Taxes

03 Oct Eight Reasons Why Elderly Should Not Get Married

Posted at 10:30h in Assisted Living, Divorce, Elder Justice, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Social Security, Taxes

It is not unusual that a widow or widower or someone who is elderly meets someone later in life and enjoys their companionship and love or simply enjoys traveling together. Living together without being married use to be considered strictly taboo, but the potential financial...

20 Aug Should You Name A Trust As A Beneficiary Of A Retirement Account?

Posted at 16:12h in Asset Protection, Beneficiary, Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Public Benefits Protection, Retirement, Special Needs, Special Needs Trust, Taxes, Trusts, Wills

Prior to the passage of the SECURE ACT, trusts named as a beneficiary of a retirement account could be prepared to stretch distributions (for tax-deferred growth) over the lifetime of the designated beneficiary. However, unless the beneficiary is either (1) a spouse; (2) someone less...

20 Aug 10 Same-Sex Marital Rights That Could Be Lost After Scotus Roe Ruling

Posted at 16:05h in Asset Protection, Beneficiary, Elder Justice, 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, Public Benefits Protection, Retirement, Social Security, Taxes, Transfer of Death

Although the recent ruling by the Supreme Court of the US (“SCOTUS”) that there was no constitutional right to an abortion (and the case only dealt with abortion), Justice Clarence Thomas indicated in his decision that the constitutionality of same-sex marriage should also be reconsidered...

11 Jul It’s Better To Give Than Receive – Or Is It? Considerations By Grandparents Before Gifting

Posted at 10:59h in 529 plan, Disability Benefits, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Probate Administration, Taxes, Transfer of Death, Trusts, utma

It is not unusual that grandparents want to help pay for a grandchild’s wedding, college or private school education, camp, car or other items which they feel may help a grandchild. However, the following matters should be considered before a grandparent makes a gift to...

03 May Success Story of the Month – “Where’s The Beef When We Saved Their Bacon?”

Posted at 17:20h in Beneficiary, Business, Dementia, Divorce, End of Life Care Planning, Estate Planning, Guardianship, Long Term Care, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney, Probate Administration, Short Term Care, Social Security, Special Needs, Special Needs Trust, Success Story of the Month, Taxes, Transfer of Death, Wills

Who says you can’t save more than the “maximum”? This case illustrates how you can protect more assets than the “maximum” pursuant to long-term care Medicaid rules. FACTS: Wife, 70, has dementia and needs long-term care. She has no long-term care insurance. She receives Social Security of...

13 Apr Nine Different Types Of Wills

Posted at 15:59h in Asset Protection, Beneficiary, Estate Planning, Financial Powers of Attorney, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Notarizations, Power of Attorney, Probate Administration, Public Benefits Protection, Taxes, Transfer of Death, Trusts, Wills

There are certain requirements for a last will and testament to be valid in Texas including: (1) being of sound mind; (2) being the age of majority (or married or a member of the armed forces of the U.S.); (3) not being unduly influenced; (4)...

13 Apr Five Significant Provisions Under Secure Act 2.0 That Changes Retirement Planning

Posted at 15:52h in 401(k), Beneficiary, Business, Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Retirement, Taxes

On March 29, 2022, the House of Representatives passed (with almost unanimous bipartisan support) a bill (commonly referred to as SECURE Act 2.0) that builds on the SECURE Act that was passed a couple of years ago. The bill (which has now been submitted to...

15 Mar Eight Circumstances To Leave Assets In A Trust For Your Beneficiary

Posted at 21:00h in Asset Protection, Beneficiary, Charitable Giving, Divorce, End of Life Care Planning, Estate Planning, Guardianship, Inheritance, Long Term Care, Medicaid Planning, Probate Administration, Public Benefits Protection, Taxes, Trusts, Wills

Instead of your beneficiary inheriting outright, below are eight situations whereby you may want a trust for various protection: If your beneficiary is a minor or too immature to handle assets If your beneficiary is a minor, then the beneficiary (as a matter of law) cannot make...

15 Mar Ira Beneficiary Income Tax Planning

Posted at 20:47h in Beneficiary, Charitable Giving, Estate Planning, Medicaid Planning, Probate Administration, Retirement, Special Needs, Special Needs Trust, Taxes

IRAs grow tax-deferred until you make a withdrawal. At the time of withdrawal, you are income taxed on the withdrawal. When you pass, beneficiaries are also income taxed when they withdraw from the IRA. Prior to the SECURE ACT (which became effective at the beginning...

15 Mar Five Common Tax Issues In Estate Planning

Posted at 20:42h in Beneficiary, Estate Planning, Inheritance, Medicaid Planning, Probate Administration, Retirement, Social Security, Taxes, Trusts

There are often misconceptions on some basic tax issues in planning (income, gifts, estate, etc.). The following describes some of the common issues where there is a lack of understanding. Trusts do not need a separate tax identification number if you retain enough control Since you retain...