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Retirement

11 Sep

Posted at 15:07h in 401(k), Assisted Living, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Retirement

The lead attorney for the Texas Health and Human Services Commission announced a major policy clarification on the treatment of retirement accounts as a non-countable resource for long-term care Medicaid eligibility purposes. Since long-term care Medicaid (which helps pay for nursing home care costs and...

31 Jul

Posted at 20:47h in Asset Protection, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Public Benefits Protection, Retirement, Social Security, Success Story of the Month, Taxes, Veterans

Several years ago, a local financial advisor recommended that his client (a married man who is retired) invest his entire traditional IRA worth $300,000 in an annuity (within such IRA). The IRA is the largest asset of the client (he and his wife have $80,000...

09 Mar

Posted at 09:00h in 401(k), Charitable Giving, Michael Cohen Dallas Elder Lawyer, Mortgage, Retirement, Social Security, Taxes

As a result of the passage of The Tax Cuts and Jobs Act in December 2017, there has been an increase in the standard deduction which should result in less taxpayers itemizing their tax deductions. Most retired Americans have paid off their home mortgages and...

16 Feb

Posted at 09:00h in Beneficiary, Estate Planning, Financial Powers of Attorney, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Retirement, Success Story of the Month, Transfer of Death

Client’s late husband (he died last month) has an estate that predominately consists of an individual account, a life insurance policy and a retirement account.  Client was named as a beneficiary of the retirement account and the life insurance policy.  She was also the sole...

01 Feb

Posted at 20:55h in Beneficiary, Divorce, Home Equity, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home, Retirement, Social Security

Now that the new law (the Tax and Jobs Act) has been passed resulting in less tax revenue for the federal government, it is anticipated that there will be changes to Social Security, Medicare and Medicaid so that expenses will be cut.  As mentioned in...

30 Oct

Posted at 11:00h in Asset Protection, Estate Planning, Financial Powers of Attorney, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Public Benefits Protection, Retirement, Social Security, Trusts

Many are under the mistaken impression that only the wealthy need trusts and that it is never needed in Texas since the probate process (the court process confirming the Will is valid) is simple in Texas compared to many other states. Although what is best for the individual may vary,...

02 Oct

Posted at 15:11h in Business, Estate Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Retirement, Taxes

Although details of President Trump based on prior statements tax proposals have not yet been released and this is mere speculation, here are a few of the anticipated tax reform proposals: For individuals: Double the standard deduction; Eliminate itemization deductions (other than contributions to retirement savings,...

19 Jun

Posted at 11:00h in Beneficiary, Divorce, Estate Planning, Lady Bird Deed, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Retirement, Social Security

The Texas Senate has passed a bill (which has been sent to the Texas House) to facilitate the design and development of a Medicaid block grant waiver so that there would be a continuation of joint funding by the federal and state governments while allowing...

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