Michael Cohen Dallas Elder Lawyer |

23 Aug Gift of Appreciated Assets to Elderly Parent Could Save You Taxes – Gain Without Pain?

Posted at 09:45h in 529 plan, Beneficiary, End of Life Care Planning, Estate Planning, Guardianship, Inheritance, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Retirement, Taxes

Avoiding capital gains tax is often considered in estate planning. Now some are considering “upstream planning” when a child has highly appreciated assets and his or her elderly parent does not have a taxable estate (for estate tax purposes). Generally, if you own an asset (i.e.,...

02 Jul Michael Jackson’s children tell grandmother to “beat it” in estate legal battle

Posted at 11:05h in Beneficiary, Business, Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Music, Probate Administration, Taxes

The children of Michael Jackson (Paris, Prince and Bigi) are no longer talking with their grandmother, Katherine Jackson, as a result of her request for Jackson’s estate to pay her legal fees of over $500,000 when she unsuccessfully challenged the sale of the rights to...

29 Mar Options To Consider When Planning For A Minor Who Is A Beneficiary

Posted at 13:32h in 529 plan, Beneficiary, End of Life Care Planning, Estate Planning, Guardianship, Inheritance, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Taxes, Trusts, utma, Wills

It is very common for a minor to be named as a beneficiary of a will or trust. However, since a minor is presumed to lack capacity under law until reaching the age of majority, different planning options should be considered. Even when a child...

27 Mar Is There A Standard “Standard” For Trust Distributions? Why Is The HEMS Standard So Common?

Posted at 13:27h in Asset Protection, Beneficiary, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Probate Administration, Public Benefits Protection, Special Needs, Special Needs Trust, Taxes, Trusts

Irrevocable trusts (including trusts created within a will as well as irrevocable trusts created within a revocable living trust) give guidelines to a trustee as to how distributions are to be made in accordance with your desires. Some prefer mandatory distributions (i.e., trustee must give...

25 Mar 4 Ways To Use Annuities For Asset Preservation In Government Assisted Care Costs In Texas

Posted at 13:12h in Beneficiary, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney, Probate Administration, Retirement, Social Security, Special Needs, Special Needs Trust, Taxes

Long-term care Medicaid (the government program that assists in payment of nursing home care and medication) is means-tested. The government looks at an applicant’s assets prior to obtaining eligibility for paying for long-term care. The government (Texas Health and Human Services Commission) also considers income...

04 Mar Jay Leno’s Lack Of Estate Planning Results In Seeking Conservatorship Over Wife Will His Car Collection Crash?

Posted at 13:47h in Alzheimer’s, Asset Protection, Charitable Giving, Dementia, Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Public Benefits Protection, Taxes

Jay Leno has filed a petition in a California court to seek conservatorship over his wife, Mavis, who is believed to have Alzheimer’s Disease or some other form of dementia. Leno is seeking conservatorship since Mavis no longer has sufficient mental capacity to do an...

02 Jan 14 Exceptions To Long-term Care Medicaid’s Transfer Penalty Rules

Posted at 13:09h in 529 plan, Beneficiary, Disability Benefits, End of Life Care Planning, Estate Planning, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Social Security, Taxes, Transfer of Death, utma

Since long-term care Medicaid (which helps pay for skilled nursing care and medications) is “means-tested” (assets of the applicant are reviewed to determine if there is eligibility for the government to pay), there is a 5-year “look-back” period as there is a presumption resources were...

31 Dec Don’t Knock A Gift Horse In The Mouth- 6 Ways To Use Transfer Planning To Reduce Or Eliminate Estate Tax Before Law Changes

Posted at 12:45h in 529 plan, Asset Protection, Beneficiary, Disability Benefits, Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Public Benefits Protection, Retirement, Taxes, Transfer of Death, Trusts

The Tax Cuts and Jobs Act is scheduled to sunset at the end of year 2025 which is scheduled to reduce the federal and estate and gift tax exclusion to one-half of the exemption level that exists at that time. As of January 1, 2024,...

29 Dec IRS Announces Increase In Gift And Estate Tax Exemptions, Tax Brackets, Etc. For 2024

Posted at 12:39h in Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Taxes, Transfer of Death, Trusts

As of January 1, 2024, you can give up to $18,000 per year, per person (other than gifts of future interests) without reporting to the IRS and without gift taxation. So, for example, if a married couple with three children wanted to give the maximum...

04 Dec 15 Benefits To Surviving Spouses In Texas

Posted at 18:09h in Beneficiary, Business, Disability Benefits, End of Life Care Planning, Estate Planning, Home Equity, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Nursing Home, Probate Administration, Retirement, Social Security, Taxes

Surviving spouses are entitled to numerous rights under federal and Texas laws. The following are just a few of the many that widows and widowers should be aware. Homestead rights Under the Texas Constitution, a surviving spouse is entitled to the exclusive right to occupy the homestead...

Taxes