Taxes

26 Aug JEFFREY EPSTEIN’S WILL – FIVE LEGAL ISSUES LEFT TO BE DECIDED

Posted at 09:00h in Elder Justice, Estate Planning, Lawsuits, Notarizations, Probate Administration, Short Term Care, Taxes, Transfer of Death, Wills

Jeffrey Epstein’s signing of a Will two days before his suicide leaves many legal issues that may take more than a decade to decide. By creating a “pour-over Will” into a trust he created, we know that he has planned for privacy on who are...

04 Jun SUCCESS STORY OF THE MONTH – PROTECTING THE LOAN ON PARENTS’ HOME FROM MEDICAID ESTATE RECOVERY – LADYBIRD TO THE RESCUE

Posted at 19:44h in Asset Protection, Divorce, End of Life Care Planning, Estate Planning, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Success Story of the Month, Taxes, Transfer of Death, Wills

Parents own homestead as their major asset. Their health is beginning to decline, and neither of them have long-term care insurance or enough income or assets to pay for long-term care. As a result, if either of them needs long-term care, Medicaid is likely to...

04 Jun IRS GIVES DETRIMENTAL TAX RULING TO SURVIVING SPOUSE NOT NAMED AS BENEFICIARY

Posted at 14:17h in Beneficiary, End of Life Care Planning, Estate Planning, Michael Cohen Dallas Elder Lawyer, Retirement, Taxes

A recent ruling by the IRS demonstrates the importance of naming a spouse as the beneficiary of an IRA in which the surviving spouse has a community property interest. In this case, the husband (who died) named his child as the sole beneficiary of his...

01 May NEW RETIREMENT SAVINGS ACCOUNT BILL LIKELY TO PASS THIS YEAR

Posted at 09:00h in 401(k), Beneficiary, Business, End of Life Care Planning, Estate Planning, Inheritance, Michael Cohen Dallas Elder Lawyer, Retirement, Taxes, Trusts, Wills

As a result of less employer-sponsored pension plans and the desire of Congress to encourage savings for retirement, it is anticipated that Congress will pass the Setting Every Community Up for Retirement Enhancement (SECURE) Act later this year as it has bipartisan support. It will...

08 Mar TAX CREDIT FOR DAY CARE OF DEPENDENT

Posted at 22:06h in Estate Planning, Michael Cohen Dallas Elder Lawyer, Taxes

If you have a dependent (i.e., a young child, an elderly parent or a disabled child) who lives with you more than one-half the year and who cannot be left alone, you might be entitled to a tax credit. Although you can no longer claim a...

12 Feb DO YOU TRUST A TRUST? NINE WAYS TO USE A TRUST IN PLANNING

Posted at 21:02h in Asset Protection, Beneficiary, Business, Disability Benefits, Estate Planning, Inheritance, Lawsuits, Michael Cohen Dallas Elder Lawyer, Probate Administration, Public Benefits Protection, Taxes, Texas Bar Today Top 10 Blog Posts, Trusts

Trusts are often a good tool to achieve one’s estate planning. Although this list is not exhaustive, the following are common things to consider: Protect beneficiaries from lawsuits. If properly drafted, a trust created in your Last Will and Testament or in your own revocable or...

13 Dec IRS ANNOUNCES HIGHER 2019 ESTATE AND GIFT TAX LIMITS AND PROPOSES NO CLAWBACK FOR LARGE GIFTS MADE BEFORE 2026

Posted at 17:02h in End of Life Care Planning, Estate Planning, Taxes

The IRS announced last month that the estate and gift tax exemption will be $11.4 million per individual (up from $11.18 million) as of January 1, 2019. In other words, there is no federal estate tax for heirs of a person who is single if...

02 Nov NINE THINGS TO CONSIDER BEFORE NAMING YOUR IRA BENEFICIARY

Posted at 19:04h in Asset Protection, Beneficiary, Business, Charitable Giving, Divorce, Elder Justice, End of Life Care Planning, Estate Planning, Guardianship, Inheritance, Medicaid Planning, Probate Administration, Public Benefits Protection, Retirement, Taxes

You would think simply naming a beneficiary of your IRA is the only thing you need to do but is that the only thing that the owner of the IRA should consider or think about? Here are several planning considerations so that your beneficiaries can benefit...

05 Oct TAX LAW BENEFITS ABLE ACCOUNTS

Posted at 15:04h in Beneficiary, Disability Benefits, Medicaid Planning, Retirement, Special Needs, Special Needs Trust, Taxes, Trusts

The Tax Cuts and Jobs Act has made a couple of changes to those who have ABLE accounts. A few years ago a federal law, entitled the Achieving a Better Life Experience (ABLE) Act, was passed which allowed for tax-free growth savings accounts for the...

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...

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Taxes

26 Aug JEFFREY EPSTEIN’S WILL – FIVE LEGAL ISSUES LEFT TO BE DECIDED

04 Jun SUCCESS STORY OF THE MONTH – PROTECTING THE LOAN ON PARENTS’ HOME FROM MEDICAID ESTATE RECOVERY – LADYBIRD TO THE RESCUE

04 Jun IRS GIVES DETRIMENTAL TAX RULING TO SURVIVING SPOUSE NOT NAMED AS BENEFICIARY

01 May NEW RETIREMENT SAVINGS ACCOUNT BILL LIKELY TO PASS THIS YEAR

08 Mar TAX CREDIT FOR DAY CARE OF DEPENDENT

12 Feb DO YOU TRUST A TRUST? NINE WAYS TO USE A TRUST IN PLANNING

13 Dec IRS ANNOUNCES HIGHER 2019 ESTATE AND GIFT TAX LIMITS AND PROPOSES NO CLAWBACK FOR LARGE GIFTS MADE BEFORE 2026

02 Nov NINE THINGS TO CONSIDER BEFORE NAMING YOUR IRA BENEFICIARY

05 Oct TAX LAW BENEFITS ABLE ACCOUNTS

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

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

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

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

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

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

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

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Taxes

26 Aug JEFFREY EPSTEIN’S WILL – FIVE LEGAL ISSUES LEFT TO BE DECIDED

04 Jun SUCCESS STORY OF THE MONTH – PROTECTING THE LOAN ON PARENTS’ HOME FROM MEDICAID ESTATE RECOVERY – LADYBIRD TO THE RESCUE

04 Jun IRS GIVES DETRIMENTAL TAX RULING TO SURVIVING SPOUSE NOT NAMED AS BENEFICIARY

01 May NEW RETIREMENT SAVINGS ACCOUNT BILL LIKELY TO PASS THIS YEAR

08 Mar TAX CREDIT FOR DAY CARE OF DEPENDENT

12 Feb DO YOU TRUST A TRUST? NINE WAYS TO USE A TRUST IN PLANNING

13 Dec IT’S BETTER TO GIVE THAN RECEIVE – END OF YEAR CHARITABLE GIVING TAX TIPS

13 Dec IRS ANNOUNCES HIGHER 2019 ESTATE AND GIFT TAX LIMITS AND PROPOSES NO CLAWBACK FOR LARGE GIFTS MADE BEFORE 2026

02 Nov NINE THINGS TO CONSIDER BEFORE NAMING YOUR IRA BENEFICIARY

05 Oct TAX LAW BENEFITS ABLE ACCOUNTS

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

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

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

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

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

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

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

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

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

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