Estate Planning

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...

24 Apr WILL SECOND-TO-DIE POLICIES BECOME FIRST-TO-DIE WITH ESTATE TAX REPEAL?

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

Although it is unknown what suggested changes will be made to tax laws in light of the recent failure to overhaul the Affordable Care Act (Obamacare), President Trump has often asserted that federal estate tax should be eliminated. At the present time, only estates greater...

20 Feb PLANNING FOR A CHILD WITH SPECIAL NEEDS

Posted at 09:30h in Beneficiary, Estate Planning, Guardianship, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Special Needs, Special Needs Trust

If you have a child who has special needs and you want your child to be a beneficiary of your estate, a standard will or trust may be insufficient. A few things to consider are as follows: If your child became disabled before age 26,...

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,...

Estate Planning

08 Jun ACTIONS TO CONSIDER NOW WITH PENDING TAX REFORM

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

15 May CAR TRANSFER ON DEATH MAY SOON GET EASIER

24 Apr WILL SECOND-TO-DIE POLICIES BECOME FIRST-TO-DIE WITH ESTATE TAX REPEAL?

20 Feb PLANNING FOR A CHILD WITH SPECIAL NEEDS

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?

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Estate Planning

08 Jun ACTIONS TO CONSIDER NOW WITH PENDING TAX REFORM

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

15 May CAR TRANSFER ON DEATH MAY SOON GET EASIER

24 Apr WILL SECOND-TO-DIE POLICIES BECOME FIRST-TO-DIE WITH ESTATE TAX REPEAL?

08 Mar LIFE INSURANCE BENEFITS TO YOUR ESTATE PLAN

20 Feb PLANNING FOR A CHILD WITH SPECIAL NEEDS

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?