Transfer of Death

07 Sep Success Story of the Month – The Wait and See Approach

Posted at 09:00h in Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Miller Trust, Nursing Home, Power of Attorney, Retirement, Success Story of the Month, Transfer of Death

Sometimes the best plan is to play a waiting game. The facts: CASE FACTS: Parent, a 71 year old widow, is in a skilled nursing facility and would save approximately $2000 per month (the difference between the cost of care and parent’s income including monthly long-term care...

27 Apr WHEN TO “LOOK A GIFT HORSE IN THE MOUTH” – DISCLAIMING A LADYBIRD DEED

Posted at 17:32h in Estate Planning, Lady Bird Deed, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Transfer of Death, Wills

A Ladybird deed is an enhanced life estate deed used to avoid probate after the death of the grantor (the one who signs the deed). As an example, if you own a home and you sign a Ladybird deed, you retain all the benefits of...

15 Dec HOME SWEET HOME – EQUITY LIMIT INCREASED FOR 2026

Posted at 14:58h in Home Equity, Lady Bird Deed, Medicaid Application, Medicaid Planning, Transfer of Death

As of January 1, 2026, the homestead equity limit for a Medicaid applicant who is not married and who either applies for the nursing home Medicaid program or “waiver” home care Medicaid program will increase to $752,000 ($730,000 in year 2025). Thus, if the home...

17 Feb Are Mobile Homes a Stepchild in Beneficiary Designations?

Posted at 10:17h in Beneficiary, Estate Planning, Lady Bird Deed, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Public Benefits Protection, Transfer of Death, Trusts, Wills

It is often the goal of many to simply avoid probate even though it is often best to have a Will or Trust to consider protection for the beneficiary. Financial accounts can be established with a beneficiary designation to avoid probate. Real estate can be...

27 Jan IRS Announces Increase in Gift and Estate Tax Exemptions, Tax Brackets, Etc. for 2025

Posted at 13:53h in Asset Protection, Charitable Giving, Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Taxes, Transfer of Death, Trusts

As of January 1, 2025, you can give up to $19,000 per year, per person (other than gifts of future interests) without reporting to the IRS and without gift taxation. So, for example, if a married couple with three children wanted to give the maximum...

22 Jan Home Sweet Home – Equity Limit Increased for 2025 Announced

Posted at 13:51h in End of Life Care Planning, Estate Planning, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Public Benefits Protection, Transfer of Death

As of January 1, 2025, the homestead equity limit for a Medicaid applicant who is not married and who either applies for the nursing home Medicaid program or “waiver” home care Medicaid program will increase to $730,000 ($713,000 in year 2024). Thus, if the home...

20 Jan 2025 Long Term Care Medicaid Income Cap Increase – When and How to Use a Miller Trust

Posted at 13:45h in Beneficiary, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Miller Trust, Nursing Home, Probate Administration, Public Benefits Protection, Social Security, Transfer of Death, Trusts

Applicants for long-term care and Star+ Medicaid must be below an income cap as one of the requirements for Medicaid eligibility. If the applicant’s income exceeds the income limit of $2,901 (as of January 1, 2025), the eligibility solution for this particular requirement is the...

02 Jan Tax Planning as a Result of Trump’s Election

Posted at 09:05h in Beneficiary, Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Taxes, Transfer of Death, Trusts, Wills

The election of Donald Trump and the control of both the House and Senate by the Republican Party is likely to have a great impact on tax planning. As a result, planning strategies could change. Higher Estate Tax Exemption As of January 1, 2025, the federal estate...

01 Jan Decision Tree Chart on Ladybird Deeds vs. Transfer on Death Deeds

Posted at 09:40h in Asset Protection, Beneficiary, End of Life Care Planning, Estate Planning, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Power of Attorney, Probate Administration, Public Benefits Protection, Special Needs, Special Needs Trust, Taxes, Transfer of Death, Trusts

Decision Tree Chart on Ladybird Deeds vs. Transfer on Death Deeds Many ask the question on the differences between an Enhanced Life Estate (Ladybird) Deed and a Transfer on Death Deed since both avoid probate. In other words, the grantee/beneficiary of the deed would simply either...

27 Nov Estate Planning Decision Tree Chart for Will vs. Revocable Living Trust – 20 Issues

Posted at 10:23h in Asset Protection, Beneficiary, Business, Divorce, Estate Planning, Guardianship, Lady Bird Deed, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Public Benefits Protection, Special Needs, Special Needs Trust, Taxes, Transfer of Death, Trusts, Wills

Estate Planning Decision Tree Chart for Will vs. Revocable Living Trust – 20 Issues One of the most common dilemmas in estate planning is whether it is better to have a Will or a Revocable Living Trust (RLT). There are numerous types of trusts, but this...

14 Oct Success Story Of The Month – Spotting The Issues In A Medicaid Planning Case

Posted at 13:26h in 401(k), Business, Dementia, Disability Benefits, End of Life Care Planning, Estate Planning, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Probate Administration, Quality of Life, Retirement, Social Security, Success Story of the Month, Taxes, Transfer of Death

Similar to tax planning, where the client often wants to pay as little taxes as possible and plan accordingly, many want to preserve as many resources as possible while obtaining Medicaid assistance so that the government will help pay for the cost of care in...

10 Oct Are Beneficiary Designations Beneficial To My Beneficiary?

Posted at 13:17h in Asset Protection, Beneficiary, Disability Benefits, Divorce, End of Life Care Planning, Estate Planning, Guardianship, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Public Benefits Protection, Retirement, Taxes, Transfer of Death, Veterans, Wills

Beneficiary designations (where you name one or more beneficiaries to receive assets of yours upon your death) are sometimes a great and simple tool in estate planning, but sometimes, they could lead to a disastrous result. Beneficiary designations supersede your will. Thus, there could be...

26 Aug Matthew Perry’s Estate Plan – A Friend to Many Even After Death

Posted at 10:38h in Beneficiary, Charitable Giving, Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Taxes, Transfer of Death, Trusts, Wills

Matthew Perry, well-known for his role as Chandler Bing in the popular television show “Friends”, preferred that he be remembered for helping others. Perry, who fought his addiction to alcohol and opioids for many years prior to his death last year at age 54, may have...

24 Aug Government Assistance for Care Could Depend on Homestead Definition

Posted at 10:16h in Assisted Living, Business, Disability Benefits, End of Life Care Planning, Estate Planning, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Nursing Home, Probate Administration, Taxes, Transfer of Death, Trusts, Veterans

Homestead Resource Exclusion Differences Between Medicaid and Veteran’s Benefits Public benefits (such as long-term care Medicaid and non-service-connected disability benefits for wartime veterans or his or her surviving spouse) are “means-tested”. In other words, the government looks at your resources when you apply to determine if you...

03 Jul Texas Long-Term Care Partnership Program

Posted at 11:14h in Asset Protection, Estate Planning, Home Equity, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Public Benefits Protection, Transfer of Death

As an incentive for Texans to get long-term care insurance (so the state through Medicaid would not have to pay as much for long-term care), Texas has a Long-Term Care Partnership Program (LTCP) which is a public-private partnership between state agencies (Texas Department of Health...

07 May TILL DEATH DO US PART – WILL O.J.’S ESTATE PAY?

Posted at 14:27h in Asset Protection, Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Probate Administration, Public Benefits Protection, Transfer of Death, Trusts

Although O.J. Simpson was acquitted in what may have been the murder trial of the century in connection with the death of his ex-wife Nicole Brown Simpson and her friend, Ronald Goldman, a California civil jury determined he was liable for $33.5 million dollars (which...

02 Apr 15 Tips On Estate Planning From A Texas Elder Law Attorney’s Perspective

Posted at 15:06h in 529 plan, Asset Protection, Beneficiary, Disability Benefits, End of Life Care Planning, Estate Planning, Guardianship, Inheritance, 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, Retirement, Special Needs, Special Needs Trust, Transfer of Death, Trusts, utma, Veterans

Although planning for disability and death should always be considered in estate planning, the potential need for public benefits or loss of valuable public benefits (such as Medicaid or Veterans’ benefits) should not be overlooked. The following are a few examples of what planning options...

01 Apr Medicaid Estate Recovery Kill Bill

Posted at 15:01h in Asset Protection, Beneficiary, Business, Disability Benefits, End of Life Care Planning, Estate Planning, Lady Bird Deed, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Public Benefits Protection, Social Security, Transfer of Death, Trusts

U.S. Congresswoman Jan Schakowsky of Illinois has proposed a bill that would end Medicaid estate recovery (Medicaid estate recovery is the process to recoup care costs such as nursing home care, care at home, medications, etc.) from the estate of the deceased Medicaid recipient. Typically,...

02 Jan 14 Exceptions To Long-term Care Medicaid’s Transfer Penalty Rules

Posted at 13:09h in 529 plan, Beneficiary, Disability Benefits, End of Life Care Planning, Estate Planning, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Social Security, Taxes, Transfer of Death, utma

Since long-term care Medicaid (which helps pay for skilled nursing care and medications) is “means-tested” (assets of the applicant are reviewed to determine if there is eligibility for the government to pay), there is a 5-year “look-back” period as there is a presumption resources were...

31 Dec Don’t Knock A Gift Horse In The Mouth- 6 Ways To Use Transfer Planning To Reduce Or Eliminate Estate Tax Before Law Changes

Posted at 12:45h in 529 plan, Asset Protection, Beneficiary, Disability Benefits, Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Public Benefits Protection, Retirement, Taxes, Transfer of Death, Trusts

The Tax Cuts and Jobs Act is scheduled to sunset at the end of year 2025 which is scheduled to reduce the federal and estate and gift tax exclusion to one-half of the exemption level that exists at that time. As of January 1, 2024,...