Retirement

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...

02 Nov COMPREHENSIVE TO DO CHECKLIST AFTER LOVED ONE DIES (36 ITEMS TO CONSIDER)

Posted at 09:00h in Asset Protection, Beneficiary, Business, Charitable Giving, Disability Benefits, End of Life Care Planning, Estate Planning, Inheritance, Long Term Care, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Mortgage, Power of Attorney, Probate Administration, Public Benefits Protection, Retirement, Social Security, Special Needs, Special Needs Trust, Transfer of Death, Trusts, Veterans, Wills

While the loss of a loved one may be emotionally devastating, the tasks to accomplish after one dies could be overwhelming. As a result, we have compiled a checklist of some of the important things to consider in a somewhat chronological order as follows: Get a...

09 Sep POST-DIVORCE ESTATE PLANNING: 6 COMMON QUESTIONS

Posted at 15:50h in Alzheimer’s, Beneficiary, Disability Benefits, Divorce, End of Life Care Planning, Estate Planning, Financial Powers of Attorney, Guardianship, Inheritance, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Retirement, Special Needs, Special Needs Trust, Success Story of the Month, Trusts, Wills

Divorces are often draining – financially and emotionally. As a result, many do not want to incur more costs or even think about different financial arrangements. However, anytime there is a significant change in your family (death, divorce, disability, births, etc.), your estate plan should be at...

31 Aug SUCCESS STORY OF THE MONTH – THE ALMOST SPEND-LESS SPEND-DOWN

Posted at 13:58h in Alzheimer’s, Estate Planning, Long Term Care, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home, Retirement, Social Security, Special Needs, Success Story of the Month

Long term care Medicaid helps pay for long-term care costs such as nursing home care and drug costs. The average cost of care in Texas (exclusive of drug costs) is $6500 per month and most Americans have inadequate income or long-term care insurance to pay for...

17 Aug SUCCESS STORY OF THE MONTH

Posted at 20:24h in Alzheimer’s, Asset Protection, Beneficiary, End of Life Care Planning, Estate Planning, Inheritance, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Public Benefits Protection, Retirement, Special Needs, Special Needs Trust, Success Story of the Month, Transfer of Death, Trusts, Wills

Husband and wife (“clients”) have 2 adult children. Once child is disabled and the other is a spendthrift (money is spent as soon as it is received). The disabled child is on Medicaid and lives in a facility where the drug costs and the great majority of...

11 Aug 12 COMMON TEXAS PROBATE FAQ’S

Posted at 20:34h in Alzheimer’s, Beneficiary, End of Life Care Planning, Estate Planning, Long Term Care, Michael Cohen Dallas Elder Lawyer, Probate Administration, Retirement, Social Security, Transfer of Death, Wills

We get asked questions every day about probate: what it is, how to probate a will, etc. Here are 12 of the most common Texas Probate questions we receive. Question 1: What is Probate? Answer: Probate is the process where a court confirms death and determines who...

14 Apr PANDEMIC PLANNING IN PERIL: WHERE THERE IS A “WILL”, IS THERE STILL A WAY?

Posted at 15:49h in Beneficiary, Business, End of Life Care Planning, Estate Planning, Financial Powers of Attorney, Guardianship, Michael Cohen Dallas Elder Lawyer, Notarizations, Power of Attorney, Probate Administration, Quality of Life, Retirement, Transfer of Death, Trusts, Wills

Coronavirus concerns have resulted in an unprecedented demand for Will planning in America. Even younger Americans are realizing that they are not invincible. Most Americans fail to have even a simple Will leaving the risk of their assets being distributed in accordance with the laws...

09 Apr 10 KEY PROVISIONS OF CORONAVIRUS LEGISLATION THAT AFFECT SENIORS

Posted at 15:42h in Beneficiary, Charitable Giving, Estate Planning, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Mortgage, Retirement, Social Security

Although we are all affected by the pandemic, the following are just some of the key provisions that impact seniors: Rebates. All U.S. residents with adjusted gross annual income of up to $75,000 ($150,000 if married) who are not a dependent and have a work eligible...

14 Jan CHANGE IN RETIREMENT ACCOUNT LAWS AND INCREASED TAXES (SECURE ACT) LEAVES MANY BENEFICIARIES INSECURE

Posted at 19:45h in 401(k), 529 plan, Beneficiary, Disability Benefits, Divorce, End of Life Care Planning, Estate Planning, Long Term Care, Retirement, Special Needs, Special Needs Trust, Taxes, Trusts

Although the SECURE Act passage last month (which became effective January 1, 2020) covered 29 new provisions, the one provision likely to cause the most impact is the removal of “stretch” inherited IRA provisions to 10 years unless the beneficiary is an eligible designated beneficiary....

15 Oct RECENT MEDICAID RULING HINTS THAT IRA RMD TREATMENT TO SOON CHANGE

Posted at 09:00h in Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Nursing Home, Retirement, Social Security, Special Needs, Special Needs Trust

The Texas Department of Health and Human Services Commission (HHSC), which governs the rules regarding long-term care Medicaid eligibility (Medicaid helps pay for some or all nursing home and medication costs, etc. – the present average monthly cost in Texas for skilled nursing care is around...

09 Oct FIVE MISCONCEPTIONS ON ESTATE PLANNING

Posted at 09:00h in Asset Protection, Beneficiary, Disability Benefits, Divorce, End of Life Care Planning, Estate Planning, Guardianship, Long Term Care, Power of Attorney, Probate Administration, Quality of Life, Retirement

Estate planning is not simply protecting your assets or having a Will and a power of attorney. It is a plan whereby you are in control of your assets during your lifetime when you are well and to protect you if you should become disabled...

29 Aug SENIORS HAVE LESS RIGHTS THAN TERRORISTS – NEW TEXAS LONG-TERM CARE MEDICAID TRANSFER PENALTY DIVISOR ANNOUNCED

Posted at 09:00h in Assisted Living, Elder Justice, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Nursing Home, Retirement, utma

Under our criminal justice system, guilt must be determined “beyond a reasonable doubt” as there is a presumption of innocence. However, if a senior makes a gift within five (5) years and applies for long-term care Medicaid, there is a presumption of guilt since Medicaid...

02 Aug SUCCESS STORY OF THE MONTH – HOW TO PROTECT CHILDREN FROM THEMSELVES YOU DON’T HAVE TO BE WEALTHY TO USE TRUSTS

Posted at 09:00h in Asset Protection, Beneficiary, End of Life Care Planning, Estate Planning, Lady Bird Deed, Long Term Care, Medicaid Planning, Probate Administration, Retirement, Short Term Care, Special Needs, Special Needs Trust, Success Story of the Month, Trusts, Wills

Many have the misconception that only the wealthy need or can use trusts for estate planning. In this case, an elderly couple has two children – one of the children has a drug problem and the other is a spendthrift and has creditor issues. The...

04 Jun IRS GIVES DETRIMENTAL TAX RULING TO SURVIVING SPOUSE NOT NAMED AS BENEFICIARY

Posted at 14:17h in Beneficiary, End of Life Care Planning, Estate Planning, Michael Cohen Dallas Elder Lawyer, Retirement, Taxes

A recent ruling by the IRS demonstrates the importance of naming a spouse as the beneficiary of an IRA in which the surviving spouse has a community property interest. In this case, the husband (who died) named his child as the sole beneficiary of his...

03 Jun COURT RULES CAREGIVER DAUGHTER COMPENSATION RESULTS IN MEDICAID TRANSFER PENALTY

Posted at 09:00h in Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Retirement

Under federal long-term care Medicaid laws, there is a presumption of “guilt” if there is an uncompensated transfer within five (5) years of an application for long-term Medicaid (which helps pay for institutional care, drugs, etc.) since long-term care is “means-tested” In other words, the...

01 May U.S. SUPREME COURT RULES THAT EX-SPOUSE NOT ENTITLED TO LIFE INSURANCE

Posted at 15:45h in Beneficiary, Divorce, End of Life Care Planning, Estate Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Retirement, Wills

Although beneficiary designations (such as the beneficiary of a life insurance policy or retirement account) supersede a Will or intestate succession due to the Contracts Clause of the U.S. Constitution, the U.S. Supreme Court has ruled that if the state has a law that results...

01 May NEW RETIREMENT SAVINGS ACCOUNT BILL LIKELY TO PASS THIS YEAR

Posted at 09:00h in 401(k), Beneficiary, Business, End of Life Care Planning, Estate Planning, Inheritance, Michael Cohen Dallas Elder Lawyer, Retirement, Taxes, Trusts, Wills

As a result of less employer-sponsored pension plans and the desire of Congress to encourage savings for retirement, it is anticipated that Congress will pass the Setting Every Community Up for Retirement Enhancement (SECURE) Act later this year as it has bipartisan support. It will...

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