Retirement

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...