Taxes

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...

12 Jan Recognition Of Wills And Trusts In Foreign Countries – Without Review It Is Willy Nilly

Posted at 15:00h in Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Taxes, Trusts, Wills

It is not unusual for U.S. citizens to own real estate in their ancestral “motherland” or to live abroad and own real estate in another country. Although Wills created in one state are generally recognized if you move to another state (under the U.S. Constitution’s...

wills and estate planning, wills lawyers Dallas

12 Jan How To Pay An Adult Child Without Jeopardizing Medicaid Paying For Care Costs – Five Examples Of What Is Acceptable Or Not For Granny Smith And Others

Posted at 14:54h in Assisted Living, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Mortgage, Nursing Home, Probate Administration, Taxes

Most Americans do not have adequate long-term care insurance for care at home or in a nursing home. Furthermore, most Americans would like to stay at home as long as possible before nursing home care is required. If one has inadequate income or resources or...

13 Dec IRS Announces Increase In Amount That Can Be Given In Life And At Death Without Taxation

Posted at 21:04h in Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Taxes, Transfer of Death

As of January 1, 2022, you can give up to $16,000 per year, per person without reporting to the IRS and without gift taxation. So, for example, if a married couple with three children wanted to give the maximum to each child, then they could...

08 Dec Joint Account Owners Become Unhinged When Learning Six Reasons to Not Have a Joint Account

Posted at 20:07h in Asset Protection, Beneficiary, Disability Benefits, Divorce, Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney, Probate Administration, Taxes, Transfer of Death, Trusts, Wills

Although joint accounts are often used so that there is always one owner who can handle the assets in the account in the event of the death or disability of the other owner, there are many problems that one should consider before opening a joint...

11 Nov SURVIVING SPOUSE OF DISABLED OR MILITARY MEMBER GET HOMESTEAD PROPERTY TAX EXEMPTION

Posted at 21:53h in Elder Justice, Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Taxes

As a result of the recent November election passage of Propositions 7 and 8 as amendments to the Texas Constitution, the surviving spouse of (1) a disabled individual (who received a homestead property tax exemption) if the surviving spouse is at least 55 years of...

20 Sep HOW TO PROTECT YOUR HOME FOR PARTNER AND BENEFICIARIES THROUGH A LIFE ESTATE

Posted at 14:32h in Beneficiary, End of Life Care Planning, Estate Planning, Inheritance, Lady Bird Deed, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Probate Administration, Public Benefits Protection, Taxes

Texas law does not provide domestic partners or significant others the same home protection rights as a surviving spouse. If you are married, your surviving spouse has a right to live in the homestead of the deceased spouse for the remainder of the surviving spouse’s...

20 Sep ONE GOOD DEED DESERVES ANOTHER – LADYBIRD DEED VS TRANSFER ON DEATH DEED – WHICH IS BETTER?

Posted at 13:58h in Beneficiary, Disability Benefits, End of Life Care Planning, Estate Planning, Lady Bird Deed, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Power of Attorney, Probate Administration, Public Benefits Protection, Taxes, Transfer of Death, Trusts

There are numerous ways real estate can be transferred to avoid probate (which is also a way to avoid a successful Medicaid estate recovery claim in Texas), but which way is best will depend on the circumstances. The most common choices are either a transfer...