Business

08 Jun ACTIONS TO CONSIDER NOW WITH PENDING TAX REFORM

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

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Although potential tax reform laws are far from settled, taxpayers could consider certain actions now to maximize tax savings including the following: Establish a business entity (if the business owner’s income tax rate is greater than the proposed rate) that the income or losses flow...

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08 Mar LIFE INSURANCE BENEFITS TO YOUR ESTATE PLAN

Posted at 09:00h in Beneficiary, Business, Estate Planning, Inheritance, Long Term Care, Michael Cohen Dallas Elder Lawyer, Social Security, Taxes

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Life insurance can be beneficial in numerous ways to estate plans – even for those who are older with less means. Here are but a few ways it can be helpful: Provide long-term care benefits. Some policies allow you to add a rider for long-term...

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13 Dec IS ESTATE TAX REPEAL ON THE HORIZON WITH TRUMP’S ELECTION?

Posted at 17:00h in Business, Charitable Giving, Estate Planning, Inheritance, Michael Cohen Dallas Elder Lawyer, Taxes, Transfer of Death

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Donald Trump’s election will likely result in a proposal to eliminate estate tax as part of an overall tax reform package. However, the passage of such a bill and the compromises needed to make such a change will likely evolve over time – although the...

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06 Oct IRS ATTACKS FAMILY-OWNED BUSINESSES

Posted at 19:46h in Business, Estate Planning, Michael Cohen Dallas Elder Lawyer, Transfer of Death

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The IRS recently proposed regulations that attack estate and gift tax planning of family businesses. Business owners, with taxable estates (presently $5.45 million) often take advantage of valuation discounts by the use of limited liability companies (LLCs), and family limited partnerships, etc. by making gifts...

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28 Jul ARE ESTATE PLANNING LEGAL FEES TAX DEDUCTIBLE?

Posted at 09:12h in Business, Estate Planning, Michael Cohen Dallas Elder Lawyer, Taxes

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Although this author is not an accountant (and one should discuss his or her own individual tax situation with his or her personal accountant), I am often asked if estate planning fees are tax deductible. The answer is sometimes it is, and sometimes it is...

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16 Jun HOW TO PROTECT YOUR HOME, CAR, AND OTHER ASSETS FROM THE GOVERNMENT IF YOU RECEIVE MEDICAID

Posted at 20:18h in Beneficiary, Business, Estate Planning, Lady Bird Deed, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Social Security, Transfer of Death

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On June 1, 2003, the Texas Legislature passed a law requiring seizure of property in the estates of some Medicaid recipients after they die to repay the Medicaid programs for the assistance provided. The final rules published by the Texas Health & Human Services Commission...

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02 Sep The Truth About 401(k)s

Posted at 06:00h in 401(k), Business, Estate Planning, Guardianship, Retirement, Taxes

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By Rick Foster   Putting money in a 401(k) is the right thing to do, isn't it? Yes! No! Maybe? Surprisingly, the answer to that question may not be as simple as it seems. What is a 401(k)? In the late 1960s due to market volatility and the realization...

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09 Jun Increased Federal Tax Proposals for year 2015 Budget Announced

Posted at 07:06h in Beneficiary, Business, Estate Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Taxes, Transfer of Death, Trusts

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The Obama Administration’s Fiscal Year 2015 Revenue Proposals have been published, and there are numerous suggested proposals which increase taxes in connection with estate planning. Although the Senate passed proposals this past week retaining certain tax incentives for businesses and individuals, the revenue proposals included...

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28 Apr TAX COURT RULING LIMITS IRA ROLLOVERS TO ONE PER YEAR

Posted at 06:45h in Business, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Taxes, Veterans

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The U.S. Tax Court recently ruled that a taxpayer can only rollover (within 60 days) one IRA per year, per taxpayer – contrary to IRS publication 590 which allowed one 60 day rollover per year; per IRA – so, prior to the ruling if a...

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16 Oct Digital Asset Trusts- Estate Planning for Recent Technology

Posted at 14:11h in Asset Protection, Business, Estate Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Transfer of Death, Trusts, Wills

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There are many types of digital assets stored on computers, smart phones, websites, etc., including: (1) personal assets (such as photos, medical records, tax documents, etc.) that require a login with a different password; (2) social media (i.e., Facebook and Twitter, emails that store videos,...

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