Michael Cohen Dallas Elder Lawyer |

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...

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...

Taxes