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Estate Planning

22 Dec

Posted at 00:54h in Divorce, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Miller Trust, Nursing Home, Social Security

As many of you know, Texas is an income cap state in connection with long-term care Medicaid eligibility. Presently, if an applicant for nursing home Medicaid has "countable" income (certain income is exempt or excluded) over $2163 per month, then such applicant is ineligible for...

15 Dec

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...

09 Jun

Posted at 07:06h in Beneficiary, Business, Estate Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Taxes, Transfer of Death, Trusts

The Obama Administration’s Fiscal Year 2015 Revenue Proposals have been published, and there are numerous suggested proposals which increase taxes in connection with estate planning. Although the Senate passed proposals this past week retaining certain tax incentives for businesses and individuals, the revenue proposals included...

19 Aug

Posted at 06:48h in Estate Planning, Lawsuits, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home, Public Benefits Protection, Social Security

Although Texas does not recognize same-sex marriages, here are a few estate planning considerations for same-sex married couples (couples who were legally married in another state) who live in Texas since the U.S. Supreme Court has struck down the Defense of Marriage Act: Federal employees...

16 Aug

Posted at 02:48h in Beneficiary, Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Special Needs, Special Needs Trust, Veterans

Under current law, military veterans who invest in a survivor benefit plan must leave their benefits (an annuity) directly to their beneficiary – even if the beneficiary is disabled. Veterans are not permitted to roll their survivor benefits into a special needs trust (a trust...

01 Jul

Posted at 19:18h in Assisted Living, Beneficiary, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home

Governor Perry has just signed a law (to be effective as of September 1, 2013) that allows Medicaid applicants to sell their life insurance policies to life settlement companies and not jeopardize Medicaid benefits provided certain conditions are met. Medicaid is a jointly run state and...

16 Oct

Posted at 14:11h in Asset Protection, Business, Estate Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Transfer of Death, Trusts, Wills

There are many types of digital assets stored on computers, smart phones, websites, etc., including: (1) personal assets (such as photos, medical records, tax documents, etc.) that require a login with a different password; (2) social media (i.e., Facebook and Twitter, emails that store videos,...

17 Sep

Posted at 18:22h in 401(k), Business, Elder Justice, End of Life Care Planning, Estate Planning, Guardianship, Medicare, Michael Cohen Dallas Elder Lawyer, Trusts

The recent Supreme Court decision permitting passage of the Affordable Care Act will result in 3.8% Medicare surtax beginning in January 2013 and will apply to all taxpayers whose income exceeds a threshold amount which effectively raises the marginal tax rate for some. The tax...

27 Jun

Posted at 23:26h in Asset Protection, Assisted Living, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Public Benefits Protection

With fewer insurance companies offering long term care insurance (at least 14 fewer in the last 5 years) and premiums rising (for new and some existing policies) fewer may be able to afford long term care insurance (insurance that can help cover personal care costs...

30 May

Posted at 16:32h in Assisted Living, Disability Benefits, Estate Planning, Guardianship, Medicaid Application, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration

Effective September 1, 2011, Texas Probate Code Section 865 was amended to allow a guardianship court, upon application to approve gifts on behalf of the ward for the following purposes, in addition to tax-motivated gifts: “… or to transfer a portion of the ward’s estate...

23 May

Posted at 16:28h in Assisted Living, Estate Planning, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Application, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney, Transfer of Death

As of March 1, 2012, the Texas Medicaid for the Elderly and People with Disabilities Handbook (which is a publication of the policy rules for long –term care Medicaid eligibility) now provides that “a transfer of a person’s home does not result in a transfer...