Financial Powers of Attorney

09 Sep POST-DIVORCE ESTATE PLANNING: 6 COMMON QUESTIONS

Posted at 15:50h in Alzheimer’s, Beneficiary, Disability Benefits, Divorce, End of Life Care Planning, Estate Planning, Financial Powers of Attorney, Guardianship, Inheritance, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Retirement, Special Needs, Special Needs Trust, Success Story of the Month, Trusts, Wills

Divorces are often draining – financially and emotionally. As a result, many do not want to incur more costs or even think about different financial arrangements. However, anytime there is a significant change in your family (death, divorce, disability, births, etc.), your estate plan should be at...

30 May COVID-19 ESTATE PLANNING MODIFICATIONS TO CONSIDER IN CORE DOCUMENTS

Posted at 16:28h in Disability Benefits, End of Life Care Planning, Estate Planning, Financial Powers of Attorney, Power of Attorney, Trusts, Wills

The coronavirus pandemic has not only resulted in the stark realization of our mortality resulting in a surge in the preparation of wills and trusts, but it has also caused the necessity for review or consider changes to the most basic estate planning documents including...

16 May THE STAMP OF APPROVAL? 5 COMMON MISTAKES OF NOTARIES

Posted at 16:18h in Estate Planning, Financial Powers of Attorney, Guardianship, Notarizations, Power of Attorney, Probate Administration, Wills

Although you might think something as simple as the act of notarization would rarely result in a problem, careless errors are frequently made. The following are some of the errors we have recently seen or other common errors in connection with notarization: Failure to require personal...

14 Apr PANDEMIC PLANNING IN PERIL: WHERE THERE IS A “WILL”, IS THERE STILL A WAY?

Posted at 15:49h in Beneficiary, Business, End of Life Care Planning, Estate Planning, Financial Powers of Attorney, Guardianship, Michael Cohen Dallas Elder Lawyer, Notarizations, Power of Attorney, Probate Administration, Quality of Life, Retirement, Transfer of Death, Trusts, Wills

Coronavirus concerns have resulted in an unprecedented demand for Will planning in America. Even younger Americans are realizing that they are not invincible. Most Americans fail to have even a simple Will leaving the risk of their assets being distributed in accordance with the laws...

31 Mar WILL ONLINE (REMOTE) NOTARIZATIONS BECOME THE NEW “NORM”?

Posted at 14:43h in Business, Estate Planning, Financial Powers of Attorney, Guardianship, Notarizations, Power of Attorney, Trusts, Wills

Italy and China have enforced strict curfews (much stricter than “shelter in place”) in recent months to “flatten the curve” of the coronavirus pandemic. As mentioned in our article “Pandemic Planning in Peril”, the signing of a Will in Texas is particularly difficult at this...

24 Nov JOINT BANK ACCOUNTS – A BLESSING OR A CURSE? NINE REASONS TO NOT USE A JOINT ACCOUNT

Posted at 16:09h in Asset Protection, Beneficiary, Estate Planning, Financial Powers of Attorney, Guardianship, Long Term Care, Medicaid Planning, Nursing Home, Power of Attorney, Probate Administration, Trusts, Wills

Joint bank accounts can be helpful in several ways, but such accounts can also be a trap for the unwary. A couple of the major benefits are as follows: Trusted joint account owner can pay your bills. Probably the most common reason for opening such accounts,...

10 Jul COURT: LAWYER INCOMPETENT FOR ADVISING CLIENT TO ACT BEYOND AUTHORITY UNDER POWER OF ATTORNEY

Posted at 14:54h in Estate Planning, Financial Powers of Attorney, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Trusts

A court has ruled an attorney was incompetent for advising his client, who was acting as agent for his brother pursuant to a power of attorney, to transfer assets to himself notwithstanding a lack of authority. Most people think (apparently, including some attorneys) that a...

11 Apr CASE OF THE MONTH – DOOR #1 OR DOOR #2?

Posted at 19:30h in End of Life Care Planning, Estate Planning, Financial Powers of Attorney, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney, Probate Administration, Transfer of Death

Dad, a nursing home resident in a facility that accepts Medicaid, owns highly appreciated out of state real estate that has been in the family for decades and approximately $100,000 of cash. The goals are to protect the real estate, have governmental assistance in paying...

16 Jan FIVE REASONS WHY YOU SHOULD NOT USE A STANDARD FORM FINANCIAL POWER OF ATTORNEY

Posted at 16:23h in 529 plan, Asset Protection, Assisted Living, Beneficiary, Disability Benefits, End of Life Care Planning, Estate Planning, Financial Powers of Attorney, Guardianship, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney, Public Benefits Protection, Retirement, Special Needs, Special Needs Trust, Transfer of Death, Trusts

When it comes to estate planning, most immediately think about planning for their death first. However, approximately 30% of Americans will become disabled or incompetent at some time during their lifetime. A Will only becomes effective at your death – not if you are disabled....

02 Nov AGENCY UNDER A POWER OF ATTORNEY: SERVICE BY SOME BUT AGENT ORANGE TO OTHERS

Posted at 19:22h in Beneficiary, Disability Benefits, Elder Justice, End of Life Care Planning, Estate Planning, Financial Powers of Attorney, Guardianship, Power of Attorney

Financial powers of attorney are commonly used to give authority to a trusted individual (the “Agent”) to handle assets of the one who signed (the “Principal”) the power of attorney. The power of attorney is an important estate planning document especially if the Principal should...

11 Jul TEXAS AND THE U.S. PASS LAWS TO PROTECT SENIORS FROM FINANCIAL ABUSE AND SCAMS

Posted at 19:08h in Estate Planning, Financial Powers of Attorney, Power of Attorney, Probate Administration

Due to the continued graying of America as we are in the midst of silver tsunami, a growing and major concern of many seniors is elder financial abuse. As people get older, they become more susceptible to financial scams that may empty brokerage and other...

14 Jun THE TIMES THEY ARE A CHANGIN’ – PLANNING FOR DIGITAL ASSETS (WHICH MOST DON’T REALIZE THEY OWN)

Posted at 18:08h in Asset Protection, Disability Benefits, Estate Planning, Financial Powers of Attorney, Long Term Care, Michael Cohen Dallas Elder Lawyer, Mortgage, Music, Power of Attorney, Texas Bar Today Top 10 Blog Posts

The law evolves as technology does, therefore planning must change as well. Most Americans now have “digital assets” – but probably don’t know what this type of asset is. A digital asset is an electronic record in which an individual has a right or interest....

12 Jun GUIDELINES ON WHEN AND HOW TO USE ANNUITIES IN PUBLIC BENEFITS PLANNING

Posted at 09:00h in Assisted Living, Financial Powers of Attorney, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Texas Bar Today Top 10 Blog Posts

Many financial planners use annuities in developing a plan for the financial goals of their clients. However, few realize the opportunities that exist in the area of planning for public benefits such as long-term care Medicaid (which helps pay for nursing homes, care at home,...

16 Feb Success Story of the Month – “If I Don’t Get a Death Certificate, It May Kill Me!”

Posted at 09:00h in Beneficiary, Estate Planning, Financial Powers of Attorney, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Retirement, Success Story of the Month, Transfer of Death

Client’s late husband (he died last month) has an estate that predominately consists of an individual account, a life insurance policy and a retirement account. Client was named as a beneficiary of the retirement account and the life insurance policy. She was also the sole...

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,...

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 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...

18 Mar IRAs UNDER ATTACK!

Posted at 06:00h in Beneficiary, Financial Powers of Attorney, Michael Cohen Dallas Elder Lawyer, Retirement

President Obama has attacked Individual Retirement Account (IRAs) as indicated by his Fiscal Year 2016 Budget released two weeks ago. Although probably most provisions will not likely be passed by congress, it paints a clear picture what the administration would like to do. Although there...

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...

29 Sep NURSING HOME ARBITRATION AGREEMENT HELD ONLY BINDING WHEN THERE IS PROPER AUTHORITY

Posted at 06:53h in Financial Powers of Attorney, Guardianship, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney

It is common for nursing home admission agreements to indicate that the patient and nursing home are bound by arbitration – which generally results more favorable decisions for the nursing home (as opposed to litigation). Recently, the son of a patient (his mother) seeking entry...