Michael Cohen Dallas Elder Lawyer

20 Oct ABLE ACT BECOMES OFFICIAL IN FOUR STATES

Posted at 19:51h in 529 plan, Beneficiary, Disability Benefits, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Special Needs, Special Needs Trust, Trusts

Regulations have now been approved in four states (Ohio, Florida, Tennessee, and Nebraska) for the Achieving a Better Life Experience (ABLE) Act which permits disabled individuals (if they were disabled before age 26) or their families to set up a special savings account (similar to...

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,...

06 Oct IRS ATTACKS FAMILY-OWNED BUSINESSES

Posted at 19:46h in Business, Estate Planning, Michael Cohen Dallas Elder Lawyer, Transfer of Death

The IRS recently proposed regulations that attack estate and gift tax planning of family businesses. Business owners, with taxable estates (presently $5.45 million) often take advantage of valuation discounts by the use of limited liability companies (LLCs), and family limited partnerships, etc. by making gifts...

30 Sep TRUMP PROPOSES BENEFITS FOR ELDER CARE AND ADULT DEPENDENTS

Posted at 21:55h in Long Term Care, Michael Cohen Dallas Elder Lawyer

Presidential nominee Donald Trump introduced a plan that possibly could be beneficial to elders. One proposal would be to change the tax code to permit a tax deduction (for those who provide for elderly parents) up to average cost of care in the state. Individuals...

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...

02 Sep ATF RULE CHANGE — A SMALL SHOT AT GUN TRUSTS

Posted at 09:12h in Michael Cohen Dallas Elder Lawyer, Trusts

The Bureau of Alcohol, Tobacco, Firearms & Explosives (ATF) has announced rule changes which now require each responsible person of a corporation, trust, or legal entity to complete a specified form (concerning transferring certain types of NFA items such as short barreled riffles, suppressors, and...

26 Aug SHARP DIFFERENCES IN PRESIDENTIAL CANDIDATES PROPOSED ESTATE TAX CHANGES

Posted at 22:54h in Asset Protection, Divorce, End of Life Care Planning, Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Taxes, Transfer of Death, Trusts

Although it is unlikely that the proposed estate tax change of either presidential candidate will be enacted as is, there is a stark contrast which should be considered for those interested in estate planning. If Clinton’s estate tax proposals were to become effective, there would be...

11 Aug SPECIAL NEEDS TRUST FAIRNESS ACT GETS CLOSER TO APPROVAL

Posted at 09:04h in Beneficiary, Guardianship, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Special Needs, Special Needs Trust, Trusts

The U.S. House Energy and Commerce Committee approved the Special Needs Fairness Act on July 13, 2016, as part of a package to improve Medicaid. The House bill had 26 co-sponsors including local Representative Pete Sessions. This legislation, which has already passed the Senate Committee,...

04 Aug MICHAEL B. COHEN SETS LEGAL PRECEDENCE IN WILL REFORMATION CASE

Posted at 09:10h in Elder Justice, Estate Planning, Michael Cohen Dallas Elder Lawyer, Special Needs, Special Needs Trust, Trusts, Wills

Last year, our state legislature revised the Estates Code whereby the will of one who is deceased could be modified or reformed by a court for either tax reasons or in connection with qualification or eligibility for public benefits. About one month after the law...

28 Jul ARE ESTATE PLANNING LEGAL FEES TAX DEDUCTIBLE?

Posted at 09:12h in Business, Estate Planning, Michael Cohen Dallas Elder Lawyer, Taxes

Although this author is not an accountant (and one should discuss his or her own individual tax situation with his or her personal accountant), I am often asked if estate planning fees are tax deductible. The answer is sometimes it is, and sometimes it is...