Michael Cohen Dallas Elder Lawyer |

13 Mar Gift Tax Law Changes Proposed by President

Posted at 06:00h in Estate Planning, Financial Powers of Attorney, Michael Cohen Dallas Elder Lawyer, Taxes

Under current law, a donor may give $14,000 per year, per person, without having to report such gift to the IRS or be subject to gift taxes. Furthermore in Texas (which follows the federal law), a donor can give an amount in excess of $14,000...

15 Dec IRS ISSUES LONG-TERM CARE PREMIUM DEDUCTIBILITY LIMITS FOR 2015

Posted at 00:46h in Estate Planning, Long Term Care, Medicare, Michael Cohen Dallas Elder Lawyer, Taxes

The Internal Revenue Service (IRS) is increasing the amount taxpayers can deduct from their 2015 taxes as a result of buying long-term care insurance. Premiums for “qualified” long-term care insurance policies (see explanation below) are tax deductible to the extent that they, along with other unreimbursed...

04 Nov LADYBIRD DEEDS UNDER ATTACK

Posted at 06:18h in Estate Planning, Lady Bird Deed, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Taxes, Transfer of Death, Trusts

Ladybird deeds, which are commonly used to avoid probate and to avoid claims by the state if the property owner receives Medicaid benefits, are under attack. This is a red flag to all Texans whose biggest asset is their home and who have inadequate insurance...

14 Jul U.S. Supreme Court Rules Inherited IRAs Do Not Have Creditor Protection

Posted at 07:30h in Beneficiary, Estate Planning, Michael Cohen Dallas Elder Lawyer, Retirement, Taxes, Trusts

The U.S. Supreme Court ruled on June 12, 2014 that inherited IRAs are not exempt from the claims of creditors under the U.S. Bankruptcy Code. Previously, inherited IRAs were protected from the claims of creditors in many jurisdictions including Texas. After the death of the individual...

09 Jun Increased Federal Tax Proposals for year 2015 Budget Announced

Posted at 07:06h in Beneficiary, Business, Estate Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Taxes, Transfer of Death, Trusts

The Obama Administration’s Fiscal Year 2015 Revenue Proposals have been published, and there are numerous suggested proposals which increase taxes in connection with estate planning. Although the Senate passed proposals this past week retaining certain tax incentives for businesses and individuals, the revenue proposals included...

28 Apr TAX COURT RULING LIMITS IRA ROLLOVERS TO ONE PER YEAR

Posted at 06:45h in Business, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Taxes, Veterans

The U.S. Tax Court recently ruled that a taxpayer can only rollover (within 60 days) one IRA per year, per taxpayer – contrary to IRS publication 590 which allowed one 60 day rollover per year; per IRA – so, prior to the ruling if a...

13 Jun VETERANS PENSION PROGRAM ELIGIBILITY RULES LIKELY TO CHANGE AFTER GAO REPORT

Posted at 23:19h in Asset Protection, Assisted Living, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Public Benefits Protection, Taxes, Trusts, Veterans

The Government Accountability Office (GAO) released a report last week regarding abuse of the Veterans Pension Program which is likely to spur a major change in the eligibility rules and make it more difficult for a wartime veteran (or his or her surviving spouse) to...

Taxes

13 Mar Gift Tax Law Changes Proposed by President

15 Dec IRS ISSUES LONG-TERM CARE PREMIUM DEDUCTIBILITY LIMITS FOR 2015

04 Nov LADYBIRD DEEDS UNDER ATTACK

14 Jul U.S. Supreme Court Rules Inherited IRAs Do Not Have Creditor Protection

09 Jun Increased Federal Tax Proposals for year 2015 Budget Announced

28 Apr TAX COURT RULING LIMITS IRA ROLLOVERS TO ONE PER YEAR

13 Jun VETERANS PENSION PROGRAM ELIGIBILITY RULES LIKELY TO CHANGE AFTER GAO REPORT

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Taxes

13 Mar Gift Tax Law Changes Proposed by President

15 Dec IRS ISSUES LONG-TERM CARE PREMIUM DEDUCTIBILITY LIMITS FOR 2015

04 Nov LADYBIRD DEEDS UNDER ATTACK

14 Jul U.S. Supreme Court Rules Inherited IRAs Do Not Have Creditor Protection

09 Jun Increased Federal Tax Proposals for year 2015 Budget Announced

28 Apr TAX COURT RULING LIMITS IRA ROLLOVERS TO ONE PER YEAR

31 Jan Estate and Gift Taxes Changes Limited by “Fiscal Cliff” Deal

13 Jun VETERANS PENSION PROGRAM ELIGIBILITY RULES LIKELY TO CHANGE AFTER GAO REPORT