Michael Cohen Dallas Elder Lawyer |

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, 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...