Michael Cohen Dallas Elder Lawyer

09 Mar CONGRESS CHARITABLE TO SOME OLDER TAXPAYERS – NEW TAX ACT MAY RESULT IN MORE IRA CHARITABLE ROLLOVERS

Posted at 09:00h in 401(k), Charitable Giving, Michael Cohen Dallas Elder Lawyer, Mortgage, Retirement, Social Security, Taxes

As a result of the passage of The Tax Cuts and Jobs Act in December 2017, there has been an increase in the standard deduction which should result in less taxpayers itemizing their tax deductions. Most retired Americans have paid off their home mortgages and...

22 Feb Tax Planning for Non-Taxable Estate after the New Tax Law

Posted at 09:00h in Asset Protection, Disability Benefits, Estate Planning, Long Term Care, Michael Cohen Dallas Elder Lawyer, Taxes

Client, whose husband died relatively recently, is concerned about the potential negative tax impact of the recently passed Tax Cut and Jobs Act (hereinafter the “Tax Act”). Client has 2 pieces of real estate (her home and a property in which her daughter live). The...

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...

07 Feb 6 Ways that the “Tax Cuts and Jobs Act” Affect Seniors and Disabled

Posted at 09:00h in 529 plan, Business, Estate Planning, Home Equity, Inheritance, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Social Security, Taxes, Transfer of Death, Trusts

As most know, President Trump signed the “Tax Cuts and Jobs Act” (or Reconciliation Act or 2017 Tax Act) on December 22, 2017. Most of the provisions regarding tax reform for individuals are effective for only for years 2018 to 2025 (so that it could...

01 Feb 3 Potential Targets for Long-Term Medicaid Reform

Posted at 20:55h in Beneficiary, Divorce, Home Equity, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home, Retirement, Social Security

Now that the new law (the Tax and Jobs Act) has been passed resulting in less tax revenue for the federal government, it is anticipated that there will be changes to Social Security, Medicare and Medicaid so that expenses will be cut. As mentioned in...

25 Jan VETERANS BENEFITS INCREASE ANNOUNCED

Posted at 09:00h in Assisted Living, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Social Security, Trusts, Veterans

The Department of Veterans Affairs (VA) has announced its 2018 rate increases for certain wartime military veterans not dishonorably discharged or their surviving spouses to help pay for care costs ranging from being housebound to long-term care costs. However, since VA pension benefits are paid...

19 Jan NURSING HOME MEDICAID INCOME CAP TO RISE

Posted at 09:00h in Assisted Living, Divorce, Long Term Care, Medicaid Application, Michael Cohen Dallas Elder Lawyer, 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 $2,205 per month, then such applicant is ineligible for...

11 Jan HOMESTEAD EQUITY LIMIT INCREASED TO $572,000

Posted at 09:00h in Estate Planning, Home Equity, Lady Bird Deed, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Transfer of Death

As of January 1, 2018, the equity limit for a homestead applicant (who is single) for the nursing home and “waiver” home care Medicaid program has increased to$572,000. Thus, if the equity limit is less than that, it is a non-countable resource in determining Medicaid...

05 Jan 2018 Protected Resource Amount Increase – Government Helps Pay Nursing Home Cost

Posted at 09:00h in Assisted Living, Home Equity, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Social Security

The 2018 Protected Resource Amount (“PRA”) dollar figures were recently released which are used to determine how much can be protected when one spouse is in a nursing home and applies for Medicaid (which may pay all or a part of long-term care costs) and...

26 Dec UNSENT TEXT MESSAGE RULED TO BE WILL

Posted at 09:00h in Michael Cohen Dallas Elder Lawyer, Wills

An Australian court has ruled that an unsent text message on the mobile phone of Mark Nichol was sufficient to be a valid will as it showed his testamentary intentions of leaving his home and pension to his brother and nephew rather his wife and...

18 Dec SUCCESS STORY OF THE MONTH

Posted at 09:00h in Alzheimer’s, Asset Protection, Business, Disability Benefits, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Public Benefits Protection, Quality of Life, Social Security, Special Needs, Special Needs Trust, Success Story of the Month, Transfer of Death, Wills

Last Monday we were requested to do a Will for an 89-year-old married woman who was just put on hospice. Due to her being on hospice, we put her as an immediate priority. Her 90-year-old husband has Alzheimer’s disease and is living in an institutional...

11 Dec FIVE WAYS TO TRANSFER A HOME WITHOUT JEOPARDIZING MEDICAID ELIGIBILITY

Posted at 09:00h in Estate Planning, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Social Security, Taxes, Transfer of Death

Under the long-term care Medicaid Rules (which helps pay for long-term care costs), there is normally a five year “look back” period whereby the state can penalize an applicant from Medicaid eligibility if there is an uncompensated transfer within five years from when one applies...

04 Dec 2018 ESTATE TAX EXEMPTION TO BE $5.6 MILLION PER PERSON EVEN WITHOUT TAX REFORM

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

Although some states have state estate, inheritance or death taxes at a lower threshold, Texas follows the federal estate tax limits (the amount you can leave to your heirs without estate tax) which is estimated (based on inflation numbers) to be $5.6 million for a...

27 Nov 10 EXCEPTIONS TO LONG-TERM CARE MEDICAID’S TRANSFER PENALTY RULES

Posted at 11:00h in Beneficiary, Disability Benefits, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Social Security, Trusts, utma

Since long-term care Medicaid (which helps pay some or all of a Medicaid applicant’s nursing home and drug costs) is “means-tested” (the government looks at the amount of assets and type of assets owned by the applicant), there are transfer penalty rules creating a certain...

20 Nov SUCCESS STORY OF THE MONTH

Posted at 11:00h in Alzheimer’s, Asset Protection, Business, Disability Benefits, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Public Benefits Protection, Quality of Life, Social Security, Special Needs, Special Needs Trust, Success Story of the Month, Transfer of Death, Trusts

13 Nov ONLINE NOTARIZATION COMING TO TEXAS IN 2018

Posted at 11:00h in Business, Estate Planning, Michael Cohen Dallas Elder Lawyer, Notarizations

Online notarization, whereby a notarial act is performed by means of two-way video and audio conference that meets standards for credential analysis and identity proofing as well as standards for equipment, security and certain technology, will be permitted in Texas as of July 1, 2018....

06 Nov NEUROSCIENTIST PREDICTS ALZHEIMER’S DELAY MEDICATION TO BE DEVELOPED IN NEXT 10 YEARS

Posted at 11:00h in Alzheimer’s, Dementia, Michael Cohen Dallas Elder Lawyer

British neuroscientist Joseph Jebelli predicts in his new book entitled “In Pursuit of Memory: The Fight Against Alzheimer’s” that a drug will be developed in the next 10 to 20 years that will be given to someone years before they start experiencing symptoms of Alzheimer’s...

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,...

23 Oct SUCCESS STORY OF THE MONTH

Posted at 11:00h in Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Social Security, Success Story of the Month

The daughter of a Medicaid applicant came to our office in August in dire need. Her mother had to enter a nursing home around April 2017 and she had very limited resources (just a few hundred dollars and a small insurance policy). The nursing home...

16 Oct NEW MEDICAID TRANSFER PENALTY DIVISOR ANNOUNCED

Posted at 11:00h in Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home

Effective September 1, 2017, the “transfer of assets divisor” in Texas increased to $172.65 per day from $162.41. The increased figure applies to long-term care Medicaid applications in Texas submitted on or after September 1, 2017. When an individual needs long-term care (such as nursing...