Beneficiary

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, 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...

28 Nov Life Estates In Texas – Until Death Do I Part

Posted at 17:53h in Beneficiary, Estate Planning, Lady Bird Deed, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Probate Administration, Taxes, Transfer of Death

A life estate is an interest in real estate whereby the grantor of the deed (the life tenant) retains the exclusive (no one else has right without permission) right to occupy and use the real estate (often a homestead) for life. The deed would indicate...

26 Oct Impact Of Divorce On Prior Estate Planning:Automatic Revocation Of All Your Ex’s Who Live In Texas

Posted at 10:17h in 401(k), Beneficiary, Divorce, Estate Planning, Financial Powers of Attorney, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Retirement, Trusts, Wills

What happens if you pass and if you named your spouse as the beneficiary of your Will, trust, life insurance policy, IRA or bank account and you never change the beneficiary after divorce? It depends on the state in which you live. In Texas (and...

25 Oct 10 New Laws That Concern Elders, Estate Planning And Probate

Posted at 10:18h in Asset Protection, Beneficiary, Business, End of Life Care Planning, Estate Planning, Guardianship, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Public Benefits Protection, Trusts, Wills

Although there are dozens of new laws in Texas, the following (in no particular order) are just some that affect estate planning, probate, guardianship and the elderly. Homesteads Held in Revocable Trusts Need Specific Language to Have Homestead Property Tax Exemption and Homestead Exemption for Creditor...