Michael Cohen Dallas Elder Lawyer |

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, 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, 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...

17 Nov 2021 MAXIMUM RESOURCE LIMITS FOR SPOUSAL MEDICAID

Posted at 09:00h in Disability Benefits, Divorce, Estate Planning, Home Equity, Long Term Care, Medicaid Application, Medicaid Planning, 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 such...