Taxes

20 Sep THE TEXAS TWO-STEP (PART 2): HOW MUCH CAN AN EXECUTOR BE PAID?

Posted at 13:50h in Business, Elder Justice, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid 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...

19 Aug MEDICAID PLANNER’S PERSPECTIVE WHEN CONSIDERING PUBLIC BENEFITS – MEDICARE SAVINGS PLAN RETENTION OPTIONS WHEN RECEIVING AN INHERITANCE

Posted at 03:11h in Asset Protection, Assisted Living, Beneficiary, Disability Benefits, End of Life Care Planning, Estate Planning, Guardianship, Inheritance, Lawsuits, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Mortgage, Nursing Home, Power of Attorney, Probate Administration, Public Benefits Protection, Short Term Care, Special Needs, Special Needs Trust, Taxes, Transfer of Death, Wills

Do you want to analyze a case like an elder law attorney? Here is a recent case and the thoughts that come to mind. Client, 77, who is single but who has had a partner for decades, is about to receive an inheritance that would result...

12 Jul 529 PLANS VS. UTMA: PROS & CONS

Posted at 19:14h in 529 plan, Beneficiary, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Taxes, utma

It is not unusual for parents and grandparents (as well as others) to want to help plan for payment of school and other expenses of a beneficiary who is a minor. A UTMA (Uniform Transfers to Minors Act) account is a custodial account usually established...

26 May NEW IRS PUBLICATION ERRONEOUSLY REQUIRES INHERITED IRA BENEFICIARIES TO PAY TAXES QUICKER

Posted at 21:59h in Beneficiary, End of Life Care Planning, Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Retirement, Taxes

IRS publication 590-B issued recently has surprised almost everyone with its erroneous proposal that designated beneficiaries (“DBs”) will need to take required minimum distributions (“RMDs”) of inherited individual retirement accounts (IRAs) in years one through nine following the year of death of the IRA owner....

20 Apr ARE PAYABLE ON DEATH ACCOUNTS A SUBSTITUTE FOR A WILL OR TRUST? 10 PROBLEMS WITH POD ACCOUNTS

Posted at 01:55h in Asset Protection, Beneficiary, End of Life Care Planning, Estate Planning, Guardianship, Inheritance, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Public Benefits Protection, Taxes, Transfer of Death, Trusts, Wills

Although Wills are often not difficult to probate in Texas, many times the probate process of determining that the Will is valid (so that the Executor can pay the debts of the estate of the deceased and transfer the assets in accordance with the Will)...

19 Mar IRS PERMITS TEXANS’ EXTENSION TO JUNE 15 OF TAX FILING AND PAYMENTS DUE TO WINTER STORM – EXTRA TIME TO SAVE ON 2020 TAXES

Posted at 17:39h in Business, Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Taxes

As a result of the February 2021 winter storm in Texas, the IRS has extended until June 15 business and individual tax returns filings and payments to be made by Texas taxpayers. This includes business tax returns for 2020 normally due on March 15 as...

19 Mar WILL HARRY & MEGHAN’S INTERVIEW CREATE A ROYAL MESS OF HER MAJESTY’S ESTATE PLAN – OR JUST A ROYAL PAIN?

Posted at 17:22h in Beneficiary, Charitable Giving, Estate Planning, Inheritance, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Taxes, Transfer of Death, Trusts

Harry and Meghan’s recent explosive interview by Oprah Winfrey has sent shockwaves to the Royal family. Will this result in a different estate plan for Queen Elizabeth? Although Prince Charles and Prince William were probably already likely to receive a king-sized portion of Her Majesty’s...

26 Jan ‘TIL DEATH DO US PART, SURVIVING SPOUSE PROTECTIONS (EVEN IF DISINHERITED)

Posted at 05:23h in Asset Protection, Beneficiary, End of Life Care Planning, Estate Planning, Home Equity, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Probate Administration, Public Benefits Protection, Taxes

Do you think that if you are married that your spouse automatically is entitled to all of your assets? Do you think that if you disinherit your spouse or perhaps your children in your Will that they automatically will not be entitled to any rights to your...

15 Dec LADYBIRD DEEDS BETTER THAN TRANSFER ON DEATH DEEDS (USUALLY)

Posted at 15:36h in Asset Protection, Beneficiary, End of Life Care Planning, Estate Planning, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney, Probate Administration, Public Benefits Protection, Short Term Care, Taxes, Transfer of Death, Trusts

In a battle of the two most common probate avoidance deeds, it is often (but now always) better in Texas to use a Ladybird Deed (which is an enhanced life estate deed) than a Transfer on Death Deed. In both types of deeds, the owner...

08 Dec ‘TIL DEBT DO US PART – WHAT YOU NEEDED TO KNOW

Posted at 15:39h in Asset Protection, Beneficiary, End of Life Care Planning, Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Probate Administration, Retirement, Taxes, Transfer of Death

As the pandemic continues to wreak havoc with many experiencing the loss of a loved one, unemployment or reduced income and higher levels of debt, many are now asking which of their debts will continue after death and which will be forgiven and the resulting...

03 Dec 2020: IT’S BETTER TO GIVE THAN RECEIVE (USUALLY)

Posted at 15:07h in Assisted Living, Charitable Giving, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Nursing Home, Probate Administration, Retirement, Taxes, Veterans

As year 2020 comes to an end, it is a good year to make gifts for some due to the CARES Act and potential future law changes – unless there is a possibility of applying for certain public benefits within an applicable “lookback period”. Due to...

23 Nov POTENTIAL TAX RAMIFICATIONS OF THE 2020 ELECTION ON INDIVIDUALS

Posted at 09:00h in Beneficiary, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Retirement, Social Security, Taxes, Transfer of Death, Trusts

President-elect Biden has suggested various changes in tax laws to help achieve his legislative agenda. Although 2 Senate seats in Georgia have yet to be decided which could make a difference in likelihood of success in achieving the goals of the President-elect, the following are a...

19 Oct EIGHT ESTATE PLANNING ERRORS BY THE RICH AND FAMOUS

Posted at 19:38h in Asset Protection, Beneficiary, Divorce, End of Life Care Planning, Estate Planning, Guardianship, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Public Benefits Protection, Taxes, Trusts

Although you would think the rich and famous would be the last to make estate planning errors, but they make mistakes (from which we can learn) like others. Here are some celebrity estate planning mistakes: No Estate Plan. Famous singers Prince and Aretha Franklin failed to...

25 Mar SURVIVING SPOUSE HOMESTEAD RIGHTS – I NEVER WANT TO FALL IN LOVE AGAIN

Posted at 17:01h in End of Life Care Planning, Estate Planning, Mortgage, Taxes, Wills

Maya Holmes, a widow, decides to marry her new beau, I.M. Bitterman. Maya has two adult children from her first marriage, Iwanna Eura Holmes and Lo Theng Husbands. Maya owns a homestead as her sole and separate property that she had purchased with her late...

30 Jan 15 QUESTIONS FOR SENIORS TO CONSIDER PRIOR TO SIGNING COHABITATION AGREEMENT

Posted at 09:00h in Assisted Living, Estate Planning, Long Term Care, Medicaid Planning, Medicare, Mortgage, Social Security, Taxes, Veterans

As Americans continue to live longer, many have decided to cohabitate with a significant other (rather than marry) due to complications. These can include kids from a prior marriage or relationship or wealth accumulation by one or both parties. From a financial perspective, sometimes it...

14 Jan CHANGE IN RETIREMENT ACCOUNT LAWS AND INCREASED TAXES (SECURE ACT) LEAVES MANY BENEFICIARIES INSECURE

Posted at 19:45h in 401(k), 529 plan, Beneficiary, Disability Benefits, Divorce, End of Life Care Planning, Estate Planning, Long Term Care, Retirement, Special Needs, Special Needs Trust, Taxes, Trusts

Although the SECURE Act passage last month (which became effective January 1, 2020) covered 29 new provisions, the one provision likely to cause the most impact is the removal of “stretch” inherited IRA provisions to 10 years unless the beneficiary is an eligible designated beneficiary....

24 Dec LADYBIRD DEEDS – WILL TITLE COMPANIES FOLLOW COURT RULES?

Posted at 15:56h in Assisted Living, Beneficiary, End of Life Care Planning, Estate Planning, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Mortgage, Nursing Home, Power of Attorney, Probate Administration, Taxes, Transfer of Death

Ladybird Deeds are often used to protect a homestead from a Medicaid estate recovery claim as it avoids probate and are supposed to permit the grantor (the one who signs the deed) to reserve for the grantor’s life, the full possession, benefit and use of...

02 Oct PRINCE’S ESTATE REQUESTS “PURPLE RAIN” DROUGHT FROM TRUMP CAMPAIGN – THE ESTATE OF PRINCE FAR FROM BEING SETTLED

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

The Estate of legendary musician, formerly known as Prince, has (for at least the second time) requested the Trump campaign to stop playing Prince’s most famous song, “Purple Rain,” or any of his songs at Trump’s campaign events. The Estate owns all copyrights to the...

15 Sep CONRAD N. HILTON FOUNDATION TO RECEIVE BILLIONS FROM BARRON HILTON’S ESTATE − WOULD PARIS HILTON HAVE STAYED AT THE VERY FIRST HOTEL NAMED HILTON ─ WHICH WAS IN DALLAS?

Posted at 09:00h in Estate Planning, Inheritance, Taxes

Barron Hilton, who helped make the name “Hilton” synonymous with hotels and one of the hotel industry’s leading brand names, has left the bulk (97%) of his estate worth billions to the Conrad N. Hilton Foundation, a non-profit charitable foundation established for his father Conrad...

27 Aug $1 MILLION IN UNCASHED CHECKS AND THREE HANDWRITTEN “WILLS”, ARETHA FRANKLIN’S ESTATE IN CHAOS ONE YEAR AFTER HER DEATH

Posted at 09:00h in Asset Protection, Estate Planning, Probate Administration, Taxes, Wills

“Sock it to me, sock it to me” are part of the famed lyrics of Aretha Franklin’s hit song, “RESPECT”, but her lack of estate planning has landed a haymaker to the previously closely-knit heirs of the late songstress who died a little over a...

Medicaid Services