End of Life Care Planning

16 Jan SUCCESS STORY OF THE MONTH – IRREVOCABLE ‡ UNCHANGEABLE

Posted at 16:14h in Beneficiary, End of Life Care Planning, Estate Planning, Lawsuits, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Success Story of the Month, Trusts

Often clients are surprised to learn that their “irrevocable” trust can be changed. There are several ways to make changes to an irrevocable trust including by court order, agreement of all interested parties, decanting (pouring into another trust), or by simply exercising a “power of...

13 Dec IRS ANNOUNCES HIGHER 2019 ESTATE AND GIFT TAX LIMITS AND PROPOSES NO CLAWBACK FOR LARGE GIFTS MADE BEFORE 2026

Posted at 17:02h in End of Life Care Planning, Estate Planning, Taxes

The IRS announced last month that the estate and gift tax exemption will be $11.4 million per individual (up from $11.18 million) as of January 1, 2019. In other words, there is no federal estate tax for heirs of a person who is single if...

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 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...

05 Oct DON’T LOOK A GIFT HORSE IN THE MOUTH? GIFTING PROS AND CONS – CONSIDER BOTH TAX AND PUBLIC BENEFITS ISSUES

Posted at 15:01h in Charitable Giving, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Retirement, Taxes, Texas Bar Today Top 10 Blog Posts, Transfer of Death, utma, Veterans

Although many realize you can make a tax-free gift of $15,000 per calendar year, per recipient without having to report the gift to the IRS, we often find that most are unaware of unintended adverse consequences that could result from that act of generosity since...

06 Sep POSSIBLE LOSS OF HOME TO GOVERNMENT FOR REPAYMENT OF BENEFITS LEADS TO ELDER ABUSE

Posted at 22:42h in Asset Protection, End of Life Care Planning, Estate Planning, Home Equity, Lady Bird Deed, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Success Story of the Month, Transfer of Death, Trusts

The granddaughter of an elderly California resident was recently sentenced to jail for 17 years for elder abuse after her grandmother was discovered with open wounds and bed sores which resulted in the grandmother’s death due to the granddaughter’s (and daughter’s) neglect. The daughter (who...

31 Jul 2ND SUCCESS STORY OF THE MONTH – JUDGE TO HELP ALAMO DESCENDANTS SAVE “TARA” WITH ORDER PERMITTING LADYBIRD DEED

Posted at 20:48h in End of Life Care Planning, Estate Planning, Guardianship, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney, Success Story of the Month, Transfer of Death, Wills

An ancestor of client received a Spanish land grant for what is presently client’s homestead with the acreage surrounding it. The property has been passed from generation to generation for almost 200 years (well before Texas became a state). One of client’s ancestors was even...

31 Jul 1ST SUCCESS STORY OF THE MONTH – FINANCIAL ADVISOR DISCOVERS HE SAVED CLIENT $300,000 BY READING OUR MAY NEWSLETTER

Posted at 20:47h in Asset Protection, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Public Benefits Protection, Retirement, Social Security, Success Story of the Month, Taxes, Veterans

Several years ago, a local financial advisor recommended that his client (a married man who is retired) invest his entire traditional IRA worth $300,000 in an annuity (within such IRA). The IRA is the largest asset of the client (he and his wife have $80,000...

14 Jun 7 REASONS TO NOT GIVE OUTRIGHT ASSETS TO YOUR CHILD

Posted at 17:31h in Asset Protection, Beneficiary, Disability Benefits, Divorce, End of Life Care Planning, Estate Planning, Guardianship, Inheritance, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Public Benefits Protection, Trusts, Wills

It is common for parents with simple wills or trusts to have their children inherit and have outright ownership of parents’ assets after the parents’ death. However the following seven (7) reasons are advantages for the child to inherit by trust (not including, the power often...

02 Jun SURVIVORSHIP ACCOUNTS DON’T ALWAYS GO TO SURVIVOR

Posted at 09:00h in Beneficiary, End of Life Care Planning, Estate Planning, Guardianship, Inheritance

Although most would assume that by placing your initials by an “x” in a signature box titled “multiple-party with right of survivorship on a signature card at a financial institution,” a Tyler court has ruled (which was upheld on appeal) that it is insufficient under...