Nursing Home

11 Nov REVERSE HALF-A-LOAF MEDICAID TRANSFER PLANNING STRATEGIES

Posted at 21:47h in End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Public Benefits Protection

Although many are familiar with existing IRS rules which permit a donor to give away $15,000 per year, per person (donee) without reporting the gift to the IRS (if you give more than $15,000 per year, then there is a duty of the donor to...

11 Nov ADVANTAGES AND DISADVANTAGES OF A WILL AND A REVOCABLE LIVING TRUST FROM AN ELDER LAW ATTORNEY’S PERSPECTIVE

Posted at 21:38h in Asset Protection, Beneficiary, Business, Disability Benefits, End of Life Care Planning, Estate Planning, Financial Powers of Attorney, Guardianship, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Notarizations, Nursing Home, Power of Attorney, Probate Administration, Public Benefits Protection, Retirement, Special Needs, Special Needs Trust, Transfer of Death, Trusts, Wills

There is much debate among Texas attorneys as to whether it is better to have a Last Will and Testament or a Revocable Living Trust to transfer assets at death under the terms and conditions you desire. The simple answer is that it depends on...

11 Nov 2022 MAXIMUM RESOURCE LIMITS FOR SPOUSAL MEDICAID

Posted at 21:27h in Disability Benefits, Divorce, Estate Planning, Home Equity, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home, Social Security

(How to keep more for spouse if ill spouse needs to go into nursing home or needs care at home) As we live longer, there is a greater likelihood of disability and the need for long-term care. However, most Americans have inadequate resources or income for...

19 Oct NEW MEDICAID TRANSFER PENALTY DIVISOR ANNOUNCED

Posted at 20:19h in Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration

Effective September 1, 2021, the “transfer of assets divisor” in Texas for long-term care Medicaid has increased from $213.71 to $237.93 (which represents the average daily cost of long-term care in Texas). The increased figure applies to Medicaid applications in Texas submitted on or after...

19 Oct SUCCESS STORY OF THE MONTH – AN OUNCE OF PREVENTION IS WORTH A POUND OF CURE

Posted at 20:13h in End of Life Care Planning, Estate Planning, Guardianship, Inheritance, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney, Probate Administration, Special Needs, Special Needs Trust, Success Story of the Month, Wills

Although this is a factual situation where assets are preserved even without proper planning, it is best to plan so the risk is reduced. FACTS: 34-year-old single mother (“Susan”) gets hit by a car while walking in the street. Susan’s injury is so severe that she...

20 Sep BEWITCHED, BOTHERED AND BEWILDERED: FAMILY’S PERSPECTIVE WHEN PARENT HAS NO POWER OF ATTORNEY

Posted at 14:21h in End of Life Care Planning, Estate Planning, Financial Powers of Attorney, Guardianship, Inheritance, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney, Probate Administration, Social Security

Financial powers of attorney may be the most (if not one of the most) important documents that almost everyone should have as illustrated by the following sad (but true) story: Husband dies (with a Will) and leaves everything (although the estate is not large) to wife....

19 Aug MEDICAID PLANNER’S PERSPECTIVE WHEN CONSIDERING PUBLIC BENEFITS – MEDICARE SAVINGS PLAN RETENTION OPTIONS WHEN RECEIVING AN INHERITANCE

Posted at 03:11h in Asset Protection, Assisted Living, Beneficiary, Disability Benefits, End of Life Care Planning, Estate Planning, Guardianship, Inheritance, Lawsuits, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Mortgage, Nursing Home, Power of Attorney, Probate Administration, Public Benefits Protection, Short Term Care, Special Needs, Special Needs Trust, Taxes, Transfer of Death, Wills

Do you want to analyze a case like an elder law attorney? Here is a recent case and the thoughts that come to mind. Client, 77, who is single but who has had a partner for decades, is about to receive an inheritance that would result...

18 Aug THREE GOVERNMENT PROGRAMS THAT HELP PAY FOR CARE AT HOME

Posted at 23:34h in Assisted Living, Disability Benefits, Estate Planning, Guardianship, Home Equity, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Miller Trust, Nursing Home, Probate Administration, Short Term Care, Transfer of Death, Veterans

Even prior to the pandemic, most prefer to stay at home as long as possible if they should need long-term care. The increase in Covid variants has caused renewed and even greater interest for alternativesto care at long-term care facilities and the desire of many to stay at home due to safety concerns....

12 Jul 529 PLANS VS. UTMA: PROS & CONS

Posted at 19:14h in 529 plan, Beneficiary, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Taxes, utma

It is not unusual for parents and grandparents (as well as others) to want to help plan for payment of school and other expenses of a beneficiary who is a minor. A UTMA (Uniform Transfers to Minors Act) account is a custodial account usually established...

17 Jun SOLE BENEFITS TRUSTS COULD HELP NURSING HOME MEDICAID APPLICANT AND DISABLED BENEFICIARY

Posted at 16:10h in Assisted Living, Beneficiary, Disability Benefits, End of Life Care Planning, Estate Planning, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Social Security, Special Needs, Special Needs Trust, Transfer of Death, Trusts

Sole benefits trusts are an exception to the transfer penalty rules for long-term care (i.e., nursing home, some assisted living facilities, etc.) Medicaid. Since most Americans have inadequate or no long-term care insurance and Medicare generally has very limited coverage for skilled care, many seek...

17 Jun CHEAP POWER OF ATTORNEY COSTS FAMILY THOUSANDS OF $

Posted at 16:07h in Disability Benefits, End of Life Care Planning, Estate Planning, Financial Powers of Attorney, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney, Probate Administration, Special Needs, Special Needs Trust, Transfer of Death

A Pennsylvania appeals court has recently upheld a lower court ruling giving the agent the authority to act under a boilerplate power of attorney form even though the terms of the document were not followed. However, the cheap form and the failure of the agent...

26 May HOW TO PREVENT LOSS OF MEDICAID ELIGIBILITY WHEN SELLING YOUR HOMESTEAD

Posted at 20:27h in 529 plan, Assisted Living, Beneficiary, End of Life Care Planning, Estate Planning, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Special Needs, Special Needs Trust, Transfer of Death, utma

Usually the most valuable non-countable resource for a long-term care Medicaid recipient (whereby the government helps pay for care costs at a long-term care facility plus medications if the applicant/recipient has less than $2,000 of countable resources) is the homestead. Although there is no equity...

20 Apr BIDEN PROPOSAL SHIFTS LONG-TERM CARE FROM INSTITUTIONS TO HOME AND COMMUNITY SERVICES

Posted at 01:57h in End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration

President Biden’s recent infrastructure package includes $400 billion for care services at home in addition to community services that would be covered by Medicaid. Although present laws provide for such type of home and community services, there is institutional bias as it is generally easier...

19 Mar SUCCESS STORY OF THE MONTH – D-I-Y CAN BE D-U-M-B – OH THE MIGHTY WEB WE WEAVE!

Posted at 17:34h in Disability Benefits, Divorce, Estate Planning, Guardianship, Lady Bird Deed, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney, Probate Administration, Special Needs, Success Story of the Month

This article is not intended to be critical, but it is merely to be an illustration of the perils that could occur when one does their own legal documents. The facts are as follows: Husband and wife own a homestead together during marriage, but they...

09 Feb TOP 7 MISCONCEPTIONS ABOUT LONG-TERM CARE MEDICAID PLANNING – NO PLAN IS A BAD PLAN

Posted at 09:00h in 529 plan, Asset Protection, Divorce, End of Life Care Planning, Estate Planning, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Public Benefits Protection, Special Needs, Special Needs Trust, Transfer of Death, Trusts, utma

There are 109 Medicaid programs (at last count) in Texas – each with their own rules. This article concerns the errors or misconceptions common in one of those programs - long-term care Medicaid (where the government helps pay for care in a nursing home). Seven...

26 Jan SUCCESS STORY OF THE MONTH – IT IS BETTER TO GIVE THAN RECEIVE – UNLESS YOU APPLY FOR MEDICAID

Posted at 05:13h in Beneficiary, Estate Planning, Home Equity, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Miller Trust, Nursing Home, Probate Administration, Social Security, Success Story of the Month

Facts: Potential Medicaid applicant for governmental assistance to help pay nursing home costs had limited amount of cash and monthly income and had given away money to a relative who spent the money gifted and could not give anything back. This success story is an illustration of how to...

22 Dec WHAT IS A MILLER OR QUALIFIED INCOME TRUST?

Posted at 15:41h in Beneficiary, Estate Planning, Long Term Care, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Miller Trust, Nursing Home, Probate Administration, Social Security, Trusts

Although “Miller” or “Qualified Income” Trusts have been around for over twenty years (this author has been doing them since first approved in Texas in 1994), it is often surprising how confusing this income trust is to many – including some banks. Several Medicaid programs...

15 Dec LADYBIRD DEEDS BETTER THAN TRANSFER ON DEATH DEEDS (USUALLY)

Posted at 15:36h in Asset Protection, Beneficiary, End of Life Care Planning, Estate Planning, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney, Probate Administration, Public Benefits Protection, Short Term Care, Taxes, Transfer of Death, Trusts

In a battle of the two most common probate avoidance deeds, it is often (but now always) better in Texas to use a Ladybird Deed (which is an enhanced life estate deed) than a Transfer on Death Deed. In both types of deeds, the owner...

03 Dec 2020: IT’S BETTER TO GIVE THAN RECEIVE (USUALLY)

Posted at 15:07h in Assisted Living, Charitable Giving, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Nursing Home, Probate Administration, Retirement, Taxes, Veterans

As year 2020 comes to an end, it is a good year to make gifts for some due to the CARES Act and potential future law changes – unless there is a possibility of applying for certain public benefits within an applicable “lookback period”. Due to...

25 Nov HOME SWEET HOME MEDICAID HOMESTEAD EQUITY (MAXIMUM VALUE) LIMIT INCREASED TO $603,000 FOR 2021

Posted at 17:11h in End of Life Care Planning, Estate Planning, Home Equity, Lady Bird Deed, Medicaid Application, Medicaid Planning, Nursing Home, Transfer of Death

As of January 1, 2021, the equity limit for a homestead applicant (who is single) for either the nursing home Medicaid program or “waiver” home care Medicaid program has increased to $603,000. Thus, if the home equity (the difference between the appraised value and any...