Estate Planning

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...

19 Aug TEXAS TRANSFER ON DEATH DEED ACT SIGNED BY GOVERNOR

Posted at 06:00h in Beneficiary, Estate Planning, Lady Bird Deed, Probate Administration, Transfer of Death

On June 17, 2015, Governor Abbott approved the bill authorizing a revocable deed on the death of the transferor. The law becomes effective September 1, 2015. Similar to bank accounts that are “paid on death”, this law allows the transfer of real estate on the...

12 Aug ALZHEIMER’S DISEASE: TEEN DEVELOPS DIAGNOSIS TEST

Posted at 06:00h in Alzheimer’s, Estate Planning, Long Term Care, Michael Cohen Dallas Elder Lawyer

Although at the present time Alzheimer’s disease is determined by looking at the brain after death or through a series of tests, a 15 year old boy from England has developed a potential test of detection well before (as much as 10 years) symptoms appear. The...

29 Jul LONG-TERM CARE FACILITIES: REQUIRED TO REQUEST COPY OF GUARDIANSHIP ORDERS

Posted at 06:00h in Assisted Living, Estate Planning, Guardianship, Long Term Care, Nursing Home

As of September 1, 2015, nursing homes and assisted living facilities must make a reasonable effort to request a copy of any court order appointing a guardianship of a resident or resident’s estate from the resident’s nearest relative or the person responsible for the resident’s...

22 Jul NEW LAW REQUIRES PROMPT RECORDING OF POWER OF ATTORNEY

Posted at 06:00h in Estate Planning, Power of Attorney

If you rely on your agent under your Power of Attorney to handle real estate transactions, you better record your Power of Attorney within 10 days after the instrument related to the real estate transaction (such as a deed, deed of trust, oil, gas or...

22 Apr Companion Bill Could Salvage Ladybird Deeds

Posted at 06:00h in Estate Planning, Lady Bird Deed, Medicaid Planning, Transfer of Death

Senate Bill 462 (companion bill) has been introduced so that new rights are not granted to the Medicaid Estate Recovery Program that would have occurred if the Transfer on Death Deed Act bill passes. As previously mentioned in the January issue of the Texas Elder...

23 Mar Assisted Living Facility Pays For Unlawful Confinement

Posted at 06:00h in Assisted Living, Estate Planning, Long Term Care

Assisted Living Facility Pays $750,000 for Unlawful Confinement to Estate of "Kung Fu" Judge A New York assisted living facility which was alleged to have kept former Brooklyn judge John Phillips confined to its facility against his will for 8 months prior to his death and...

13 Mar Gift Tax Law Changes Proposed by President

Posted at 06:00h in Estate Planning, Financial Powers of Attorney, Michael Cohen Dallas Elder Lawyer, Taxes

Under current law, a donor may give $14,000 per year, per person, without having to report such gift to the IRS or be subject to gift taxes. Furthermore in Texas (which follows the federal law), a donor can give an amount in excess of $14,000...

27 Feb TRANSFER ON DEATH (“TOD”) DEEDS

Posted at 06:00h in Beneficiary, Estate Planning, Guardianship, Lady Bird Deed, Medicaid Planning, Power of Attorney, Probate Administration, Transfer of Death, Wills

Most of us are familiar with POD or “Pay on Death” provisions in bank accounts, but many are not familiar with real estate passing at death without a will or trust. Among the crop of new legislation being considered by the 84th Texas Legislature is...

13 Feb VA PROPOSES SWEEPING CHANGES TO PENSION RULES

Posted at 06:00h in Assisted Living, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Trusts, Veterans

The Veteran’s Administration has proposed new rules for eligibility for VA pensions and the Aid and Attendance benefit which are often used by wartime Veterans or their surviving spouses to help pay for the cost of care such as assisted living facilities and nursing homes....

30 Jan OREGON FAILS IN ATTEMPT TO EXPAND MEDICAID ESTATE RECOVERY

Posted at 23:20h in Divorce, Estate Planning, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Special Needs, Special Needs Trust, Transfer of Death

On November 26, 2014, the Oregon Court of Appeals decided that the state agency’s attempt to expand estate recovery (where the state goes after the resources of a Medicaid recipient after such person’s death) was improper. Oregon had amended its rules so that the state...

29 Dec POSSIBLE TRANSFER POLICY CHANGE SENDS SHIVERS TO TEXAS ELDER LAW LEGAL COMMUNITY

Posted at 01:09h in Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Nursing Home

Since the passage of the Deficit Reduction Act of 2005 signed on February 8, 2006 (“DRA”), many Texas elder law attorneys have used a transfer planning option (often referred to as “reverse half-a-loaf”) to save at least 50% of the countable resources of a Medicaid...

15 Dec IRS ISSUES LONG-TERM CARE PREMIUM DEDUCTIBILITY LIMITS FOR 2015

Posted at 00:46h in Estate Planning, Long Term Care, Medicare, Michael Cohen Dallas Elder Lawyer, Taxes

The Internal Revenue Service (IRS) is increasing the amount taxpayers can deduct from their 2015 taxes as a result of buying long-term care insurance. Premiums for “qualified” long-term care insurance policies (see explanation below) are tax deductible to the extent that they, along with other unreimbursed...

04 Nov LADYBIRD DEEDS UNDER ATTACK

Posted at 06:18h in Estate Planning, Lady Bird Deed, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Taxes, Transfer of Death, Trusts

Ladybird deeds, which are commonly used to avoid probate and to avoid claims by the state if the property owner receives Medicaid benefits, are under attack. This is a red flag to all Texans whose biggest asset is their home and who have inadequate insurance...

23 Oct STANDBY REVERSE MORTGAGES: POSSIBLE RISK MANAGEMENT TOOL FOR RETIREMENT DISTRIBUTION

Posted at 02:00h in Estate Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Retirement

The Journal of Financial Planning recently reported that a standby reverse mortgage (SRM) can be helpful as a risk management tool to help clients meet their retirement goals. The SRM represents an additional source of readily available cash in a bucket strategy to draw upon...

14 Jul U.S. Supreme Court Rules Inherited IRAs Do Not Have Creditor Protection

Posted at 07:30h in Beneficiary, Estate Planning, Michael Cohen Dallas Elder Lawyer, Retirement, Taxes, Trusts

The U.S. Supreme Court ruled on June 12, 2014 that inherited IRAs are not exempt from the claims of creditors under the U.S. Bankruptcy Code. Previously, inherited IRAs were protected from the claims of creditors in many jurisdictions including Texas. After the death of the individual...

Medicaid Services

Estate Planning

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

19 Aug TEXAS TRANSFER ON DEATH DEED ACT SIGNED BY GOVERNOR

12 Aug ALZHEIMER’S DISEASE: TEEN DEVELOPS DIAGNOSIS TEST

29 Jul LONG-TERM CARE FACILITIES: REQUIRED TO REQUEST COPY OF GUARDIANSHIP ORDERS

22 Jul NEW LAW REQUIRES PROMPT RECORDING OF POWER OF ATTORNEY

22 Apr Companion Bill Could Salvage Ladybird Deeds

23 Mar Assisted Living Facility Pays For Unlawful Confinement

13 Mar Gift Tax Law Changes Proposed by President

27 Feb TRANSFER ON DEATH (“TOD”) DEEDS

13 Feb VA PROPOSES SWEEPING CHANGES TO PENSION RULES

30 Jan OREGON FAILS IN ATTEMPT TO EXPAND MEDICAID ESTATE RECOVERY

29 Dec POSSIBLE TRANSFER POLICY CHANGE SENDS SHIVERS TO TEXAS ELDER LAW LEGAL COMMUNITY

15 Dec IRS ISSUES LONG-TERM CARE PREMIUM DEDUCTIBILITY LIMITS FOR 2015

04 Nov LADYBIRD DEEDS UNDER ATTACK

23 Oct STANDBY REVERSE MORTGAGES: POSSIBLE RISK MANAGEMENT TOOL FOR RETIREMENT DISTRIBUTION

14 Jul U.S. Supreme Court Rules Inherited IRAs Do Not Have Creditor Protection

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Medicaid Services

Estate Planning

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

19 Aug TEXAS TRANSFER ON DEATH DEED ACT SIGNED BY GOVERNOR

12 Aug ALZHEIMER’S DISEASE: TEEN DEVELOPS DIAGNOSIS TEST

29 Jul LONG-TERM CARE FACILITIES: REQUIRED TO REQUEST COPY OF GUARDIANSHIP ORDERS

22 Jul NEW LAW REQUIRES PROMPT RECORDING OF POWER OF ATTORNEY

22 Apr Companion Bill Could Salvage Ladybird Deeds

23 Mar Assisted Living Facility Pays For Unlawful Confinement

13 Mar Gift Tax Law Changes Proposed by President

27 Feb TRANSFER ON DEATH (“TOD”) DEEDS

13 Feb VA PROPOSES SWEEPING CHANGES TO PENSION RULES

30 Jan OREGON FAILS IN ATTEMPT TO EXPAND MEDICAID ESTATE RECOVERY

29 Dec POSSIBLE TRANSFER POLICY CHANGE SENDS SHIVERS TO TEXAS ELDER LAW LEGAL COMMUNITY

22 Dec Nursing Home Medicaid Income Cap to Rise in 2015

15 Dec IRS ISSUES LONG-TERM CARE PREMIUM DEDUCTIBILITY LIMITS FOR 2015

04 Nov LADYBIRD DEEDS UNDER ATTACK

23 Oct STANDBY REVERSE MORTGAGES: POSSIBLE RISK MANAGEMENT TOOL FOR RETIREMENT DISTRIBUTION

14 Jul U.S. Supreme Court Rules Inherited IRAs Do Not Have Creditor Protection