Estate Planning

02 Jan WILL LADYBIRD DEEDS BECOME OBSOLETE UNDER TRUMP?

Posted at 07:00h in Estate Planning, Lady Bird Deed, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Transfer of Death

At our December estate planning workshop, there were several questions about the use of enhanced life estate (“Ladybird”) deeds to protect a Medicaid recipient’s homestead from the state’s Medicaid Estate Recovery Program (“MERP”). After the death of the Medicaid recipient under present laws in Texas,...

27 Dec SHOULD I RULE MY INHERITANCE FROM THE GRAVE?

Posted at 17:00h in Estate Planning, Inheritance, Michael Cohen Dallas Elder Lawyer

You may or may not be concerned with what your heirs or charitable organizations may do with the assets that they inherit from you, but a recent case in New Hampshire has enraged many connected with the University of New Hampshire. For over 50 years, Robert...

13 Dec IS ESTATE TAX REPEAL ON THE HORIZON WITH TRUMP’S ELECTION?

Posted at 17:00h in Business, Charitable Giving, Estate Planning, Inheritance, Michael Cohen Dallas Elder Lawyer, Taxes, Transfer of Death

Donald Trump’s election will likely result in a proposal to eliminate estate tax as part of an overall tax reform package. However, the passage of such a bill and the compromises needed to make such a change will likely evolve over time – although the...

12 Oct HOW MUCH CAN AN EXECUTOR BE PAID?

Posted at 17:42h in Estate Planning, Michael Cohen Dallas Elder Lawyer, Taxes, Wills

A common question of executors is how much they are entitled to for serving as an executor (someone who is responsible for gathering or collecting the resources belonging to the estate or to which estate is entitled, selling property of the estate, paying all bills,...

06 Oct IRS ATTACKS FAMILY-OWNED BUSINESSES

Posted at 19:46h in Business, Estate Planning, Michael Cohen Dallas Elder Lawyer, Transfer of Death

The IRS recently proposed regulations that attack estate and gift tax planning of family businesses. Business owners, with taxable estates (presently $5.45 million) often take advantage of valuation discounts by the use of limited liability companies (LLCs), and family limited partnerships, etc. by making gifts...

07 Sep WHAT DO YOU MEAN I CAN’T SAVE MY HOME IF A POWER OF ATTORNEY IS USED?

Posted at 09:02h in Beneficiary, Disability Benefits, Estate Planning, Financial Powers of Attorney, Lady Bird Deed, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Retirement, Trusts

One of the most common misconceptions is that a Power of Attorney will be recognized by all financial institutions and title companies. Due to concerns about abusive actions of agents and potential liability, financial institutions and title companies often do not recognize financial Powers of...

26 Aug SHARP DIFFERENCES IN PRESIDENTIAL CANDIDATES PROPOSED ESTATE TAX CHANGES

Posted at 22:54h in Asset Protection, Divorce, End of Life Care Planning, Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Taxes, Transfer of Death, Trusts

Although it is unlikely that the proposed estate tax change of either presidential candidate will be enacted as is, there is a stark contrast which should be considered for those interested in estate planning. If Clinton’s estate tax proposals were to become effective, there would be...

04 Aug MICHAEL B. COHEN SETS LEGAL PRECEDENCE IN WILL REFORMATION CASE

Posted at 09:10h in Elder Justice, Estate Planning, Michael Cohen Dallas Elder Lawyer, Special Needs, Special Needs Trust, Trusts, Wills

Last year, our state legislature revised the Estates Code whereby the will of one who is deceased could be modified or reformed by a court for either tax reasons or in connection with qualification or eligibility for public benefits. About one month after the law...

28 Jul ARE ESTATE PLANNING LEGAL FEES TAX DEDUCTIBLE?

Posted at 09:12h in Business, Estate Planning, Michael Cohen Dallas Elder Lawyer, Taxes

Although this author is not an accountant (and one should discuss his or her own individual tax situation with his or her personal accountant), I am often asked if estate planning fees are tax deductible. The answer is sometimes it is, and sometimes it is...

21 Jul DALLAS AMBUSH: GUN CONTROL FROM AN ESTATE PLANNER’S PROSPECTIVE

Posted at 09:03h in Estate Planning, Michael Cohen Dallas Elder Lawyer, Trusts

The recent despicable murders of Dallas and Baton Rouge policemen in addition to the inexcusable killings in Orlando by another deranged madman has raised gun control issues to the forefront. Our nation and our police forces are on high alert as tensions are at the...

23 Jun COURT RULES BENEFICIARY CAN SUE EXECUTOR WITHOUT LOSING INHERITANCE DESPITE NO-CONTEST CLAUSE

Posted at 09:10h in Beneficiary, Estate Planning, Inheritance, Michael Cohen Dallas Elder Lawyer, Wills

It is not unusual for estate planning attorneys to insert a “no-contest” provision in a will, thus discouraging a beneficiary from contesting by risking loss of inheritance. Normally such provisions are enforceable. However, a Texas appellate court recently ruled that when a beneficiary simply sues...

16 Jun HOW TO PROTECT YOUR HOME, CAR, AND OTHER ASSETS FROM THE GOVERNMENT IF YOU RECEIVE MEDICAID

Posted at 20:18h in Beneficiary, Business, Estate Planning, Lady Bird Deed, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Social Security, Transfer of Death

On June 1, 2003, the Texas Legislature passed a law requiring seizure of property in the estates of some Medicaid recipients after they die to repay the Medicaid programs for the assistance provided. The final rules published by the Texas Health & Human Services Commission...

02 Jun COURT RULES AGENT UNDER POWER OF ATTORNEY CANNOT DEED PROPERTY TO SELF

Posted at 09:03h in Beneficiary, Estate Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney

During the lifetime of the person who signed a power of attorney (hereinafter the “Principal”) which gave broad powers (including the right to deed property) to the Agent, the Agent deeded certain real property owned by the Principal to himself (the Agent). After the Principal...

26 May APPELLATE COURT RULES “GEORGE JEFFERSON” HAD CAPACITY TO SIGN HIS WILL

Posted at 09:13h in Beneficiary, Estate Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Wills

The attorney for Sherman Hemsley (who played the character George Jefferson in the television shows “All in the Family” and “The Jeffersons”) decided to not draft a will for his client since he feared a will contest due to Hemsley’s celebrity status. However, the attorney...

14 Apr Ladybird Deed vs. Transfer on Death Deed

Posted at 09:28h in Estate Planning, Home Equity, Lady Bird Deed, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Nursing Home, Power of Attorney, Probate Administration, Transfer of Death

Many elder law attorneys have pondered whether to use the traditional enhanced life estate deed (also known as a Ladybird Deed) or the new statutory Transfer on Death Deed since both work to avoid estate recovery – the right of the government to make a...

17 Mar How to Stop a Parent from Driving

Posted at 08:35h in Elder Justice, End of Life Care Planning, Estate Planning, Long Term Care, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Special Needs

Although many older drivers actually have a better safety rating than younger drivers, it is a common concern that a parent might endanger himself or herself as well as others if the keys to the car are not taken. People are living longer – so...

03 Mar How to Protect Your Pet if you Die or Become Disabled

Posted at 09:29h in Disability Benefits, Estate Planning, Long Term Care, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Trusts

Although most think of outlandish cases when giving or caring for a pet such as when Leona Helmsley left $12 million (which the court subsequently reduced to $2 million) of her $4.8 billion estate in a pet care trust for her dog “Trouble”, there are...

07 Jan Congress Encourages gifts from IRAs to Charity

Posted at 22:34h in Charitable Giving, Estate Planning, Michael Cohen Dallas Elder Lawyer, Retirement

Over the past several years, Congress encouraged donors over 70 ½ years of age to give funds from their Individual Retirement Accounts (IRAs) to charities by not subjecting the donor to income taxation which is normally the case when an individual makes a withdrawal from...

02 Sep The Truth About 401(k)s

Posted at 06:00h in 401(k), Business, Estate Planning, Guardianship, Retirement, Taxes

By Rick Foster Putting money in a 401(k) is the right thing to do, isn't it? Yes! No! Maybe? Surprisingly, the answer to that question may not be as simple as it seems. What is a 401(k)? In the late 1960s due to market volatility and the realization...

Medicaid Services

Estate Planning

02 Jan WILL LADYBIRD DEEDS BECOME OBSOLETE UNDER TRUMP?

27 Dec SHOULD I RULE MY INHERITANCE FROM THE GRAVE?

13 Dec IS ESTATE TAX REPEAL ON THE HORIZON WITH TRUMP’S ELECTION?

12 Oct HOW MUCH CAN AN EXECUTOR BE PAID?

06 Oct IRS ATTACKS FAMILY-OWNED BUSINESSES

07 Sep WHAT DO YOU MEAN I CAN’T SAVE MY HOME IF A POWER OF ATTORNEY IS USED?

26 Aug SHARP DIFFERENCES IN PRESIDENTIAL CANDIDATES PROPOSED ESTATE TAX CHANGES

04 Aug MICHAEL B. COHEN SETS LEGAL PRECEDENCE IN WILL REFORMATION CASE

28 Jul ARE ESTATE PLANNING LEGAL FEES TAX DEDUCTIBLE?

21 Jul DALLAS AMBUSH: GUN CONTROL FROM AN ESTATE PLANNER’S PROSPECTIVE

23 Jun COURT RULES BENEFICIARY CAN SUE EXECUTOR WITHOUT LOSING INHERITANCE DESPITE NO-CONTEST CLAUSE

02 Jun COURT RULES AGENT UNDER POWER OF ATTORNEY CANNOT DEED PROPERTY TO SELF

26 May APPELLATE COURT RULES “GEORGE JEFFERSON” HAD CAPACITY TO SIGN HIS WILL

14 Apr Ladybird Deed vs. Transfer on Death Deed

17 Mar How to Stop a Parent from Driving

03 Mar How to Protect Your Pet if you Die or Become Disabled

07 Jan Congress Encourages gifts from IRAs to Charity

02 Sep The Truth About 401(k)s

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Medicaid Services

Estate Planning

02 Jan WILL LADYBIRD DEEDS BECOME OBSOLETE UNDER TRUMP?

27 Dec SHOULD I RULE MY INHERITANCE FROM THE GRAVE?

13 Dec IS ESTATE TAX REPEAL ON THE HORIZON WITH TRUMP’S ELECTION?

12 Oct HOW MUCH CAN AN EXECUTOR BE PAID?

06 Oct IRS ATTACKS FAMILY-OWNED BUSINESSES

07 Sep WHAT DO YOU MEAN I CAN’T SAVE MY HOME IF A POWER OF ATTORNEY IS USED?

26 Aug SHARP DIFFERENCES IN PRESIDENTIAL CANDIDATES PROPOSED ESTATE TAX CHANGES

04 Aug MICHAEL B. COHEN SETS LEGAL PRECEDENCE IN WILL REFORMATION CASE

28 Jul ARE ESTATE PLANNING LEGAL FEES TAX DEDUCTIBLE?

21 Jul DALLAS AMBUSH: GUN CONTROL FROM AN ESTATE PLANNER’S PROSPECTIVE

23 Jun COURT RULES BENEFICIARY CAN SUE EXECUTOR WITHOUT LOSING INHERITANCE DESPITE NO-CONTEST CLAUSE

16 Jun HOW TO PROTECT YOUR HOME, CAR, AND OTHER ASSETS FROM THE GOVERNMENT IF YOU RECEIVE MEDICAID

02 Jun COURT RULES AGENT UNDER POWER OF ATTORNEY CANNOT DEED PROPERTY TO SELF

26 May APPELLATE COURT RULES “GEORGE JEFFERSON” HAD CAPACITY TO SIGN HIS WILL

14 Apr Ladybird Deed vs. Transfer on Death Deed

17 Mar How to Stop a Parent from Driving

03 Mar How to Protect Your Pet if you Die or Become Disabled

07 Jan Congress Encourages gifts from IRAs to Charity

09 Sep Happy 80th Birthday Social Security!

02 Sep The Truth About 401(k)s