Michael Cohen Dallas Elder Lawyer |

11 Apr CASE OF THE MONTH – DOOR #1 OR DOOR #2?

Posted at 19:30h in End of Life Care Planning, Estate Planning, Financial Powers of Attorney, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney, Probate Administration, Transfer of Death

Dad, a nursing home resident in a facility that accepts Medicaid, owns highly appreciated out of state real estate that has been in the family for decades and approximately $100,000 of cash. The goals are to protect the real estate, have governmental assistance in paying...

11 Apr SMALL ESTATE AFFIDAVIT – CHEAPER OPTION TO TRANSFER ASSETS AFTER DEATH

Posted at 19:27h in Asset Protection, End of Life Care Planning, Estate Planning, Guardianship, Michael Cohen Dallas Elder Lawyer, Transfer of Death, Wills

If a Texas resident dies (the “decedent”) without a Will (“intestate”) and the estate assets are less than $75,000 (excluding exempt property such as a homestead if it retains its homestead status when there is a surviving spouse and minor children of the decedent in...

11 Apr PROPOSED NEW LEGISLATION: ONE MORE WAY TO DETERMINE STATUTE OF LIMITATIONS FOR GOVERNMENT TO MAKE CLAIM AGAINST YOUR HOME

Posted at 19:26h in Assisted Living, Beneficiary, End of Life Care Planning, Estate Planning, Lady Bird Deed, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Transfer of Death, Trusts, Wills

Although there are numerous ways to avoid a successful claim for estate recovery by the state government for Medicaid benefits (such as long-term care in a nursing home, assisted living facility or care at home, in addition to drugs) as set forth in a prior...

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...

07 Mar UNGRATEFUL DEAD – FIVE WAYS TO DISINHERIT YOUR CHILD

Posted at 17:16h in Asset Protection, Beneficiary, End of Life Care Planning, Estate Planning, Inheritance, Michael Cohen Dallas Elder Lawyer, Probate Administration, Trusts, Wills

Although most parents do not want to disinherit a child, sometimes they become estranged for reasons ranging from disrespect by the child to the child doing some sort of criminal act. As a result, sometimes disinheritance becomes logical and needed. The following are a few ways...

12 Feb SUCCESS STORY OF THE MONTH – SPENDLESS SPENDDOWN

Posted at 21:18h in Divorce, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Retirement, Social Security, Success Story of the Month

Husband (the “institutionalized spouse”) enters into a nursing home in November 2018 while his 70 year old wife (the “community spouse”) lives at home. Husband has no long-term care insurance and his income is insufficient to pay for his care (generally at least $5,000 to...

12 Feb STATE POLICY ON EXCLUDING IRAs AS A RESOURCE FOR MEDICAID CLARIFIED (BUT FURTHER CLARITY IS NEEDED)

Posted at 21:12h in 401(k), Assisted Living, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Retirement

Although there are many still unanswered questions and there has been no written policy since changes were initially announced last August, the Texas Health and Human Services Commission (HHSC) on February 7, 2019 attempted to clarify its new policy regarding treatment of retirement accounts (traditional...

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....