov Legal Anatomy: Simple Wills Could Lead To Big Problems

Posted at 11:49h in Beneficiary, Divorce, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Retirement, Special Needs, Special Needs Trust, Transfer of Death, Trusts, Wills

Although simple wills are sometimes adequate, planning for the worst-case scenario is the general perspective of the estate planning attorney. You don’t have to be wealthy to need estate planning. The following are facts of a case and solutions from the perspective of the estate...

07 Sep 8 Myths About Wills After the Testator Dies

Posted at 12:36h in Beneficiary, Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Retirement, Transfer of Death, Wills

Many do not know about probate. There is much confusion as the process varies from state to state. The following explains 8 myths about probate. Myth No. 1: If you have a will, the court must always approve the will through probate. Wills do not always have...

07 Sep 4 Strategies in Estate Planning for an Estranged Child – You Can’t Choose Your Family – the Days of Beaver Cleaver Are Over

Posted at 12:29h in Beneficiary, Disability Benefits, Divorce, Estate Planning, Inheritance, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Transfer of Death, Trusts, Wills

It is not unusual for a parent to become estranged from a child. So, often parents consider different ways to handle their estate planning for the benefit or detriment of the estranged child. Some of the many reasons that I have been told include: (1)...

20 Aug Where There Is A Will, A Beneficiary May Want To Be Named In It Per Stirpes Vs. Per Capita – Who Gets My Estate If A Beneficiary Predeceases Me?

Posted at 16:26h in Beneficiary, Charitable Giving, Estate Planning, Inheritance, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Wills

In drafting a will or a trust or in making a beneficiary designation, one of the most common questions that should be asked is “who would be entitled the share of my estate if a beneficiary predeceases me?” When you do not want to name...

20 Aug Should You Name A Trust As A Beneficiary Of A Retirement Account?

Posted at 16:12h in Asset Protection, Beneficiary, Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Public Benefits Protection, Retirement, Special Needs, Special Needs Trust, Taxes, Trusts, Wills

Prior to the passage of the SECURE ACT, trusts named as a beneficiary of a retirement account could be prepared to stretch distributions (for tax-deferred growth) over the lifetime of the designated beneficiary. However, unless the beneficiary is either (1) a spouse; (2) someone less...

20 Aug Can Transfer On Death Deeds Be Fatal? 12 Problems With Transfer On Death Deeds

Posted at 16:08h in Beneficiary, Divorce, Estate Planning, Lady Bird Deed, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Nursing Home, Power of Attorney, Probate Administration, Transfer of Death

Transfer on Death Deeds (TODDs) are a simple tool to pass real estate after your death to avoid probate or an heirship determination. You can change your mind and cancel the deed. You can even name contingent beneficiaries. TODDs have no adverse tax consequences, do...

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