Lady Bird Deed 5 - Michael Cohen Dallas Elder Lawyer

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...

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...

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...

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...

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 May STATE POLICY HANDBOOK ACKNOWLEDGES LADYBIRD (ENHANCED LIFE ESTATE) DEEDS DO NOT RESULT IN A TRANSFER PENALTY

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...