Taxes

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

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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...

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08 Mar TAX CREDIT FOR DAY CARE OF DEPENDENT

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

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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...

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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

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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...

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

Posted at 17:05h in Charitable Giving, Estate Planning, Retirement, Social Security, Taxes

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The great majority of Americans who were able to get a tax deduction for giving to charities in prior years may no longer itemize and take advantage of such deduction in year 2018 and thereafter. This is a result of the doubling of the standard...

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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

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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...

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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

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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...

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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

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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...

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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

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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...

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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

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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...

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

Posted at 15:00h in Estate Planning, Taxes

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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...

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