Medicaid Planning

31 Aug SUCCESS STORY OF THE MONTH – THE ALMOST SPEND-LESS SPEND-DOWN

Posted at 13:58h in Alzheimer’s, Estate Planning, Long Term Care, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home, Retirement, Social Security, Special Needs, Success Story of the Month

Long term care Medicaid helps pay for long-term care costs such as nursing home care and drug costs. The average cost of care in Texas (exclusive of drug costs) is $6500 per month and most Americans have inadequate income or long-term care insurance to pay for...

17 Aug SUCCESS STORY OF THE MONTH

Posted at 20:24h in Alzheimer’s, Asset Protection, Beneficiary, End of Life Care Planning, Estate Planning, Inheritance, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Public Benefits Protection, Retirement, Special Needs, Special Needs Trust, Success Story of the Month, Transfer of Death, Trusts, Wills

Husband and wife (“clients”) have 2 adult children. Once child is disabled and the other is a spendthrift (money is spent as soon as it is received). The disabled child is on Medicaid and lives in a facility where the drug costs and the great majority of...

11 Aug 16 WAYS TO AVOID GUARDIANSHIP OF THE ESTATE

Posted at 20:29h in Alzheimer’s, Asset Protection, Beneficiary, Disability Benefits, Estate Planning, Guardianship, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Public Benefits Protection, Social Security, Special Needs, Special Needs Trust, Transfer of Death, Trusts, utma

Guardianship if often an expensive legal process which should be avoided if possible. Thus, planning should be considered as an alternative to guardianship. Guardianship is often needed for an incapacitated person. Texas law defines an “incapacitated person” as: a minoran adult, who because of a physical or mental condition,...

11 Aug INSURANCE COMPANY UNINSURED

Posted at 08:16h in Alzheimer’s, Beneficiary, End of Life Care Planning, Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Texas Bar Today Top 10 Blog Posts

A recent decision of a San Antonio appellate court determined that faulty drafting of an annuity contract by the insurance company who issued the annuity resulted in a beneficiary being paid far more than the contracted terms. The annuity contract provided for payments during the joint...

29 Jul LADYBIRD DEEDS – 10 SITUATIONS WHERE IT IS BEST THAT A TRUST RECEIVE PROPERTY INSTEAD OF AN INDIVIDUAL

Posted at 19:55h in Asset Protection, Assisted Living, Beneficiary, Disability Benefits, Estate Planning, Guardianship, Home Equity, Inheritance, Lady Bird Deed, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Nursing Home, Probate Administration, Public Benefits Protection, Special Needs, Special Needs Trust, Transfer of Death

Ladybird Deeds and Transfer on Death Deeds are used to avoid probate (which is the legal process whereby the court determines if a will is valid and assets are distributed according to the will). These types of deeds are particularly useful to avoid Medicaid Estate Recovery. If...

15 Jul DEAD MONEY – HOW CAN GOVERNMENT COLLECT $1.4 BILLION FROM STIMULUS CHECKS SENT IN ERROR TO THE DECEASED?

Posted at 19:45h in Beneficiary, Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Social Security, Transfer of Death

As a result of a rush to stimulate the economy early in the pandemic, the IRS apparently failed to follow its own procedures (established after recovery from the recession in 2008) and sent 1.1 million stimulus checks totaling $1.4 billion to those who are deceased. Now...

21 Jun WILL LADYBIRD DEEDS NEED A VENTILATOR DUE TO COVID-19?

Posted at 14:58h in End of Life Care Planning, Estate Planning, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Planning, Medicare, Probate Administration, Transfer of Death, Trusts

As COVID-19 increases pressure on state Medicaid budgets as demands for Medicaid coverage become even greater, states may be inclined to expand Medicaid estate recovery giving the state the right to have a lien against the property (most commonly a homestead) of a Medicaid recipient...

23 May SUCCESS STORY OF THE MONTH – THERE IS ALWAYS “PLAN B”

Posted at 16:22h in End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Planning, Medicare, Mortgage, Social Security, Success Story of the Month

Wife needs long-term care which is very expensive (statewide average is around $6,500 per month). Medicare has very limited coverage and has been utilized to the limits resulting in husband having to private pay with his limited resources which he needs to use to take...

09 Apr 10 KEY PROVISIONS OF CORONAVIRUS LEGISLATION THAT AFFECT SENIORS

Posted at 15:42h in Beneficiary, Charitable Giving, Estate Planning, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Mortgage, Retirement, Social Security

Although we are all affected by the pandemic, the following are just some of the key provisions that impact seniors: Rebates. All U.S. residents with adjusted gross annual income of up to $75,000 ($150,000 if married) who are not a dependent and have a work eligible...

02 Apr $1,200 TAX REBATE CHECKS IMPACT ON PUBLIC BENEFITS

Posted at 15:34h in Estate Planning, Long Term Care, Medicaid Planning, Medicare, Nursing Home, Public Benefits Protection, Social Security

Many Americans will soon be getting $1,200 stimulus checks (which are considered a tax rebate) if they are (1) of working age, (2) not an adult dependent and (3) their income is less than $75,000 ($150,000 if married). Smaller checks will be received by those...