Estate Planning

18 Dec SUCCESS STORY OF THE MONTH

Posted at 09:00h in Alzheimer’s, Asset Protection, Business, Disability Benefits, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Public Benefits Protection, Quality of Life, Social Security, Special Needs, Special Needs Trust, Success Story of the Month, Transfer of Death, Wills

Last Monday we were requested to do a Will for an 89-year-old married woman who was just put on hospice. Due to her being on hospice, we put her as an immediate priority. Her 90-year-old husband has Alzheimer’s disease and is living in an institutional...

11 Dec FIVE WAYS TO TRANSFER A HOME WITHOUT JEOPARDIZING MEDICAID ELIGIBILITY

Posted at 09:00h in Estate Planning, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Social Security, Taxes, Transfer of Death

Under the long-term care Medicaid Rules (which helps pay for long-term care costs), there is normally a five year “look back” period whereby the state can penalize an applicant from Medicaid eligibility if there is an uncompensated transfer within five years from when one applies...

04 Dec 2018 ESTATE TAX EXEMPTION TO BE $5.6 MILLION PER PERSON EVEN WITHOUT TAX REFORM

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

Although some states have state estate, inheritance or death taxes at a lower threshold, Texas follows the federal estate tax limits (the amount you can leave to your heirs without estate tax) which is estimated (based on inflation numbers) to be $5.6 million for a...

20 Nov SUCCESS STORY OF THE MONTH

Posted at 11:00h in Alzheimer’s, Asset Protection, Business, Disability Benefits, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Public Benefits Protection, Quality of Life, Social Security, Special Needs, Special Needs Trust, Success Story of the Month, Transfer of Death, Trusts

13 Nov ONLINE NOTARIZATION COMING TO TEXAS IN 2018

Posted at 11:00h in Business, Estate Planning, Michael Cohen Dallas Elder Lawyer, Notarizations

Online notarization, whereby a notarial act is performed by means of two-way video and audio conference that meets standards for credential analysis and identity proofing as well as standards for equipment, security and certain technology, will be permitted in Texas as of July 1, 2018....

30 Oct TEXAS REVOCABLE LIVING TRUSTS ADVANTAGES AND MISCONCEPTIONS

Posted at 11:00h in Asset Protection, Estate Planning, Financial Powers of Attorney, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Public Benefits Protection, Retirement, Social Security, Trusts

Many are under the mistaken impression that only the wealthy need trusts and that it is never needed in Texas since the probate process (the court process confirming the Will is valid) is simple in Texas compared to many other states. Although what is best for the individual may vary,...

16 Oct NEW MEDICAID TRANSFER PENALTY DIVISOR ANNOUNCED

Posted at 11:00h in Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home

Effective September 1, 2017, the “transfer of assets divisor” in Texas increased to $172.65 per day from $162.41. The increased figure applies to long-term care Medicaid applications in Texas submitted on or after September 1, 2017. When an individual needs long-term care (such as nursing...

09 Oct IRS GIVES TAX RELIEF FOR HURRICANE HARVEY AND IRMA VICTIMS

Posted at 11:00h in 401(k), Business, Estate Planning, Michael Cohen Dallas Elder Lawyer, Retirement, Taxes

The Internal Revenue Service (IRS) has announced several items of tax relief for those who live or have businesses affected by Hurricane Harvey and Hurricane Irma including the following: Postponement of certain deadlines (such as extension of a 2016 tax return due to run out on...

02 Oct ANTICIPATED TRUMP TAX REFORM PROPOSALS – WHAT IT MEANS TO YOU

Posted at 15:11h in Business, Estate Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Retirement, Taxes

Although details of President Trump based on prior statements tax proposals have not yet been released and this is mere speculation, here are a few of the anticipated tax reform proposals: For individuals: Double the standard deduction; Eliminate itemization deductions (other than contributions to retirement savings,...

25 Sep SUCCESS STORY OF THE MONTH

Posted at 11:00h in Beneficiary, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home, Social Security, Success Story of the Month, Taxes, Wills

Mr. and Mrs. Smith (the names have been changed for confidentiality reasons) had the unusual situation where both of them had to go into a nursing home at approximately the same time. Neither Mr. nor Mrs. Smith has long-term care insurance. Both could live a...

04 Sep 10 WAYS TO PROTECT MY HOME (OR SALES PROCEEDS) FROM MEDICAID ESTATE RECOVERY

Posted at 11:00h in Asset Protection, Disability Benefits, Estate Planning, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney, Probate Administration, Public Benefits Protection, Special Needs, Special Needs Trust, Taxes, Transfer of Death, Trusts, utma

Although most Texas homes are a non-countable resource (if equity is under $603,000 as of January 1, 2021 if you are single, unlimited if you are married for Medicaid applicants) for long-term care Medicaid eligibility purposes, the state usually has a right to make a claim against the Medicaid recipient’s estate after...

21 Aug WILL NEW LAW RESULT IN INCREASED ACCEPTANCE OF DURABLE POWERS OF ATTORNEY?

Posted at 11:00h in Business, Estate Planning, Financial Powers of Attorney, Guardianship, Lawsuits, Power of Attorney

Many are surprised that financial powers of attorney do not have to be recognized by others including banks and other financial institutions. If the principal (the one who signs the power of attorney) becomes incompetent and the one who is presented with and asked to...

07 Aug NEW LAW MAKES IT EASIER TO TRANSFER TITLE TO VEHICLES ON DEATH

Posted at 12:00h in Beneficiary, End of Life Care Planning, Estate Planning, Lady Bird Deed, Medicaid Application, Medicaid Planning, Nursing Home, Probate Administration, Transfer of Death

As of September 1, 2017, it will be easier in Texas to transfer the title of motor vehicles on an owner’s death. Similar to the Transfer on Death Deed law passed in the state legislative session two years ago whereby real estate can be transferred...

17 Jul TEXAS PASSES BILL FOR FIDUCIARY ACCESS TO DIGITAL ASSETS

Posted at 11:00h in Estate Planning, Guardianship, Michael Cohen Dallas Elder Lawyer, Power of Attorney

Did you ever hear of a story where there was no access to electronic pictures or Facebook or have access to an online bank account of a loved one who has died or become mentally disabled? On June 1, 2017, Governor Abbott signed into law...

10 Jul THE TIMES THEY ARE A CHANGIN’ – PLANS AVAILABLE TO MODIFY ESTATE PLANNING IF LAWS CHANGE

Posted at 11:00h in Divorce, Estate Planning, Michael Cohen Dallas Elder Lawyer

Do you think the state legislature will pass laws that may change your existing estate planning documents? Do you think there may be tax reform? Do you think culture may change through changes in electronic communication or social media which may be considered a digital asset? Do you...

26 Jun COMMON ESTATE PLANNING CONCERNS OF AN ELDER LAW ATTORNEY

Posted at 11:00h in End of Life Care Planning, Estate Planning, Guardianship, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Miller Trust, Nursing Home, Power of Attorney, Probate Administration, Special Needs, Special Needs Trust, Trusts, Veterans, Wills

As an elder law attorney, it may be surprising to clients that many of our referrals come from estate planning attorneys since most have limited knowledge regarding public benefits. Many are shocked that there are over 40 Medicaid programs (each with their own rules) in...

19 Jun TEXAS SENATE PASSES BILL FOR A BLOCK GRANT WITH REPEAL OR REPLACEMENT OF OBAMACARE LOOMING

Posted at 11:00h in Beneficiary, Divorce, Estate Planning, Lady Bird Deed, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Retirement, Social Security

The Texas Senate has passed a bill (which has been sent to the Texas House) to facilitate the design and development of a Medicaid block grant waiver so that there would be a continuation of joint funding by the federal and state governments while allowing...

08 Jun ACTIONS TO CONSIDER NOW WITH PENDING TAX REFORM

Posted at 11:00h in 401(k), Asset Protection, Business, Estate Planning, Michael Cohen Dallas Elder Lawyer, Taxes

Although potential tax reform laws are far from settled, taxpayers could consider certain actions now to maximize tax savings including the following: Establish a business entity (if the business owner’s income tax rate is greater than the proposed rate) that the income or losses flow...

22 May LADYBIRD DEED, TRANSFER ON DEATH DEED OR DEED OF GIFT – WHICH IS BEST?

Posted at 11:00h in Beneficiary, Estate Planning, Lady Bird Deed, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Public Benefits Protection, Taxes, Transfer of Death

There are numerous ways real estate can be transferred to avoid probate, but which way is best will depend on the circumstances. The most common choices are either a deed of gift, transfer on death deed or a Ladybird deed (which is an enhanced life...

15 May CAR TRANSFER ON DEATH MAY SOON GET EASIER

Posted at 11:00h in Beneficiary, Estate Planning, Michael Cohen Dallas Elder Lawyer, Transfer of Death, Wills

The Texas Legislature is presently considering a new law permitting a motor vehicle owner to simply designate who will be entitled to the car upon the owner’s death. If a car title is jointly owned, then the sale of the vehicle requires both owners. Also...

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