Disability Benefits

21 Jan SEVEN DIFFERENT TYPES OF TRUSTS USED IN PUBLIC BENEFITS PLANNING

Posted at 19:54h in Asset Protection, Assisted Living, Beneficiary, Disability Benefits, Estate Planning, Inheritance, Lady Bird Deed, Long Term Care, Medicaid Planning, Miller Trust, Nursing Home, Public Benefits Protection, Social Security, Special Needs, Special Needs Trust, Transfer of Death, Trusts, Veterans

Public benefits can range from payment of expensive drugs (no matter what age) to long-term care costs such as skilled nursing care. There are 40-50 Medicaid programs in Texas in addition to strictly federal public benefits programs such as Supplemental Security Income (SSI), Social Security...

14 Jan CHANGE IN RETIREMENT ACCOUNT LAWS AND INCREASED TAXES (SECURE ACT) LEAVES MANY BENEFICIARIES INSECURE

Posted at 19:45h in 401(k), 529 plan, Beneficiary, Disability Benefits, Divorce, End of Life Care Planning, Estate Planning, Long Term Care, Retirement, Special Needs, Special Needs Trust, Taxes, Trusts

Although the SECURE Act passage last month (which became effective January 1, 2020) covered 29 new provisions, the one provision likely to cause the most impact is the removal of “stretch” inherited IRA provisions to 10 years unless the beneficiary is an eligible designated beneficiary....

30 Nov 2020 FINAL MAXIMUM RESOURCE LIMITS FOR SPOUSAL MEDICAID (HOW TO KEEP MORE FOR SPOUSE IF ILL SPOUSE NEEDS TO GO INTO NURSING HOME OR NEEDS CARE AT HOME)

Posted at 16:52h in Disability Benefits, Divorce, Estate Planning, Home Equity, Long Term Care, Medicaid Application, Medicaid Planning, Nursing Home, Social Security

The Texas Health and Human Resources has announced its final numbers in connection with long-term care Medicaid eligibility for year 2020. The final numbers are slightly different than projected as set forth in our November newsletter. As a result, we have edited that article with...

09 Oct FIVE MISCONCEPTIONS ON ESTATE PLANNING

Posted at 09:00h in Asset Protection, Beneficiary, Disability Benefits, Divorce, End of Life Care Planning, Estate Planning, Guardianship, Long Term Care, Power of Attorney, Probate Administration, Quality of Life, Retirement

Estate planning is not simply protecting your assets or having a Will and a power of attorney. It is a plan whereby you are in control of your assets during your lifetime when you are well and to protect you if you should become disabled...

07 Oct 2020 PROJECTED MAXIMUM RESOURCE LIMITS FOR SPOUSAL MEDICAID (HOW TO KEEP MORE FOR SPOUSE IF ILL SPOUSE NEEDS TO GO INTO NURSING HOME OR NEEDS CARE AT HOME)

Posted at 09:00h in Disability Benefits, Divorce, Estate Planning, Home Equity, Long Term Care, Medicaid Application, Medicaid Planning, Nursing Home, Social Security

As we live longer, there is a greater likelihood of disability and the need for long-term care. However, most Americans have inadequate resources or income for such care and also lack long-term care insurance or similar insurance products. As a result, some elderly and disabled...

06 Sep SUCCESS STORY OF THE MONTH – USING DIFFERENT LEGAL TOOLS (LADYBIRD DEED, REVERSE MORTGAGE AND REVOCABLE LIVING TRUST) IN THE TOOLBOX

Posted at 09:00h in Beneficiary, Disability Benefits, End of Life Care Planning, Estate Planning, Guardianship, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Planning, Mortgage, Nursing Home, Power of Attorney, Probate Administration, Success Story of the Month, Transfer of Death, Trusts

Client had created a revocable living trust several years ago prepared by another attorney. The most common reasons for such a trust is to avoid probate (the laws that govern the probate process which is the process to determine if the Will is valid and...

10 Jul INSTAGRAM ACCOUNT USED TO INVALIDATE FRENCH ROCK STAR’S WILL

Posted at 13:35h in Beneficiary, Disability Benefits, Estate Planning, Michael Cohen Dallas Elder Lawyer, Texas Bar Today Top 10 Blog Posts

The fate of French rock star Johnny Hallyday’s $112 million estate hangs in the balance due to his Instagram account. Hallyday, who lived in California for approximately ten years prior to his death in December 2017, was survived by his fourth wife and their two...

01 May LEGALITY VS. MORALITY

Posted at 15:39h in Beneficiary, Disability Benefits, End of Life Care Planning, Estate Planning, Inheritance, Michael Cohen Dallas Elder Lawyer, Probate Administration

Sometimes clients ask questions where the answer differs as to legality versus morality. As a result, the attorney should be prepared to be both counselor at law and not just an attorney at law. A couple examples of actual cases (all dealing with an inheritance) illustrate...

01 May IS “BIG BROTHER” WATCHING FACEBOOK OF APPLICANTS FOR DISABILITY BENEFITS?

Posted at 15:31h in Disability Benefits, End of Life Care Planning, Estate Planning, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Social Security

Although the Inspector General of the Social Security Administration has monitored social media such as Twitter and Facebook since 2014 to determine if there is fraud by those who receive public disability benefits such as Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI),...

11 Apr DILEMMA FOR SOME DISABLED – ARE YOU READY, WILLING FOR ABLE? PROS AND CONS OF SPECIAL NEEDS TRUSTS VS ABLE ACCOUNTS

Posted at 19:47h in Beneficiary, Disability Benefits, End of Life Care Planning, Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Special Needs, Special Needs Trust, Trusts, utma

The federal law called the Achieving a Better Life Experience (ABLE) Act gives some people with disabilities or their families to establish a tax-free savings account that will not count as a resource for Medicaid eligibility (which is “means-tested”). For an adult disabled person who...

07 Mar TO ERR IS HUMAN, TO PURR IS FELINE – FASHION DESIGNER LAGERFELD LIKELY MAKES HIS CAT, CHOUPETTE, WORLD’S RICHEST CAT (BREAKING MEWS)

Posted at 17:25h in Disability Benefits, End of Life Care Planning, Estate Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Trusts, Wills

When world famous Chanel fashion designer Karl Lagerfeld died on February 19, 2019, it has been widely speculated that a good portion of his estimated estate of more than $150,000,000.00 will be inherited by his Birman cat, Choupette, if proper legal planning was prepared. Lagerfeld...

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...

16 Jan FIVE REASONS WHY YOU SHOULD NOT USE A STANDARD FORM FINANCIAL POWER OF ATTORNEY

Posted at 16:23h in 529 plan, Asset Protection, Assisted Living, Beneficiary, Disability Benefits, End of Life Care Planning, Estate Planning, Financial Powers of Attorney, Guardianship, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney, Public Benefits Protection, Retirement, Special Needs, Special Needs Trust, Transfer of Death, Trusts

When it comes to estate planning, most immediately think about planning for their death first. However, approximately 30% of Americans will become disabled or incompetent at some time during their lifetime. A Will only becomes effective at your death – not if you are disabled....

13 Dec VETERANS BENEFITS INCREASE ANNOUNCED

Posted at 19:14h in Assisted Living, Disability Benefits, Estate Planning, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Social Security, Trusts, Veterans

The Department of Veteran Affairs (VA) has announced its 2019 rate increases for certain non-serviced connected disability wartime military veterans, not dishonorably discharged or their surviving spouses to help pay for care costs ranging from being housebound to long-term care costs. However, since these benefits...

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 AGENCY UNDER A POWER OF ATTORNEY: SERVICE BY SOME BUT AGENT ORANGE TO OTHERS

Posted at 19:22h in Beneficiary, Disability Benefits, Elder Justice, End of Life Care Planning, Estate Planning, Financial Powers of Attorney, Guardianship, Power of Attorney

Financial powers of attorney are commonly used to give authority to a trusted individual (the “Agent”) to handle assets of the one who signed (the “Principal”) the power of attorney. The power of attorney is an important estate planning document especially if the Principal should...

02 Nov 2019 PROJECTED MAXIMUM RESOURCE LIMITS FOR VA BENEFITS AND SPOUSAL MEDICAID

Posted at 19:16h in Disability Benefits, Divorce, Elder Justice, Home Equity, Long Term Care, Medicaid Application, Medicaid Planning, Nursing Home, Social Security, Success Story of the Month, Veterans

As we live longer, there is a greater likelihood of disability and the need for long-term care. However, most Americans have inadequate resources for such care and also lack long-term care insurance or similar insurance products. As a result, some elderly and disabled seek public...

05 Oct SUCCESS STORY OF THE MONTH – “HONOR THY FATHER AND MOTHER” – OR ELSE!

Posted at 15:07h in Asset Protection, Beneficiary, Disability Benefits, Success Story of the Month, Trusts

Mother and father created an irrevocable trust which mother and father retained control of the assets and were trustees. After mother and father’s death, all their assets were to be distributed equally between their two daughters although the assets would pass to the daughters in...

Medicaid Services