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Transfer of Death

28 Nov

Posted at 17:53h in Beneficiary, Estate Planning, Lady Bird Deed, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Probate Administration, Taxes, Transfer of Death

A life estate is an interest in real estate whereby the grantor of the deed (the life tenant) retains the exclusive (no one else has right without permission) right to occupy and use the real estate (often a homestead) for life. The deed would indicate...

05 Oct

Posted at 11:31h in Asset Protection, Assisted Living, Beneficiary, 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, Power of Attorney, Probate Administration, Public Benefits Protection, Retirement, Social Security, Taxes, Transfer of Death

Your homestead is usually the largest asset you might own. Most people would prefer to stay at home as long as possible - even if there is a need for skilled care rather than living in a facility. As a result, often elderly (over age...

04 Oct

Posted at 11:15h in Asset Protection, Beneficiary, Disability Benefits, End of Life Care Planning, Estate Planning, Lady Bird Deed, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Public Benefits Protection, Social Security, Transfer of Death

Tara, the fictional plantation in “Gone with the Wind”, was more than Scarlett O’Hara’s plantation home. It was a symbol of family and continuity for Scarlett. The homestead is often the most important (in addition to being the most valuable) asset that a deceased person...

13 Sep

Posted at 15:44h in Asset Protection, Beneficiary, Disability Benefits, End of Life Care Planning, Estate Planning, Home Equity, Inheritance, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Mortgage, Nursing Home, Power of Attorney, Probate Administration, Public Benefits Protection, Social Security, Transfer of Death

Home, sweet home - the most valuable asset of many. However, if you need financial assistance for long-term care, you have to be careful when making a transfer. Long-term care Medicaid (which helps pay for skilled nursing care that many seek since Medicare has limited coverage...

11 Sep

Posted at 15:37h in Beneficiary, Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Taxes, Transfer of Death, Trusts

Earlier this year, the IRS made a revenue ruling whereby assets transferred into an irrevocable trust without certain elements of retained control by the grantor (the one who established the trust) would fail to be entitled to a “step-up” in basis.  If an individual has...

01 Aug

Posted at 13:52h in Asset Protection, Beneficiary, Disability Benefits, Divorce, End of Life Care Planning, Estate Planning, Financial Powers of Attorney, Guardianship, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Notarizations, Nursing Home, Power of Attorney, Probate Administration, Public Benefits Protection, Special Needs, Special Needs Trust, Success Story of the Month, Taxes, Transfer of Death

Is your head ready to explode with the myriad of legal issues that can spring from your estate planning problems? The case below illustrates the problems and solutions to eliminating the pain and meet the goals of a client. FACTS: 54-year-old disabled, divorced man (“Recipient”) needs...

28 Jul

Posted at 13:46h in Beneficiary, Business, Estate Planning, Home Equity, Inheritance, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Transfer of Death

Truth is sometimes stranger than fiction. Kouri Richins (“Kouri”) has been held without bail on charges of criminal homicide, aggravated murder and three counts of possession of a controlled substance (fentanyl) in connection with the murder of her husband, Eric. Based on autopsy and toxicology...

03 Jul

Posted at 09:47h in Beneficiary, Business, Disability Benefits, Estate Planning, Financial Powers of Attorney, Guardianship, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Notarizations, Power of Attorney, Probate Administration, Retirement, Transfer of Death, Trusts

Texas estate planning attorneys often disagree about what is the best option in estate planning. Sometimes it is best to have a will to transfer your assets and pay your debts after death. Sometimes it is best to have an irrevocable trust for numerous reasons....

03 May

Posted at 13:06h in Beneficiary, Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Music, Probate Administration, Taxes, Transfer of Death, Wills

The late legendary rock & roll star Jerry Lee Lewis bought 2/3 of a 30-acre Mississippi ranch almost 50 years ago.  Not only did Jerry Lee Lewis live there until his death on October 28, 2022, so did his son, Jerry Lee Lewis, III (Lee)...

12 Apr

Posted at 12:55h in Beneficiary, Estate Planning, Guardianship, Lady Bird Deed, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Nursing Home, Probate Administration, Transfer of Death, Trusts

There are numerous ways to transfer real estate upon death depending on the facts and the type of planning – if any. The following are 12 of the ways property is transferred at death: Executor’s Deed. When the deceased has a will that has been admitted to...

31 Jan

Posted at 10:28h in Beneficiary, Disability Benefits, Estate Planning, Guardianship, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Social Security, Special Needs, Special Needs Trust, Transfer of Death, Trusts, utma

Guardianship is often needed for an incapacitated person, but it is an expensive legal process which should be avoided if possible. Thus, planning should be considered as an alternative to guardianship. Texas law defines an “incapacitated person” as: 1) a minor; 2) an adult, who...

31 Jan

Posted at 10:24h in Asset Protection, Beneficiary, Business, Disability Benefits, End of Life Care Planning, Estate Planning, Financial Powers of Attorney, Guardianship, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Notarizations, Nursing Home, Power of Attorney, Probate Administration, Public Benefits Protection, Retirement, Special Needs, Special Needs Trust, Transfer of Death, Trusts, Wills

There is much debate among Texas attorneys as to whether it is better to have a Last Will and Testament or a Revocable Living Trust in estate planning. The simple answer is that it depends on the facts, your goals, the type of assets, cost...

31 Jan

Posted at 10:21h in Business, End of Life Care Planning, Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Special Needs, Transfer of Death, Wills

Although most realize you should know what you are doing for it to be valid under law, many are unaware that capacity needed for making a gift, signing a contract and signing a will are different. The mental capacity needed for signing a valid will...

19 Dec

Posted at 15:28h in End of Life Care Planning, Estate Planning, Home Equity, Lady Bird Deed, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Transfer of Death

As of January 1, 2023, 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 $688,000 ($636,000 in year 2022). Thus, if the home...

16 Dec

Posted at 15:22h in Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Transfer of Death

It is not unusual that the major asset upon death is a person’s home. Whether or not the deceased had a will, it is often desired that probate be avoided. If the deceased dies without a will, the process of determining who are the heirs...

06 Dec

Posted at 12:41h in Beneficiary, Divorce, Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Retirement, Transfer of Death, Wills

While it is often advisable to have a will, there are some things you should not include such as the following: Account information Your accounts can change from the time your will is signed to when your will is probated – even if you think you will...

05 Dec

Posted at 12:36h in Asset Protection, Beneficiary, Disability Benefits, Estate Planning, Inheritance, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Public Benefits Protection, Retirement, Taxes, Transfer of Death, Wills

The executor named in a will is the fiduciary who is responsible for (1) collecting the assets that pass by probate; (2) paying the debts, taxes, expenses and fees of the estate; and (3) distributing the assets in accordance with the terms of the will....

01 Dec

Posted at 12:09h in Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Taxes, Transfer of Death

As of January 1, 2023, you can give up to $17,000 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...