Taxes

05 Oct DON’T LOOK A GIFT HORSE IN THE MOUTH? GIFTING PROS AND CONS – CONSIDER BOTH TAX AND PUBLIC BENEFITS ISSUES

Posted at 15:01h in Charitable Giving, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Retirement, Taxes, Texas Bar Today Top 10 Blog Posts, Transfer of Death, utma, Veterans

Although many realize you can make a tax-free gift of $15,000 per calendar year, per recipient without having to report the gift to the IRS, we often find that most are unaware of unintended adverse consequences that could result from that act of generosity since...

06 Sep DID ARETHA FRANKLIN GIVE HER HEIRS ANY “R-E-S-P-E-C-T”?

Posted at 14:40h in Disability Benefits, Estate Planning, Inheritance, Long Term Care, Michael Cohen Dallas Elder Lawyer, Music, Probate Administration, Special Needs, Special Needs Trust, Taxes, Wills

Aretha Franklin, the beloved “queen of soul” died on August 16 with an estimated $80 million estate without a Will or other estate planning documents. She was survived by four sons – one of whom has special needs. Although her music and legacy will live...

01 Aug WILL WE SOON BE ABLE TO CAPITALIZE WITH LESS CAPITAL GAINS TAX?

Posted at 15:00h in Estate Planning, Taxes

Steven Mnuchin, the U.S. Treasury secretary, reportedly said at a July meeting of the Group 20 summit meeting in Argentina that the Treasury Department was reconsidering the definition of “cost” to allow taxpayers to adjust the initial base (value) of an asset for inflation when...

31 Jul 1ST SUCCESS STORY OF THE MONTH – FINANCIAL ADVISOR DISCOVERS HE SAVED CLIENT $300,000 BY READING OUR MAY NEWSLETTER

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...

14 Jun SUCCESS STORY OF THE MONTH – WHERE THERE IS NO WILL, THERE IS A WAY – PART 2

Posted at 17:53h in Estate Planning, Long Term Care, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Success Story of the Month, Taxes

Last month we wrote an article about the use of community administration as client lacked any estate planning documents (in particular, neither a power of attorney nor a Will) to achieve the client’s goals. The facts of this month’s success story are as follows: client...

24 Apr THE TEXAS TWO-STEP: HOW MUCH CAN AN EXECUTOR BE PAID?

Posted at 09:00h in Estate Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Taxes, Wills

A common question by someone who has been appointed as an executor of a Will after the Will has been probated (the process where it is determined the decedent’s Will is valid) is “What can I charge for acting as Executor?” After all, it often...

22 Mar SUCCESS STORY OF THE MONTH: TAP THE BRAKES ON PROBATE AND PUT IT IN REVERSE (MORTGAGE)

Posted at 09:00h in Asset Protection, Beneficiary, Disability Benefits, Estate Planning, Home Equity, Long Term Care, Michael Cohen Dallas Elder Lawyer, Mortgage, Power of Attorney, Probate Administration, Success Story of the Month, Taxes, Wills

Mom dies at age 99 with three (3) surviving children. Mom has $50,000 in a bank account, $20,000 of debt and a home (which has homestead exemption) worth $150,000 that has no lien against it. One daughter, age 70, is unmarried (hereinafter referred to as...

09 Mar CONGRESS CHARITABLE TO SOME OLDER TAXPAYERS – NEW TAX ACT MAY RESULT IN MORE IRA CHARITABLE ROLLOVERS

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...

22 Feb Tax Planning for Non-Taxable Estate after the New Tax Law

Posted at 09:00h in Asset Protection, Disability Benefits, Estate Planning, Long Term Care, Michael Cohen Dallas Elder Lawyer, Taxes

Client, whose husband died relatively recently, is concerned about the potential negative tax impact of the recently passed Tax Cut and Jobs Act (hereinafter the “Tax Act”). Client has 2 pieces of real estate (her home and a property in which her daughter live). The...

07 Feb 6 Ways that the “Tax Cuts and Jobs Act” Affect Seniors and Disabled

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...