Estate Planning

11 Jul TEXAS AND THE U.S. PASS LAWS TO PROTECT SENIORS FROM FINANCIAL ABUSE AND SCAMS

Posted at 19:08h in Estate Planning, Financial Powers of Attorney, Power of Attorney, Probate Administration

Due to the continued graying of America as we are in the midst of silver tsunami, a growing and major concern of many seniors is elder financial abuse. As people get older, they become more susceptible to financial scams that may empty brokerage and other...

14 Jun THE TIMES THEY ARE A CHANGIN’ – PLANNING FOR DIGITAL ASSETS (WHICH MOST DON’T REALIZE THEY OWN)

Posted at 18:08h in Asset Protection, Disability Benefits, Estate Planning, Financial Powers of Attorney, Long Term Care, Michael Cohen Dallas Elder Lawyer, Mortgage, Music, Power of Attorney, Texas Bar Today Top 10 Blog Posts

The law evolves as technology does, therefore planning must change as well. Most Americans now have “digital assets” – but probably don’t know what this type of asset is. A digital asset is an electronic record in which an individual has a right or interest....

14 Jun SUCCESS STORY OF THE MONTH – WHERE THERE IS NO WILL, THERE IS A WAY – PART 2

Posted at 17:53h in Estate Planning, Long Term Care, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Success Story of the Month, Taxes

Last month we wrote an article about the use of community administration as client lacked any estate planning documents (in particular, neither a power of attorney nor a Will) to achieve the client’s goals. The facts of this month’s success story are as follows: client...

14 Jun BABY YOU CAN DRIVE MY CAR – FINALLY! NEW FORM LIKE LADYBIRD DEED OR TOD DEED FOR A CAR

Posted at 17:40h in Beneficiary, Estate Planning, Lady Bird Deed, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Transfer of Death, Wills

After almost a year since Governor Abbott signed the bill allowing vehicle owners to transfer their vehicle upon death to a beneficiary (and they can sell their car without the consent of the beneficiary), the Department of Motor Vehicles (DMV) finally created a one-page form...

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...

06 Jun COURT RULES GRANTEE OF LADYBIRD DEED NOT ENTITLED TO PROPERTY

Posted at 09:00h in Estate Planning, Lady Bird Deed, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Transfer of Death

Many may be surprised that just because you are named as the grantee (the one generally entitled to the property at death) of a Ladybird Deed (an enhanced life estate deed), it doesn’t mean you would always be entitled to the property on the death...

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...

01 Jun SUCCESS STORY OF THE MONTH – WHERE THERE IS NO WILL THERE IS A WAY

Posted at 09:00h in Asset Protection, Beneficiary, End of Life Care Planning, Estate Planning, Guardianship, Lady Bird Deed, Long Term Care, Medicaid Planning, Nursing Home, Power of Attorney, Special Needs, Special Needs Trust, Success Story of the Month, Wills

Married couple has no estate planning documents (no Will, no power of attorney, etc.) and the husband has lost mental capacity (you cannot sign a Will, power of attorney, etc. if you lack sufficient mental capacity). Husband is institutionalized and it is anticipated that he...

01 Jun CAN I PROBATE A WILL AFTER FOUR (4) YEARS?

Posted at 09:00h in Estate Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Texas Bar Today Top 10 Blog Posts

Texas law requires filing for probate (the process whereby the court determines if the Will is good) within four (4) years – but not always. A Will can be admitted as a “muniment of title” after four (4) years if the proponent is “not in...

23 May SUCCESS STORY OF THE MONTH – REVOKING AN IRREVOCABLE TRUST

Posted at 09:00h in Estate Planning, Lady Bird Deed, Long Term Care, Medicaid Planning, Probate Administration, Success Story of the Month, Trusts

Husband and wife created a revocable living trust many years ago and deeded their homestead into the trust (the “Trust”). Husband and wife have two children born of their marriage. The Trust required that upon the first of them to die, the separate property and...

14 May LADYBIRD DEED VS. ASSET PROTECTION TRUST FOR PROTECTION OF HOMESTEAD

Posted at 09:00h in Asset Protection, End of Life Care Planning, Estate Planning, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Mortgage, Nursing Home, Power of Attorney, Probate Administration, Texas Bar Today Top 10 Blog Posts, Transfer of Death, Trusts

Although there are numerous ways to protect your home from the claim of the state Medicaid agency (Health and Human Services Commission) if you receive Medicaid assistance (most typically for care at home or in a nursing home or other facility that accepts Medicaid, drug...

10 May DMV FAILS DRIVER’S TEST

Posted at 09:00h in Beneficiary, Estate Planning, Medicaid Planning, Probate Administration, Transfer of Death

On June 9, 2017, Governor Abbott signed a new law to be effective as of September 1, 2017 whereby an owner of a motor vehicle can transfer his or her motor vehicle at the owner’s death outside of probate (where it transfers by Will) or...

24 Apr THE TEXAS TWO-STEP: HOW MUCH CAN AN EXECUTOR BE PAID?

Posted at 09:00h in Estate Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Taxes, Wills

A common question by someone who has been appointed as an executor of a Will after the Will has been probated (the process where it is determined the decedent’s Will is valid) is “What can I charge for acting as Executor?” After all, it often...

09 Apr SUCCESS STORY OF THE MONTH – TALES FROM THE CRYPT – HOW TO PROVIDE FOR CHILDREN AND PROTECT ASSETS FROM GREEDY EX-SPOUSE

Posted at 09:00h in Asset Protection, Divorce, End of Life Care Planning, Estate Planning, Inheritance, Long Term Care, Michael Cohen Dallas Elder Lawyer, Probate Administration, Success Story of the Month, Texas Bar Today Top 10 Blog Posts

Divorcee (client) wants an estate plan so that all her assets pass upon her death to her unmarried adult child (who has no descendants), but she wants to make sure that such assets never pass to her manipulating and greedy ex-husband. Since client’s child is...

04 Apr IS PRINCE HARRY PROTECTED FROM DIVORCE – OR WILL IT COST HIM A KING’S RANSOM?

Posted at 09:00h in Beneficiary, Divorce, Estate Planning, Inheritance, Michael Cohen Dallas Elder Lawyer, Trusts

As the time draws closer to the May marriage of Prince Harry and Meghan Markle, many might speculate as to whether the couple will have a pre-nuptial agreement – especially due to the well-known divorce of Prince Harry’s parents, Prince Charles and Princess Diana (which...

22 Mar SUCCESS STORY OF THE MONTH: TAP THE BRAKES ON PROBATE AND PUT IT IN REVERSE (MORTGAGE)

Posted at 09:00h in Asset Protection, Beneficiary, Disability Benefits, Estate Planning, Home Equity, Long Term Care, Michael Cohen Dallas Elder Lawyer, Mortgage, Power of Attorney, Probate Administration, Success Story of the Month, Taxes, Wills

Mom dies at age 99 with three (3) surviving children. Mom has $50,000 in a bank account, $20,000 of debt and a home (which has homestead exemption) worth $150,000 that has no lien against it. One daughter, age 70, is unmarried (hereinafter referred to as...

22 Feb Tax Planning for Non-Taxable Estate after the New Tax Law

Posted at 09:00h in Asset Protection, Disability Benefits, Estate Planning, Long Term Care, Michael Cohen Dallas Elder Lawyer, Taxes

Client, whose husband died relatively recently, is concerned about the potential negative tax impact of the recently passed Tax Cut and Jobs Act (hereinafter the “Tax Act”). Client has 2 pieces of real estate (her home and a property in which her daughter live). The...

16 Feb Success Story of the Month – “If I Don’t Get a Death Certificate, It May Kill Me!”

Posted at 09:00h in Beneficiary, Estate Planning, Financial Powers of Attorney, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Retirement, Success Story of the Month, Transfer of Death

Client’s late husband (he died last month) has an estate that predominately consists of an individual account, a life insurance policy and a retirement account. Client was named as a beneficiary of the retirement account and the life insurance policy. She was also the sole...

07 Feb 6 Ways that the “Tax Cuts and Jobs Act” Affect Seniors and Disabled

Posted at 09:00h in 529 plan, Business, Estate Planning, Home Equity, Inheritance, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Social Security, Taxes, Transfer of Death, Trusts

As most know, President Trump signed the “Tax Cuts and Jobs Act” (or Reconciliation Act or 2017 Tax Act) on December 22, 2017. Most of the provisions regarding tax reform for individuals are effective for only for years 2018 to 2025 (so that it could...

11 Jan HOMESTEAD EQUITY LIMIT INCREASED TO $572,000

Posted at 09:00h in Estate Planning, Home Equity, Lady Bird Deed, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Transfer of Death

As of January 1, 2018, the equity limit for a homestead applicant (who is single) for the nursing home and “waiver” home care Medicaid program has increased to$572,000. Thus, if the equity limit is less than that, it is a non-countable resource in determining Medicaid...

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