Business

14 Jun LITTLE RICHARD, LITTLE ESTATE? GOOD GOLLY, MISS MOLLY!

Posted at 14:52h in Asset Protection, Business, Estate Planning, Michael Cohen Dallas Elder Lawyer, Music

Although Little Richard recently died, with an estate estimated at $40 Million, it could have been much greater if he had made better business decisions. He sold the rights to his hit song, “Tutti Frutti”, to Specialty Records for $50 plus a half cent for...

01 Jun MURDER, SHE WROTE? WOULD “TIGER KING” NEMESIS BE TEXAS TOAST UNDER TEXAS ESTATE LAWS?

Posted at 14:19h in Beneficiary, Business, Dementia, Disability Benefits, Estate Planning, Power of Attorney, Probate Administration, Texas Bar Today Top 10 Blog Posts, Transfer of Death, Wills

The recent Netflix series “Tiger King” focused on the feud between an Oklahoma private zookeeper (of big cats such as tigers and lions) known as “Joe Exotic” (herein “Exotic”) who also called himself the “Tiger King” and big cat animal rights preservationist, Carol Baskin (“Baskin”)....

14 Apr PANDEMIC PLANNING IN PERIL: WHERE THERE IS A “WILL”, IS THERE STILL A WAY?

Posted at 15:49h in Beneficiary, Business, End of Life Care Planning, Estate Planning, Financial Powers of Attorney, Guardianship, Michael Cohen Dallas Elder Lawyer, Notarizations, Power of Attorney, Probate Administration, Quality of Life, Retirement, Transfer of Death, Trusts, Wills

Coronavirus concerns have resulted in an unprecedented demand for Will planning in America. Even younger Americans are realizing that they are not invincible. Most Americans fail to have even a simple Will leaving the risk of their assets being distributed in accordance with the laws...

31 Mar WILL ONLINE (REMOTE) NOTARIZATIONS BECOME THE NEW “NORM”?

Posted at 14:43h in Business, Estate Planning, Financial Powers of Attorney, Guardianship, Notarizations, Power of Attorney, Trusts, Wills

Italy and China have enforced strict curfews (much stricter than “shelter in place”) in recent months to “flatten the curve” of the coronavirus pandemic. As mentioned in our article “Pandemic Planning in Peril”, the signing of a Will in Texas is particularly difficult at this...

24 Sep MAYBE YOU DON’T HAVE TO READ THE “SMALL PRINT” A PLACE FOR MOM PAYS $6 MILLION DUE TO CLASS ACTION LAWSUIT FOR VIOLATION OF TELEPHONE CONSUMER PROTECTION ACT

Posted at 09:00h in Business, Estate Planning, Lawsuits

The largest senior living and care referral service in the country, A Place for Mom, has agreed to pay $6 million to settle a class action lawsuit as a result of allegations that the company violated the Telephone Consumer Protection Act. The plaintiff alleged that...

04 Aug ANDERSON COOPER INHERITS $1.5 MILLION FROM HIS MOTHER, GLORIA VANDERBILT

Posted at 09:00h in Business, Charitable Giving, Divorce, End of Life Care Planning, Estate Planning, Inheritance, Michael Cohen Dallas Elder Lawyer, Trusts, Wills

Gloria Vanderbilt’s Will provided that her son, CNN news reporter Anderson Cooper (“Anderson Cooper 360”), will receive the residue of her estate other than her Manhattan co-op and contents therein which were bequested to another son, Charles Stokowski. Since Wills and inventory are a matter...

01 Aug BINGO! ELIZABETH HURLEY’S SON DINGS GRANDFATHER BING FOR MILLIONS DESPITE BEING BORN OUT OF WEDLOCK

Posted at 13:57h in Beneficiary, Business, Divorce, End of Life Care Planning, Estate Planning, Probate Administration

A California court has ruled that Elizabeth Hurley’s son, Damian, remain a beneficiary of the trust of his grandfather, Dr. Peter Bing, notwithstanding Dr. Bing’s attempt to change the terms of the trust that he established. Another grandchild, Kira Kerkorian, also benefits from this ruling. Dr....

01 May NEW RETIREMENT SAVINGS ACCOUNT BILL LIKELY TO PASS THIS YEAR

Posted at 09:00h in 401(k), Beneficiary, Business, End of Life Care Planning, Estate Planning, Inheritance, Michael Cohen Dallas Elder Lawyer, Retirement, Taxes, Trusts, Wills

As a result of less employer-sponsored pension plans and the desire of Congress to encourage savings for retirement, it is anticipated that Congress will pass the Setting Every Community Up for Retirement Enhancement (SECURE) Act later this year as it has bipartisan support. It will...

12 Feb DO YOU TRUST A TRUST? NINE WAYS TO USE A TRUST IN PLANNING

Posted at 21:02h in Asset Protection, Beneficiary, Business, Disability Benefits, Estate Planning, Inheritance, Lawsuits, Michael Cohen Dallas Elder Lawyer, Probate Administration, Public Benefits Protection, Taxes, Texas Bar Today Top 10 Blog Posts, Trusts

Trusts are often a good tool to achieve one’s estate planning. Although this list is not exhaustive, the following are common things to consider: Protect beneficiaries from lawsuits. If properly drafted, a trust created in your Last Will and Testament or in your own revocable or...

17 Jan EXCEPTIONS TO MEDICAID ESTATE RECOVERY IN TEXAS – HOW TO PROTECT YOUR HOME, CAR AND OTHER ASSETS FROM REPAYMENT OF LONG-TERM CARE EXPENSES

Posted at 14:37h in Asset Protection, Beneficiary, Business, Disability Benefits, End of Life Care Planning, Estate Planning, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Social Security, Transfer of Death

Although certain assets such as a home, car, mineral rights (subject to limitations) and businesses essential for self-support are “non-countable” when applying for long-term care Medicaid, there are numerous exceptions to avoid a successful claim by the State to be paid back for benefits (such...

16 Jan MEDICAID BIRD BOX TEN COMMON MISTAKES WHEN APPLYING FOR LONG-TERM CARE MEDICAID

Posted at 16:26h in Business, Disability Benefits, End of Life Care Planning, Estate Planning, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home, Retirement, Social Security, Transfer of Death

As the aging population continues to grow, there is more likelihood of disability and a need for long-term care. However, the majority of elderly Americans fail to have long-term care insurance or have adequate assets to be self-insured. As a result, many elderly people rely...

13 Dec MARVEL MOGUL DID NOT NEED SUPERHERO TO PROTECT HIM

Posted at 19:03h in Asset Protection, Business, Disability Benefits, Estate Planning, Long Term Care, Power of Attorney, Success Story of the Month, Trusts, Wills

Stan Lee, the Marvel Comics co-creator of superheroes such as Spider-Man, Black Panther, Fantastic Four and the Hulk, recently died at age 95 after experiencing a mental decline. Predators such as his caregiver, daughter and business associates all tried to gain control of his assets...

02 Nov NINE THINGS TO CONSIDER BEFORE NAMING YOUR IRA BENEFICIARY

Posted at 19:04h in Asset Protection, Beneficiary, Business, Charitable Giving, Divorce, Elder Justice, End of Life Care Planning, Estate Planning, Guardianship, Inheritance, Medicaid Planning, Probate Administration, Public Benefits Protection, Retirement, Taxes

You would think simply naming a beneficiary of your IRA is the only thing you need to do but is that the only thing that the owner of the IRA should consider or think about? Here are several planning considerations so that your beneficiaries can benefit...

07 Feb 6 Ways that the “Tax Cuts and Jobs Act” Affect Seniors and Disabled

Posted at 09:00h in 529 plan, Business, Estate Planning, Home Equity, Inheritance, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Social Security, Taxes, Transfer of Death, Trusts

As most know, President Trump signed the “Tax Cuts and Jobs Act” (or Reconciliation Act or 2017 Tax Act) on December 22, 2017. Most of the provisions regarding tax reform for individuals are effective for only for years 2018 to 2025 (so that it could...

18 Dec SUCCESS STORY OF THE MONTH

Posted at 09:00h in Alzheimer’s, Asset Protection, Business, Disability Benefits, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Public Benefits Protection, Quality of Life, Social Security, Special Needs, Special Needs Trust, Success Story of the Month, Transfer of Death, Wills

Last Monday we were requested to do a Will for an 89-year-old married woman who was just put on hospice. Due to her being on hospice, we put her as an immediate priority. Her 90-year-old husband has Alzheimer’s disease and is living in an institutional...

20 Nov SUCCESS STORY OF THE MONTH

Posted at 11:00h in Alzheimer’s, Asset Protection, Business, Disability Benefits, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Public Benefits Protection, Quality of Life, Social Security, Special Needs, Special Needs Trust, Success Story of the Month, Transfer of Death, Trusts

13 Nov ONLINE NOTARIZATION COMING TO TEXAS IN 2018

Posted at 11:00h in Business, Estate Planning, Michael Cohen Dallas Elder Lawyer, Notarizations

Online notarization, whereby a notarial act is performed by means of two-way video and audio conference that meets standards for credential analysis and identity proofing as well as standards for equipment, security and certain technology, will be permitted in Texas as of July 1, 2018....

09 Oct IRS GIVES TAX RELIEF FOR HURRICANE HARVEY AND IRMA VICTIMS

Posted at 11:00h in 401(k), Business, Estate Planning, Michael Cohen Dallas Elder Lawyer, Retirement, Taxes

The Internal Revenue Service (IRS) has announced several items of tax relief for those who live or have businesses affected by Hurricane Harvey and Hurricane Irma including the following: Postponement of certain deadlines (such as extension of a 2016 tax return due to run out on...

02 Oct ANTICIPATED TRUMP TAX REFORM PROPOSALS – WHAT IT MEANS TO YOU

Posted at 15:11h in Business, Estate Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Retirement, Taxes

Although details of President Trump based on prior statements tax proposals have not yet been released and this is mere speculation, here are a few of the anticipated tax reform proposals: For individuals: Double the standard deduction; Eliminate itemization deductions (other than contributions to retirement savings,...

21 Aug WILL NEW LAW RESULT IN INCREASED ACCEPTANCE OF DURABLE POWERS OF ATTORNEY?

Posted at 11:00h in Business, Estate Planning, Financial Powers of Attorney, Guardianship, Lawsuits, Power of Attorney

Many are surprised that financial powers of attorney do not have to be recognized by others including banks and other financial institutions. If the principal (the one who signs the power of attorney) becomes incompetent and the one who is presented with and asked to...

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