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Social Security

02 Nov

Posted at 19:33h in Dementia, Estate Planning, Guardianship, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Social Security, Success Story of the Month, Transfer of Death

The following case is an example of how an entire estate was preserved for the benefit of an ill spouse and then for the children after her passing. The planning was done years ago, but the total savings were realized as of the date of...

02 Nov

Posted at 19:27h in Medicare, Michael Cohen Dallas Elder Lawyer, Social Security

Social Security beneficiaries will receive the highest increase (2.8%) in benefits in seven years based on the cost of living adjustment (COLA) due to inflation in changes for housing, clothing, transportation, energy, medical care, recreation and education – which is the Consumer Price Index for...

02 Nov

Posted at 19:16h in Disability Benefits, Divorce, Elder Justice, Home Equity, Long Term Care, Medicaid Application, Medicaid Planning, Nursing Home, Social Security, Success Story of the Month, Veterans

As we live longer, there is a greater likelihood of disability and the need for long-term care. However, most Americans have inadequate resources for such care and also lack long-term care insurance or similar insurance products. As a result, some elderly and disabled seek public...

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...

07 Feb

Posted at 09:00h in 529 plan, Business, Estate Planning, Home Equity, Inheritance, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Social Security, Taxes, Transfer of Death, Trusts

As most know, President Trump signed the “Tax Cuts and Jobs Act” (or Reconciliation Act or 2017 Tax Act) on December 22, 2017.  Most of the provisions regarding tax reform for individuals are effective for only for years 2018 to 2025 (so that it could...

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...

25 Jan

Posted at 09:00h in Assisted Living, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Social Security, Trusts, Veterans

The Department of Veterans Affairs (VA) has announced its 2018 rate increases for certain wartime military veterans not dishonorably discharged or their surviving spouses to help pay for care costs ranging from being housebound to long-term care costs. However, since VA pension benefits are paid...

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