Beneficiary

15 Feb SUCCESS STORY OF THE MONTH – MAKING A SILK PURSE FROM A SOW’S EAR

Posted at 09:00h in Beneficiary, Disability Benefits, End of Life Care Planning, Estate Planning, Guardianship, Inheritance, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Special Needs, Special Needs Trust, Success Story of the Month, Transfer of Death

When someone fails to plan for his or her estate, it means that person is letting the state determine how and to whom assets should pass upon death of that individual. It may or may not be distributed the way the deceased wanted and the...

01 Feb WHERE THERE IS A WILL THERE IS A WAY (USUALLY)

Posted at 09:00h in Beneficiary, Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Notarizations, Probate Administration, Wills

How to probate a copy of a Will It is often necessary to transfer title of assets of the deceased or to pay any debts due by the deceased through the process (called probate) of getting approval of the court that the Will of the deceased...

26 Jan ‘TIL DEATH DO US PART, SURVIVING SPOUSE PROTECTIONS (EVEN IF DISINHERITED)

Posted at 05:23h in Asset Protection, Beneficiary, End of Life Care Planning, Estate Planning, Home Equity, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Probate Administration, Public Benefits Protection, Taxes

Do you think that if you are married that your spouse automatically is entitled to all of your assets? Do you think that if you disinherit your spouse or perhaps your children in your Will that they automatically will not be entitled to any rights to your...

26 Jan SUCCESS STORY OF THE MONTH – IT IS BETTER TO GIVE THAN RECEIVE – UNLESS YOU APPLY FOR MEDICAID

Posted at 05:13h in Beneficiary, Estate Planning, Home Equity, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Miller Trust, Nursing Home, Probate Administration, Social Security, Success Story of the Month

Facts: Potential Medicaid applicant for governmental assistance to help pay nursing home costs had limited amount of cash and monthly income and had given away money to a relative who spent the money gifted and could not give anything back. This success story is an illustration of how to...

26 Jan READY, WILLING AND ABLE FOR FINAL REGULATIONS OF ABLE ACCOUNTS?

Posted at 05:03h in 529 plan, Beneficiary, Disability Benefits, End of Life Care Planning, Estate Planning, Guardianship, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Social Security, Special Needs, Special Needs Trust, Trusts

The IRS has issued final regulations for Able accounts, a tax-advantaged savings account for those determined to be disabled before age 26, pursuant to the Achieving a Better Life Experience (Able) Act that was passed six years ago. Funds deposited into Able accounts do not risk...

26 Jan WHAT FEE IS “REASONABLE” FOR A NON-PROFESSIONAL TRUSTEE UNDER TEXAS LAW?

Posted at 04:50h in Beneficiary, Business, Estate Planning, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Trusts

Many trusts do not name corporate (i.e., banks or other financial institutions, etc.) or professionals (attorneys or CPAs) as a trustee. Unlike corporate trustees (which generally charge a percentage of assets held in the trust on an annual basis pursuant to a fee schedule) or professional trustees, trusts...

22 Dec WHAT IS A MILLER OR QUALIFIED INCOME TRUST?

Posted at 15:41h in Beneficiary, Estate Planning, Long Term Care, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Miller Trust, Nursing Home, Probate Administration, Social Security, Trusts

Although “Miller” or “Qualified Income” Trusts have been around for over twenty years (this author has been doing them since first approved in Texas in 1994), it is often surprising how confusing this income trust is to many – including some banks. Several Medicaid programs...

15 Dec LADYBIRD DEEDS BETTER THAN TRANSFER ON DEATH DEEDS (USUALLY)

Posted at 15:36h in Asset Protection, Beneficiary, End of Life Care Planning, Estate Planning, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney, Probate Administration, Public Benefits Protection, Short Term Care, Taxes, Transfer of Death, Trusts

In a battle of the two most common probate avoidance deeds, it is often (but now always) better in Texas to use a Ladybird Deed (which is an enhanced life estate deed) than a Transfer on Death Deed. In both types of deeds, the owner...

08 Dec ‘TIL DEBT DO US PART – WHAT YOU NEEDED TO KNOW

Posted at 15:39h in Asset Protection, Beneficiary, End of Life Care Planning, Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Probate Administration, Retirement, Taxes, Transfer of Death

As the pandemic continues to wreak havoc with many experiencing the loss of a loved one, unemployment or reduced income and higher levels of debt, many are now asking which of their debts will continue after death and which will be forgiven and the resulting...

23 Nov POTENTIAL TAX RAMIFICATIONS OF THE 2020 ELECTION ON INDIVIDUALS

Posted at 09:00h in Beneficiary, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Retirement, Social Security, Taxes, Transfer of Death, Trusts

President-elect Biden has suggested various changes in tax laws to help achieve his legislative agenda. Although 2 Senate seats in Georgia have yet to be decided which could make a difference in likelihood of success in achieving the goals of the President-elect, the following are a...

08 Nov 12 THINGS SENIORS SHOULD DO OR DISCUSS WITH THEIR CHILDREN IN THE EVENT OF DISABILITY OR DEATH (BUT NOT ON THE 12 DAYS OF CHRISTMAS)

Posted at 09:00h in Asset Protection, Beneficiary, Disability Benefits, End of Life Care Planning, Estate Planning, Guardianship, Long Term Care, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Mortgage, Power of Attorney, Probate Administration, Public Benefits Protection, Retirement, Social Security

Nobody wants to think (much less talk) about their death or disability or the death or disability of an immediate family member. However, communication reduces risk in achieving your desired goals if unfortunate events should occur. Assumptions often lead to errors or misunderstandings. The following...

02 Nov COMPREHENSIVE TO DO CHECKLIST AFTER LOVED ONE DIES (36 ITEMS TO CONSIDER)

Posted at 09:00h in Asset Protection, Beneficiary, Business, Charitable Giving, Disability Benefits, End of Life Care Planning, Estate Planning, Inheritance, Long Term Care, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Mortgage, Power of Attorney, Probate Administration, Public Benefits Protection, Retirement, Social Security, Special Needs, Special Needs Trust, Transfer of Death, Trusts, Veterans, Wills

While the loss of a loved one may be emotionally devastating, the tasks to accomplish after one dies could be overwhelming. As a result, we have compiled a checklist of some of the important things to consider in a somewhat chronological order as follows: Get a...

19 Oct SEVEN WAYS TO AVOID A FAMILY FEUD ON YOUR PERSONAL PROPERTY

Posted at 21:14h in Beneficiary, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Notarizations, Probate Administration, Transfer of Death, Wills

It is not unusual for family members to fight over personal property items of value (sentimental or financial - such as jewelry, guns, art, tools, furniture, silverware and china, etc.). After famous comedian Robin Williams died, his Will left his homestead to his wife, but there...

19 Oct EIGHT ESTATE PLANNING ERRORS BY THE RICH AND FAMOUS

Posted at 19:38h in Asset Protection, Beneficiary, Divorce, End of Life Care Planning, Estate Planning, Guardianship, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Public Benefits Protection, Taxes, Trusts

Although you would think the rich and famous would be the last to make estate planning errors, but they make mistakes (from which we can learn) like others. Here are some celebrity estate planning mistakes: No Estate Plan. Famous singers Prince and Aretha Franklin failed to...

09 Sep POST-DIVORCE ESTATE PLANNING: 6 COMMON QUESTIONS

Posted at 15:50h in Alzheimer’s, Beneficiary, Disability Benefits, Divorce, End of Life Care Planning, Estate Planning, Financial Powers of Attorney, Guardianship, Inheritance, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Retirement, Special Needs, Special Needs Trust, Success Story of the Month, Trusts, Wills

Divorces are often draining – financially and emotionally. As a result, many do not want to incur more costs or even think about different financial arrangements. However, anytime there is a significant change in your family (death, divorce, disability, births, etc.), your estate plan should be at...

31 Aug NO FEE FOR SOCIAL SECURITY REPRESENTATIVE PAYEE – BUT IT COULD BE CHOICE FOR THEE

Posted at 13:52h in Alzheimer’s, Beneficiary, Disability Benefits, Estate Planning, Guardianship, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Social Security

Many disabled individuals live solely on Social Security income but lack sufficient mental capacity to handle the payment of their living expenses. Social Security (which doesn’t recognize powers of attorney) permits the appointment of a Social Security Representative Payee (Rep Payee) upon proof of disability and...

17 Aug SUCCESS STORY OF THE MONTH

Posted at 20:24h in Alzheimer’s, Asset Protection, Beneficiary, End of Life Care Planning, Estate Planning, Inheritance, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Public Benefits Protection, Retirement, Special Needs, Special Needs Trust, Success Story of the Month, Transfer of Death, Trusts, Wills

Husband and wife (“clients”) have 2 adult children. Once child is disabled and the other is a spendthrift (money is spent as soon as it is received). The disabled child is on Medicaid and lives in a facility where the drug costs and the great majority of...

11 Aug 12 COMMON TEXAS PROBATE FAQ’S

Posted at 20:34h in Alzheimer’s, Beneficiary, End of Life Care Planning, Estate Planning, Long Term Care, Michael Cohen Dallas Elder Lawyer, Probate Administration, Retirement, Social Security, Transfer of Death, Wills

We get asked questions every day about probate: what it is, how to probate a will, etc. Here are 12 of the most common Texas Probate questions we receive. Question 1: What is Probate? Answer: Probate is the process where a court confirms death and determines who...

11 Aug 16 WAYS TO AVOID GUARDIANSHIP OF THE ESTATE

Posted at 20:29h in Alzheimer’s, Asset Protection, Beneficiary, Disability Benefits, Estate Planning, Guardianship, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Public Benefits Protection, Social Security, Special Needs, Special Needs Trust, Transfer of Death, Trusts, utma

Guardianship if often an expensive legal process which should be avoided if possible. Thus, planning should be considered as an alternative to guardianship. Guardianship is often needed for an incapacitated person. Texas law defines an “incapacitated person” as: a minoran adult, who because of a physical or mental condition,...

11 Aug INSURANCE COMPANY UNINSURED

Posted at 08:16h in Alzheimer’s, Beneficiary, End of Life Care Planning, Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Texas Bar Today Top 10 Blog Posts

A recent decision of a San Antonio appellate court determined that faulty drafting of an annuity contract by the insurance company who issued the annuity resulted in a beneficiary being paid far more than the contracted terms. The annuity contract provided for payments during the joint...