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

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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...

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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

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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...

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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

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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...

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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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