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Estate Planning

13 Dec

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

Posted at 19:10h in Beneficiary, Estate Planning, Guardianship, Long Term Care, Medicaid Application, Medicaid Planning, Nursing Home, Probate Administration, Success Story of the Month

An elderly client, whose husband lives in a skilled nursing home due to his lack of mental capacity, retains us to apply for long-term Medicaid for her husband so that the government will help pay for his cost of care. However, to be eligible for...

13 Dec

Posted at 19:06h in Divorce, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Miller Trust, Nursing Home, Social Security, Trusts

As many of you know, Texas is an income cap state in connection with long-term care (most commonly used for nursing home care) Medicaid eligibility. Presently, if an applicant for nursing home Medicaid has “countable” income (certain income is exempt or excluded) over $2,250 per...

13 Dec

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...

13 Dec

Posted at 16:56h in Estate Planning, Home Equity, Lady Bird Deed, Medicaid Application, Medicaid Planning, Nursing Home, Transfer of Death

As of January 1, 2019, the equity limit for a homestead applicant (who is single) for either the nursing home Medicaid program or “waiver” home care Medicaid program has increased to $585,000. Thus, if the home equity (the difference between the appraised value and any...

02 Nov

Posted at 19:33h in Dementia, Estate Planning, Guardianship, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Social Security, Success Story of the Month, Transfer of Death

The following case is an example of how an entire estate was preserved for the benefit of an ill spouse and then for the children after her passing. The planning was done years ago, but the total savings were realized as of the date of...

02 Nov

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

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

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...

04 Oct

Posted at 20:58h in Assisted Living, Charitable Giving, Disability Benefits, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Trusts, Veterans

As of October 18, 2018, planning to obtain certain Veterans (such as “improved pension” which includes aid and attendance) benefits for non-service connected disability will get much more difficult. Wartime veterans (or their surviving spouse) often get governmental assistance which helps pay for care costs...

11 Sep

Posted at 15:07h in 401(k), Assisted Living, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Retirement

The lead attorney for the Texas Health and Human Services Commission announced a major policy clarification on the treatment of retirement accounts as a non-countable resource for long-term care Medicaid eligibility purposes. Since long-term care Medicaid (which helps pay for nursing home care costs and...

07 Sep

Posted at 13:00h in Estate Planning, Home Equity, Long Term Care, Medicaid Planning, Nursing Home, Success Story of the Month

Client’s largest resource is her $205,000 homestead which does not count as a resource for “means-tested” long-term Medicaid benefits (provided the Medicaid applicant is single and the equity limit is under $572,000 pursuant to Texas law). Client obtains long-term care Medicaid resulting in the government...

06 Sep

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...

06 Sep

Posted at 14:40h in Disability Benefits, Estate Planning, Inheritance, Long Term Care, Michael Cohen Dallas Elder Lawyer, Music, Probate Administration, Special Needs, Special Needs Trust, Taxes, Wills

Aretha Franklin, the beloved “queen of soul” died on August 16 with an estimated $80 million estate without a Will or other estate planning documents. She was survived by four sons – one of whom has special needs. Although her music and legacy will live...

31 Jul

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

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...