Retirement

20 Dec How Much Respect Will Same-Sex Marriages Be Given Under The Respect For Marriage Act?

Posted at 15:32h in Beneficiary, Business, Elder Justice, Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Public Benefits Protection, Retirement, Social Security, Taxes

Last month President Biden signed into law the Respect for Marriage Act that achieved bipartisan support. The law gives protection of federal benefits to same-sex legally married couples who move to another state where the laws do not recognize same-sex marriage. For example, if a same-sex...

06 Dec 9 Things That Should Not Be In Your Will

Posted at 12:41h in Beneficiary, Divorce, Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Retirement, Transfer of Death, Wills

While it is often advisable to have a will, there are some things you should not include such as the following: Account information Your accounts can change from the time your will is signed to when your will is probated – even if you think you will...

05 Dec 13 Common Mistakes Of Executors

Posted at 12:36h in Asset Protection, Beneficiary, Disability Benefits, Estate Planning, Inheritance, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Public Benefits Protection, Retirement, Taxes, Transfer of Death, Wills

The executor named in a will is the fiduciary who is responsible for (1) collecting the assets that pass by probate; (2) paying the debts, taxes, expenses and fees of the estate; and (3) distributing the assets in accordance with the terms of the will....

03 Nov Effect Of Divorce On Wills, Trusts, Beneficiary Designations And Other Estate Planning

Posted at 11:53h in Beneficiary, Disability Benefits, Divorce, End of Life Care Planning, Estate Planning, Guardianship, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Retirement, Trusts, Wills

It is not unusual for married couples to have a will or trust, joint accounts and/or beneficiary designations whereby the spouse is a beneficiary and/or is a fiduciary (i.e., executor, trustee, agent under power of attorney, etc.). However, if the couple divorces, the fiduciary relationship...

03 Nov Legal Anatomy: Simple Wills Could Lead To Big Problems

Posted at 11:49h in Beneficiary, Divorce, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Retirement, Special Needs, Special Needs Trust, Transfer of Death, Trusts, Wills

Although simple wills are sometimes adequate, planning for the worst-case scenario is the general perspective of the estate planning attorney. You don’t have to be wealthy to need estate planning. The following are facts of a case and solutions from the perspective of the estate...

03 Oct 10 Common Questions On When To Make A Distribution From Your IRA

Posted at 10:25h in Charitable Giving, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Retirement

If you have an IRA, you are required to make a distribution annually once you reach a certain age (if you were 70½ prior to January 1, 2020, then you should already be making required minimum distributions known as “RMDs” – otherwise you could be...

07 Sep 8 Myths About Wills After the Testator Dies

Posted at 12:36h in Beneficiary, Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Retirement, Transfer of Death, Wills

Many do not know about probate. There is much confusion as the process varies from state to state. The following explains 8 myths about probate. Myth No. 1: If you have a will, the court must always approve the will through probate. Wills do not always have...

20 Aug Should You Name A Trust As A Beneficiary Of A Retirement Account?

Posted at 16:12h in Asset Protection, Beneficiary, Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Public Benefits Protection, Retirement, Special Needs, Special Needs Trust, Taxes, Trusts, Wills

Prior to the passage of the SECURE ACT, trusts named as a beneficiary of a retirement account could be prepared to stretch distributions (for tax-deferred growth) over the lifetime of the designated beneficiary. However, unless the beneficiary is either (1) a spouse; (2) someone less...

20 Aug 10 Same-Sex Marital Rights That Could Be Lost After Scotus Roe Ruling

Posted at 16:05h in Asset Protection, Beneficiary, Elder Justice, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney, Probate Administration, Public Benefits Protection, Retirement, Social Security, Taxes, Transfer of Death

Although the recent ruling by the Supreme Court of the US (“SCOTUS”) that there was no constitutional right to an abortion (and the case only dealt with abortion), Justice Clarence Thomas indicated in his decision that the constitutionality of same-sex marriage should also be reconsidered...

09 Jun Call Me Irresponsible – Should A Child Be Required To Pay For Parent’s Care?

Posted at 13:01h in Assisted Living, Elder Justice, Estate Planning, Guardianship, Lawsuits, Long Term Care, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney, Probate Administration, Retirement, Social Security

A child often relies on his or her parents until adulthood is reached. So, does the child have a duty to support his or her parents if they are no longer able to provide for themselves? The answer may depend on where the child and...

13 Apr What Do Jerry Jones, Charley Pride And Charles Manson Have In Common?

Posted at 16:03h in Asset Protection, Beneficiary, Divorce, End of Life Care Planning, Estate Planning, Inheritance, Lawsuits, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Public Benefits Protection, Retirement

Last month a lawsuit was filed against Jerry Jones to determine if Jones is the father of a child (Alexandra Davis) who was not born of Jones’ marriage to his wife. Last year a will contest was filed against the Estate of Charley Pride by a...

13 Apr Five Significant Provisions Under Secure Act 2.0 That Changes Retirement Planning

Posted at 15:52h in 401(k), Beneficiary, Business, Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Retirement, Taxes

On March 29, 2022, the House of Representatives passed (with almost unanimous bipartisan support) a bill (commonly referred to as SECURE Act 2.0) that builds on the SECURE Act that was passed a couple of years ago. The bill (which has now been submitted to...

15 Mar Ira Beneficiary Income Tax Planning

Posted at 20:47h in Beneficiary, Charitable Giving, Estate Planning, Medicaid Planning, Probate Administration, Retirement, Special Needs, Special Needs Trust, Taxes

IRAs grow tax-deferred until you make a withdrawal. At the time of withdrawal, you are income taxed on the withdrawal. When you pass, beneficiaries are also income taxed when they withdraw from the IRA. Prior to the SECURE ACT (which became effective at the beginning...

15 Mar Five Common Tax Issues In Estate Planning

Posted at 20:42h in Beneficiary, Estate Planning, Inheritance, Medicaid Planning, Probate Administration, Retirement, Social Security, Taxes, Trusts

There are often misconceptions on some basic tax issues in planning (income, gifts, estate, etc.). The following describes some of the common issues where there is a lack of understanding. Trusts do not need a separate tax identification number if you retain enough control Since you retain...

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 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...

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...

26 May NEW IRS PUBLICATION ERRONEOUSLY REQUIRES INHERITED IRA BENEFICIARIES TO PAY TAXES QUICKER

Posted at 21:59h in Beneficiary, End of Life Care Planning, Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Retirement, Taxes

IRS publication 590-B issued recently has surprised almost everyone with its erroneous proposal that designated beneficiaries (“DBs”) will need to take required minimum distributions (“RMDs”) of inherited individual retirement accounts (IRAs) in years one through nine following the year of death of the IRA owner....

19 Mar SEVEN REASONS TO NAME A TRUST AS A BENEFICIARY OF A RETIREMENT ACCOUNT

Posted at 17:28h in Asset Protection, Beneficiary, Charitable Giving, End of Life Care Planning, Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Public Benefits Protection, Retirement, Special Needs, Special Needs Trust, Transfer of Death, Trusts

On Saturday, February 27, 2021, I was a guest on financial advisor Rick Foster’s radio show on 660 AM and he asked the question, “When should an IRA go into a trust?” As a result of this often-asked question, I decided to expand upon this...

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