Michael Cohen Dallas Elder Lawyer |

26 Jan ‘TIL DEATH DO US PART, SURVIVING SPOUSE PROTECTIONS (EVEN IF DISINHERITED)

Posted at 05:23h in Asset Protection, Beneficiary, End of Life Care Planning, Estate Planning, Home Equity, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Probate Administration, Public Benefits Protection, Taxes

Do you think that if you are married that your spouse automatically is entitled to all of your assets? Do you think that if you disinherit your spouse or perhaps your children in your Will that they automatically will not be entitled to any rights to your...

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...

26 Jan READY, WILLING AND ABLE FOR FINAL REGULATIONS OF ABLE ACCOUNTS?

Posted at 05:03h in 529 plan, Beneficiary, Disability Benefits, End of Life Care Planning, Estate Planning, Guardianship, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Social Security, Special Needs, Special Needs Trust, Trusts

The IRS has issued final regulations for Able accounts, a tax-advantaged savings account for those determined to be disabled before age 26, pursuant to the Achieving a Better Life Experience (Able) Act that was passed six years ago. Funds deposited into Able accounts do not risk...

26 Jan WHAT FEE IS “REASONABLE” FOR A NON-PROFESSIONAL TRUSTEE UNDER TEXAS LAW?

Posted at 04:50h in Beneficiary, Business, Estate Planning, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Trusts

Many trusts do not name corporate (i.e., banks or other financial institutions, etc.) or professionals (attorneys or CPAs) as a trustee. Unlike corporate trustees (which generally charge a percentage of assets held in the trust on an annual basis pursuant to a fee schedule) or professional trustees, trusts...

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...

08 Dec ‘TIL DEBT DO US PART – WHAT YOU NEEDED TO KNOW

Posted at 15:39h in Asset Protection, Beneficiary, End of Life Care Planning, Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Probate Administration, Retirement, Taxes, Transfer of Death

As the pandemic continues to wreak havoc with many experiencing the loss of a loved one, unemployment or reduced income and higher levels of debt, many are now asking which of their debts will continue after death and which will be forgiven and the resulting...

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...

23 Nov POTENTIAL TAX RAMIFICATIONS OF THE 2020 ELECTION ON INDIVIDUALS

Posted at 09:00h in Beneficiary, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Retirement, Social Security, Taxes, Transfer of Death, Trusts

President-elect Biden has suggested various changes in tax laws to help achieve his legislative agenda. Although 2 Senate seats in Georgia have yet to be decided which could make a difference in likelihood of success in achieving the goals of the President-elect, the following are a...

08 Nov 12 THINGS SENIORS SHOULD DO OR DISCUSS WITH THEIR CHILDREN IN THE EVENT OF DISABILITY OR DEATH (BUT NOT ON THE 12 DAYS OF CHRISTMAS)

Posted at 09:00h in Asset Protection, Beneficiary, Disability Benefits, End of Life Care Planning, Estate Planning, Guardianship, Long Term Care, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Mortgage, Power of Attorney, Probate Administration, Public Benefits Protection, Retirement, Social Security

Nobody wants to think (much less talk) about their death or disability or the death or disability of an immediate family member. However, communication reduces risk in achieving your desired goals if unfortunate events should occur. Assumptions often lead to errors or misunderstandings. The following...