Social Security

06 Apr TOP TAX DEDUCTIONS IF YOU ARE OVER 50

Posted at 07:00h in Home Equity, Long Term Care, Medicare, Michael Cohen Dallas Elder Lawyer, Social Security, Taxes

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Home Sale. Often those over 50 have lived in their home a long time resulting in a substantial equity increase. If you have lived in your home for at least two of the five years before you sell your homestead, you can have a...

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29 Mar PUBLIC BENEFITS COULD BE JEOPARDIZED WHEN YOU CREATE CROWDFUNDING (SUCH AS GOFUNDME) ACCOUNTS

Posted at 09:01h in Beneficiary, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Social Security, Special Needs, Special Needs Trust, Trusts

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In recent years, numerous crowdfunding platform websites (such as GoFundMe, Indiego and Crowdrise) have grown rapidly raising millions of dollars (generally online) for various causes and individuals. Although the intent is often to help those with disabilities, it can actually be detrimental if the account...

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08 Mar LIFE INSURANCE BENEFITS TO YOUR ESTATE PLAN

Posted at 09:00h in Beneficiary, Business, Estate Planning, Inheritance, Long Term Care, Michael Cohen Dallas Elder Lawyer, Social Security, Taxes

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Life insurance can be beneficial in numerous ways to estate plans – even for those who are older with less means. Here are but a few ways it can be helpful: Provide long-term care benefits. Some policies allow you to add a rider for long-term...

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13 Feb CLOSE ANNUITY LOOPHOLES IN MEDICAID ACT

Posted at 09:30h in Assisted Living, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Retirement, Social Security

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A House of Representatives bill entitled as the “Close Annuity Loopholes in Medicaid Act” has been proposed earlier this month to reduce the benefits of an asset preservation strategy for a commonly used benefit of the “well” spouse in Medicaid planning when the ill spouse...

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06 Feb Am I Killing the Goose that laid the Golden Egg? How tax-deferred annuities can be used in Texas in Retirement Accounts so that the Government pays for care costs

Posted at 20:32h in Assisted Living, Dementia, End of Life Care Planning, Home Equity, Long Term Care, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home, Retirement, Short Term Care, Social Security

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Usually the biggest asset that most Americans have is either a home or their retirement accounts or both. Americans are living longer than ever before, but most have inadequate long-term care insurance coverage. Most mistakenly think that Medicare will take care of them if they...

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30 Dec VETERANS BENEFITS INCREASE ANNOUNCED

Posted at 07:00h in Assisted Living, Michael Cohen Dallas Elder Lawyer, Nursing Home, Social Security, Trusts, Veterans

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The Department of Veterans Affairs (VA) has announced its 2017 rate increases for certain wartime military veterans not dishonorably discharged or their surviving spouses. These rates are effective as of December 1, 2016. If interested in seeing the new rates, click here. However, since VA...

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20 Dec NURSING HOME MEDICAID INCOME CAP TO RISE

Posted at 17:00h in Divorce, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Social Security

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As many of you know, Texas is an income cap state in connection with long-term care Medicaid eligibility. Presently, if an applicant for nursing home Medicaid has “countable” income (certain income is exempt or excluded) over $2,199 per month, then such applicant is ineligible for...

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06 Dec 2017 PROTECTED RESOURCE AMOUNT INCREASE – GOVERNMENT HELPS PAY NURSING HOME COST

Posted at 06:00h in Assisted Living, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Social Security

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Although not officially released, projections for the 2017 Protected Resource Amount (“PRA”) dollar figures can now be estimated in light of the cost of living adjustment recently made. These figures are used to determine how much can be protected when one spouse is in a...

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01 Nov SOCIAL SECURITY RECIPIENTS TO GET NOMINAL BENEFIT INCREASE IN 2017 – BUT THEY STILL END UP LOSING $

Posted at 18:20h in Medicaid Planning, Medicare, Social Security

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This week it was announced that Social Security’s cost of living adjustment (COLA) will be only 0.3 in 2017 based on consumer-priced inflation. However, Social Security recipients (especially seniors) will end up with less money for a couple of reasons. First, COLA is based on consumer...

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16 Jun HOW TO PROTECT YOUR HOME, CAR, AND OTHER ASSETS FROM THE GOVERNMENT IF YOU RECEIVE MEDICAID

Posted at 20:18h in Beneficiary, Business, Estate Planning, Lady Bird Deed, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Social Security, Transfer of Death

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On June 1, 2003, the Texas Legislature passed a law requiring seizure of property in the estates of some Medicaid recipients after they die to repay the Medicaid programs for the assistance provided. The final rules published by the Texas Health & Human Services Commission...

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