Transfer of Death

15 May CAR TRANSFER ON DEATH MAY SOON GET EASIER

Posted at 11:00h in Beneficiary, Estate Planning, Michael Cohen Dallas Elder Lawyer, Transfer of Death, Wills

The Texas Legislature is presently considering a new law permitting a motor vehicle owner to simply designate who will be entitled to the car upon the owner’s death. If a car title is jointly owned, then the sale of the vehicle requires both owners. Also...

08 May BILL TO KEEP PATIENT ALIVE IS NOT DEAD

Posted at 11:00h in Michael Cohen Dallas Elder Lawyer, Transfer of Death, Wills

One of the bills introduced in the Texas Senate requires doctors keep a patient alive (even if the doctor does not think that it is the right decision) pursuant to the patient’s advance directive (i.e., living will) or the decision of the patient’s family to...

29 Apr RIGHT TO DEFER HOMESTEAD TAXES EXTENDED TO DISABLED VETS

Posted at 11:00h in Michael Cohen Dallas Elder Lawyer, Mortgage, Taxes, Transfer of Death, Veterans

A bill has been passed by the Texas House of Representatives giving disabled veterans the same rights as those over 65 to defer property taxes on their homestead. Under present law, if you are over 65 and you own and occupy a residence homestead, you...

02 Jan WILL LADYBIRD DEEDS BECOME OBSOLETE UNDER TRUMP?

Posted at 07:00h in Estate Planning, Lady Bird Deed, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Transfer of Death

At our December estate planning workshop, there were several questions about the use of enhanced life estate (“Ladybird”) deeds to protect a Medicaid recipient’s homestead from the state’s Medicaid Estate Recovery Program (“MERP”). After the death of the Medicaid recipient under present laws in Texas,...

13 Dec IS ESTATE TAX REPEAL ON THE HORIZON WITH TRUMP’S ELECTION?

Posted at 17:00h in Business, Charitable Giving, Estate Planning, Inheritance, Michael Cohen Dallas Elder Lawyer, Taxes, Transfer of Death

Donald Trump’s election will likely result in a proposal to eliminate estate tax as part of an overall tax reform package. However, the passage of such a bill and the compromises needed to make such a change will likely evolve over time – although the...

06 Oct IRS ATTACKS FAMILY-OWNED BUSINESSES

Posted at 19:46h in Business, Estate Planning, Michael Cohen Dallas Elder Lawyer, Transfer of Death

The IRS recently proposed regulations that attack estate and gift tax planning of family businesses. Business owners, with taxable estates (presently $5.45 million) often take advantage of valuation discounts by the use of limited liability companies (LLCs), and family limited partnerships, etc. by making gifts...

26 Aug SHARP DIFFERENCES IN PRESIDENTIAL CANDIDATES PROPOSED ESTATE TAX CHANGES

Posted at 22:54h in Asset Protection, Divorce, End of Life Care Planning, Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Taxes, Transfer of Death, Trusts

Although it is unlikely that the proposed estate tax change of either presidential candidate will be enacted as is, there is a stark contrast which should be considered for those interested in estate planning. If Clinton’s estate tax proposals were to become effective, there would be...

16 Jun HOW TO PROTECT YOUR HOME, CAR, AND OTHER ASSETS FROM THE GOVERNMENT IF YOU RECEIVE MEDICAID

Posted at 20:18h in Beneficiary, Business, Estate Planning, Lady Bird Deed, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Social Security, Transfer of Death

On June 1, 2003, the Texas Legislature passed a law requiring seizure of property in the estates of some Medicaid recipients after they die to repay the Medicaid programs for the assistance provided. The final rules published by the Texas Health & Human Services Commission...

14 Apr Ladybird Deed vs. Transfer on Death Deed

Posted at 09:28h in Estate Planning, Home Equity, Lady Bird Deed, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Nursing Home, Power of Attorney, Probate Administration, Transfer of Death

Many elder law attorneys have pondered whether to use the traditional enhanced life estate deed (also known as a Ladybird Deed) or the new statutory Transfer on Death Deed since both work to avoid estate recovery – the right of the government to make a...

19 Aug TEXAS TRANSFER ON DEATH DEED ACT SIGNED BY GOVERNOR

Posted at 06:00h in Beneficiary, Estate Planning, Lady Bird Deed, Probate Administration, Transfer of Death

On June 17, 2015, Governor Abbott approved the bill authorizing a revocable deed on the death of the transferor. The law becomes effective September 1, 2015. Similar to bank accounts that are “paid on death”, this law allows the transfer of real estate on the...