Probate Administration

15 Feb Seven Different Types Of Bank Accounts Which Determine How Funds Are Distributed At The Owner’s Death

Posted at 22:16h in Beneficiary, Disability Benefits, Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Transfer of Death, Trusts, Wills

Many do not realize the signature card on your bank account (as to the type of account established) determines how the funds in the account pass at the owner’s death. Thus, even if a person has a Will, the signature card could establish that the...

15 Feb Ten Types Of Assets That Should Not Be Included In A Revocable Living Trust

Posted at 22:09h in 401(k), Beneficiary, End of Life Care Planning, Estate Planning, Guardianship, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Retirement, Transfer of Death, Trusts, utma, Wills

Revocable Living Trusts (RLTs) are commonly used for a variety of reasons ranging from avoiding probate to avoiding guardianship by retitling assets into the name of the trust if you should become disabled. However, not all assets can or should be transferred or even mentioned...

15 Feb 20 Biggest Errors Made By Executors

Posted at 22:02h in Beneficiary, Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Retirement, Transfer of Death, Wills

As the famous late N.Y. Yankee, Yogi Berra, once said “We made too many wrong mistakes.” Executors make many “wrong mistakes.” It may be an honor to be named as an executor in someone’s Will, but there are many pitfalls and errors that an executor...

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12 Jan Veterans Benefits Increase Announced – Government Salute To Those Who Served In Wartime

Posted at 15:06h in Assisted Living, Disability Benefits, Estate Planning, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Social Security, Trusts, Veterans

The Department of Veteran Affairs (VA) has announced in December its 2022 rate increases for certain non-service-connected disability wartime military veterans, not dishonorably discharged or their surviving spouse to help pay for care costs ranging from being housebound to long-term care costs. However, since these...

12 Jan Recognition Of Wills And Trusts In Foreign Countries – Without Review It Is Willy Nilly

Posted at 15:00h in Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Taxes, Trusts, Wills

It is not unusual for U.S. citizens to own real estate in their ancestral “motherland” or to live abroad and own real estate in another country. Although Wills created in one state are generally recognized if you move to another state (under the U.S. Constitution’s...

wills and estate planning, wills lawyers Dallas

12 Jan How To Pay An Adult Child Without Jeopardizing Medicaid Paying For Care Costs – Five Examples Of What Is Acceptable Or Not For Granny Smith And Others

Posted at 14:54h in Assisted Living, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Mortgage, Nursing Home, Probate Administration, Taxes

Most Americans do not have adequate long-term care insurance for care at home or in a nursing home. Furthermore, most Americans would like to stay at home as long as possible before nursing home care is required. If one has inadequate income or resources or...

elder law attorney, elder law attorney Dallas, Elder Law Attorney frisco

12 Jan Four Ways To Estate Plan For An HSA

Posted at 14:41h in Beneficiary, Estate Planning, Guardianship, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Retirement, Transfer of Death

The government encourages saving for medical expenses by allowing before-tax contributions to a Health Savings Account (HSA) which can grow without taxation on the condition the funds are used for qualified medical expenses (ranging from acupuncture to vaccines and from hearing aids to dental work...

13 Dec IRS Announces Increase In Amount That Can Be Given In Life And At Death Without Taxation

Posted at 21:04h in Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Taxes, Transfer of Death

As of January 1, 2022, you can give up to $16,000 per year, per person without reporting to the IRS and without gift taxation. So, for example, if a married couple with three children wanted to give the maximum to each child, then they could...

08 Dec Joint Account Owners Become Unhinged When Learning Six Reasons to Not Have a Joint Account

Posted at 20:07h in Asset Protection, Beneficiary, Disability Benefits, Divorce, Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney, Probate Administration, Taxes, Transfer of Death, Trusts, Wills

Although joint accounts are often used so that there is always one owner who can handle the assets in the account in the event of the death or disability of the other owner, there are many problems that one should consider before opening a joint...

08 Dec Home Sweet Home – Equity Limit Increased for 2022 Announced

Posted at 20:04h in End of Life Care Planning, Estate Planning, Home Equity, Lady Bird Deed, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Transfer of Death

As of January 1, 2022, the homestead equity limit for a Medicaid applicant who is not married and who either applies for the nursing home Medicaid program or “waiver” home care Medicaid program will increase to $636,000 (presently $603,000). Thus, if the home equity (the...

08 Dec 2022 Medicaid Income Cap Increase – QITs No Longer on the Qt

Posted at 19:55h in Beneficiary, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Miller Trust, Nursing Home, Probate Administration, Social Security, Trusts

Applicants for long-term care and Star+ Medicaid must be below an income cap as one of the requirements for eligibility, the solution for this is the creation of a Qualified Income Trust (QIT) formerly known as a Miller Trust. The government recently announced the gross...

11 Nov SURVIVING SPOUSE OF DISABLED OR MILITARY MEMBER GET HOMESTEAD PROPERTY TAX EXEMPTION

Posted at 21:53h in Elder Justice, Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Taxes

As a result of the recent November election passage of Propositions 7 and 8 as amendments to the Texas Constitution, the surviving spouse of (1) a disabled individual (who received a homestead property tax exemption) if the surviving spouse is at least 55 years of...

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...

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...

19 Oct USING POWER OF ATTORNEY FOR INTERSPOUSAL TRANSFERS HAS LEGAL ISSUES

Posted at 20:06h in Divorce, Estate Planning, Guardianship, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Power of Attorney, Probate Administration, Transfer of Death

Many think by signing a general durable power of attorney that the agent could do anything that the principal (the one who signs the power of attorney) could do. However, the authority of the agent is limited to the extent as permitted by law and...

19 Oct 4 DOCUMENTS USED AT END OF LIFE OR IN CONNECTION WITH MEDICAL DECISIONS

Posted at 19:56h in End of Life Care Planning, Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Wills

Although many are aware of advance directives, there is often confusion as to the difference in various estate planning documents used either at the end of life or in connection with medical decisions. The following is a brief description of this variety of documents and usage: 1. Living...

20 Sep HOW TO PROTECT YOUR HOME FOR PARTNER AND BENEFICIARIES THROUGH A LIFE ESTATE

Posted at 14:32h in Beneficiary, End of Life Care Planning, Estate Planning, Inheritance, Lady Bird Deed, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Probate Administration, Public Benefits Protection, Taxes

Texas law does not provide domestic partners or significant others the same home protection rights as a surviving spouse. If you are married, your surviving spouse has a right to live in the homestead of the deceased spouse for the remainder of the surviving spouse’s...

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....

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