Taxes

11 Dec FIVE WAYS TO TRANSFER A HOME WITHOUT JEOPARDIZING MEDICAID ELIGIBILITY

Posted at 09:00h in Estate Planning, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Social Security, Taxes, Transfer of Death

Under the long-term care Medicaid Rules (which helps pay for long-term care costs), there is normally a five year “look back” period whereby the state can penalize an applicant from Medicaid eligibility if there is an uncompensated transfer within five years from when one applies...

04 Dec 2018 ESTATE TAX EXEMPTION TO BE $5.6 MILLION PER PERSON EVEN WITHOUT TAX REFORM

Posted at 09:00h in Estate Planning, Inheritance, Michael Cohen Dallas Elder Lawyer, Taxes

Although some states have state estate, inheritance or death taxes at a lower threshold, Texas follows the federal estate tax limits (the amount you can leave to your heirs without estate tax) which is estimated (based on inflation numbers) to be $5.6 million for a...

09 Oct IRS GIVES TAX RELIEF FOR HURRICANE HARVEY AND IRMA VICTIMS

Posted at 11:00h in 401(k), Business, Estate Planning, Michael Cohen Dallas Elder Lawyer, Retirement, Taxes

The Internal Revenue Service (IRS) has announced several items of tax relief for those who live or have businesses affected by Hurricane Harvey and Hurricane Irma including the following: Postponement of certain deadlines (such as extension of a 2016 tax return due to run out on...

02 Oct ANTICIPATED TRUMP TAX REFORM PROPOSALS – WHAT IT MEANS TO YOU

Posted at 15:11h in Business, Estate Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Retirement, Taxes

Although details of President Trump based on prior statements tax proposals have not yet been released and this is mere speculation, here are a few of the anticipated tax reform proposals: For individuals: Double the standard deduction; Eliminate itemization deductions (other than contributions to retirement savings,...

25 Sep SUCCESS STORY OF THE MONTH

Posted at 11:00h in Beneficiary, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home, Social Security, Success Story of the Month, Taxes, Wills

Mr. and Mrs. Smith (the names have been changed for confidentiality reasons) had the unusual situation where both of them had to go into a nursing home at approximately the same time. Neither Mr. nor Mrs. Smith has long-term care insurance. Both could live a...

04 Sep 10 WAYS TO PROTECT MY HOME (OR SALES PROCEEDS) FROM MEDICAID ESTATE RECOVERY

Posted at 11:00h in Asset Protection, Disability Benefits, Estate Planning, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney, Probate Administration, Public Benefits Protection, Special Needs, Special Needs Trust, Taxes, Transfer of Death, Trusts, utma

Although most Texas homes are a non-countable resource (if equity is under $603,000 as of January 1, 2021 if you are single, unlimited if you are married for Medicaid applicants) for long-term care Medicaid eligibility purposes, the state usually has a right to make a claim against the Medicaid recipient’s estate after...

08 Jun ACTIONS TO CONSIDER NOW WITH PENDING TAX REFORM

Posted at 11:00h in 401(k), Asset Protection, Business, Estate Planning, Michael Cohen Dallas Elder Lawyer, Taxes

Although potential tax reform laws are far from settled, taxpayers could consider certain actions now to maximize tax savings including the following: Establish a business entity (if the business owner’s income tax rate is greater than the proposed rate) that the income or losses flow...

22 May LADYBIRD DEED, TRANSFER ON DEATH DEED OR DEED OF GIFT – WHICH IS BEST?

Posted at 11:00h in Beneficiary, Estate Planning, Lady Bird Deed, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Public Benefits Protection, Taxes, Transfer of Death

There are numerous ways real estate can be transferred to avoid probate, but which way is best will depend on the circumstances. The most common choices are either a deed of gift, transfer on death deed or a Ladybird deed (which is an enhanced life...

29 Apr RIGHT TO DEFER HOMESTEAD TAXES EXTENDED TO DISABLED VETS

Posted at 11:00h in Michael Cohen Dallas Elder Lawyer, Mortgage, Taxes, Transfer of Death, Veterans

A bill has been passed by the Texas House of Representatives giving disabled veterans the same rights as those over 65 to defer property taxes on their homestead. Under present law, if you are over 65 and you own and occupy a residence homestead, you...

24 Apr WILL SECOND-TO-DIE POLICIES BECOME FIRST-TO-DIE WITH ESTATE TAX REPEAL?

Posted at 09:00h in Estate Planning, Michael Cohen Dallas Elder Lawyer, Taxes

Although it is unknown what suggested changes will be made to tax laws in light of the recent failure to overhaul the Affordable Care Act (Obamacare), President Trump has often asserted that federal estate tax should be eliminated. At the present time, only estates greater...

10 Apr WILL TAXES ON HOMESTEADS BE REDUCED FOR SENIORS?

Posted at 11:00h in Michael Cohen Dallas Elder Lawyer, Taxes, Veterans

A couple of bills and a proposed constitutional amendment has been made in the Texas legislature to give tax relief for certain seniors and their surviving spouses. A joint resolution proposes a constitutional amendment that grants an exemption from ad valorem taxes on a residence...

13 Dec IS ESTATE TAX REPEAL ON THE HORIZON WITH TRUMP’S ELECTION?

Posted at 17:00h in Business, Charitable Giving, Estate Planning, Inheritance, Michael Cohen Dallas Elder Lawyer, Taxes, Transfer of Death

Donald Trump’s election will likely result in a proposal to eliminate estate tax as part of an overall tax reform package. However, the passage of such a bill and the compromises needed to make such a change will likely evolve over time – although the...

12 Oct HOW MUCH CAN AN EXECUTOR BE PAID?

Posted at 17:42h in Estate Planning, Michael Cohen Dallas Elder Lawyer, Taxes, Wills

A common question of executors is how much they are entitled to for serving as an executor (someone who is responsible for gathering or collecting the resources belonging to the estate or to which estate is entitled, selling property of the estate, paying all bills,...

26 Aug SHARP DIFFERENCES IN PRESIDENTIAL CANDIDATES PROPOSED ESTATE TAX CHANGES

Posted at 22:54h in Asset Protection, Divorce, End of Life Care Planning, Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Taxes, Transfer of Death, Trusts

Although it is unlikely that the proposed estate tax change of either presidential candidate will be enacted as is, there is a stark contrast which should be considered for those interested in estate planning. If Clinton’s estate tax proposals were to become effective, there would be...

28 Jul ARE ESTATE PLANNING LEGAL FEES TAX DEDUCTIBLE?

Posted at 09:12h in Business, Estate Planning, Michael Cohen Dallas Elder Lawyer, Taxes

Although this author is not an accountant (and one should discuss his or her own individual tax situation with his or her personal accountant), I am often asked if estate planning fees are tax deductible. The answer is sometimes it is, and sometimes it is...

07 Apr Bad Decision on Converting Roth IRA in 2015? It’s Not Too Late to Undo

Posted at 14:38h in Elder Justice, Michael Cohen Dallas Elder Lawyer, Taxes

Many Americans probably converted to a Roth IRA to take advantage of the tax-free growth without the requirement of minimum distributions after one reaches 70 ½ years of age. Of course, one of the requirements is to take income taxes on the amount converted. So, for...

28 Jan Veteran’s Improved Pension Benefits under Attack by New Congressional Bill

Posted at 09:18h in Asset Protection, Assisted Living, Disability Benefits, Michael Cohen Dallas Elder Lawyer, Nursing Home, Social Security, Taxes, Trusts, Veterans

On January 8, 2016, the “Veterans Care Financial Protection Act of 2016” was introduced allegedly to protect individuals who are eligible for increased pension under laws administered by the Secretary of Veterans Affairs on the basis of need of regular aid and attendance from “dishonest,...

14 Jan Court Rules that Father Cannot Marry his Son

Posted at 08:00h in Beneficiary, Inheritance, Michael Cohen Dallas Elder Lawyer, Taxes

A Pennsylvania court recently ruled that a man who had adopted his same sex partner as his son in 2012, cannot annul his adoption so that he could marry his partner (adopted son). Prior to the U.S. Supreme Court decision which prohibited the ban by states...

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Taxes

04 Dec 2018 ESTATE TAX EXEMPTION TO BE $5.6 MILLION PER PERSON EVEN WITHOUT TAX REFORM

09 Oct IRS GIVES TAX RELIEF FOR HURRICANE HARVEY AND IRMA VICTIMS

02 Oct ANTICIPATED TRUMP TAX REFORM PROPOSALS – WHAT IT MEANS TO YOU

04 Sep 10 WAYS TO PROTECT MY HOME (OR SALES PROCEEDS) FROM MEDICAID ESTATE RECOVERY

08 Jun ACTIONS TO CONSIDER NOW WITH PENDING TAX REFORM

22 May LADYBIRD DEED, TRANSFER ON DEATH DEED OR DEED OF GIFT – WHICH IS BEST?

29 Apr RIGHT TO DEFER HOMESTEAD TAXES EXTENDED TO DISABLED VETS

24 Apr WILL SECOND-TO-DIE POLICIES BECOME FIRST-TO-DIE WITH ESTATE TAX REPEAL?

10 Apr WILL TAXES ON HOMESTEADS BE REDUCED FOR SENIORS?

13 Dec IS ESTATE TAX REPEAL ON THE HORIZON WITH TRUMP’S ELECTION?

12 Oct HOW MUCH CAN AN EXECUTOR BE PAID?

26 Aug SHARP DIFFERENCES IN PRESIDENTIAL CANDIDATES PROPOSED ESTATE TAX CHANGES

28 Jul ARE ESTATE PLANNING LEGAL FEES TAX DEDUCTIBLE?

07 Apr Bad Decision on Converting Roth IRA in 2015? It’s Not Too Late to Undo

14 Jan Court Rules that Father Cannot Marry his Son

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Taxes

11 Dec FIVE WAYS TO TRANSFER A HOME WITHOUT JEOPARDIZING MEDICAID ELIGIBILITY

04 Dec 2018 ESTATE TAX EXEMPTION TO BE $5.6 MILLION PER PERSON EVEN WITHOUT TAX REFORM

09 Oct IRS GIVES TAX RELIEF FOR HURRICANE HARVEY AND IRMA VICTIMS

02 Oct ANTICIPATED TRUMP TAX REFORM PROPOSALS – WHAT IT MEANS TO YOU

25 Sep SUCCESS STORY OF THE MONTH

04 Sep 10 WAYS TO PROTECT MY HOME (OR SALES PROCEEDS) FROM MEDICAID ESTATE RECOVERY

08 Jun ACTIONS TO CONSIDER NOW WITH PENDING TAX REFORM

22 May LADYBIRD DEED, TRANSFER ON DEATH DEED OR DEED OF GIFT – WHICH IS BEST?

29 Apr RIGHT TO DEFER HOMESTEAD TAXES EXTENDED TO DISABLED VETS

24 Apr WILL SECOND-TO-DIE POLICIES BECOME FIRST-TO-DIE WITH ESTATE TAX REPEAL?

10 Apr WILL TAXES ON HOMESTEADS BE REDUCED FOR SENIORS?

06 Apr TOP TAX DEDUCTIONS IF YOU ARE OVER 50

08 Mar LIFE INSURANCE BENEFITS TO YOUR ESTATE PLAN

13 Dec IS ESTATE TAX REPEAL ON THE HORIZON WITH TRUMP’S ELECTION?

12 Oct HOW MUCH CAN AN EXECUTOR BE PAID?

26 Aug SHARP DIFFERENCES IN PRESIDENTIAL CANDIDATES PROPOSED ESTATE TAX CHANGES

28 Jul ARE ESTATE PLANNING LEGAL FEES TAX DEDUCTIBLE?

07 Apr Bad Decision on Converting Roth IRA in 2015? It’s Not Too Late to Undo

28 Jan Veteran’s Improved Pension Benefits under Attack by New Congressional Bill

14 Jan Court Rules that Father Cannot Marry his Son