Transfer of Death

22 Oct SUCCESS STORY OF THE MONTH – THE WORLD ISN’T ALWAYS PERFECT

Posted at 09:00h in Asset Protection, Beneficiary, End of Life Care Planning, Estate Planning, Guardianship, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Planning, Mortgage, Power of Attorney, Probate Administration, Special Needs, Special Needs Trust, Success Story of the Month, Transfer of Death, Trusts

This story is an illustration of some of the many thoughts that should be considered even if one has a small estate. In this case, the client’s major asset is her home that was deeded to her by her six siblings as it was their...

06 Sep SUCCESS STORY OF THE MONTH – USING DIFFERENT LEGAL TOOLS (LADYBIRD DEED, REVERSE MORTGAGE AND REVOCABLE LIVING TRUST) IN THE TOOLBOX

Posted at 09:00h in Beneficiary, Disability Benefits, End of Life Care Planning, Estate Planning, Guardianship, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Planning, Mortgage, Nursing Home, Power of Attorney, Probate Administration, Success Story of the Month, Transfer of Death, Trusts

Client had created a revocable living trust several years ago prepared by another attorney. The most common reasons for such a trust is to avoid probate (the laws that govern the probate process which is the process to determine if the Will is valid and...

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

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...

10 Jul SUCCESS STORY OF THE MONTH – LADYBIRD DEED INTO PET TRUST IS CATS’ MEOW

Posted at 13:55h in Beneficiary, End of Life Care Planning, Estate Planning, Lady Bird Deed, Medicaid Planning, Success Story of the Month, Transfer of Death

The goal of a self-proclaimed “cat lady”, who is on Medicaid, is to make sure her 14 cats are adequately cared for after her death. However, her only assets are her home, car and a small bank account. Her home and car are “non-countable” resources...

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

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...

01 May SUCCESS STORY OF THE MONTH

Posted at 15:05h in Dementia, End of Life Care Planning, Estate Planning, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney, Social Security, Success Story of the Month, Transfer of Death, Trusts

Client, a 78 year old widow in the early stages of experiencing dementia, creates an irrevocable trust which gives her the right to occupy her homestead which was deeded into the trust. Her goal was to save her homestead (or the proceeds therefrom if sold...

11 Apr CASE OF THE MONTH – DOOR #1 OR DOOR #2?

Posted at 19:30h in End of Life Care Planning, Estate Planning, Financial Powers of Attorney, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney, Probate Administration, Transfer of Death

Dad, a nursing home resident in a facility that accepts Medicaid, owns highly appreciated out of state real estate that has been in the family for decades and approximately $100,000 of cash. The goals are to protect the real estate, have governmental assistance in paying...

11 Apr SMALL ESTATE AFFIDAVIT – CHEAPER OPTION TO TRANSFER ASSETS AFTER DEATH

Posted at 19:27h in Asset Protection, End of Life Care Planning, Estate Planning, Guardianship, Michael Cohen Dallas Elder Lawyer, Transfer of Death, Wills

If a Texas resident dies (the “decedent”) without a Will (“intestate”) and the estate assets are less than $75,000 (excluding exempt property such as a homestead if it retains its homestead status when there is a surviving spouse and minor children of the decedent in...

11 Apr PROPOSED NEW LEGISLATION: ONE MORE WAY TO DETERMINE STATUTE OF LIMITATIONS FOR GOVERNMENT TO MAKE CLAIM AGAINST YOUR HOME

Posted at 19:26h in Assisted Living, Beneficiary, End of Life Care Planning, Estate Planning, Lady Bird Deed, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Transfer of Death, Trusts, Wills

Although there are numerous ways to avoid a successful claim for estate recovery by the state government for Medicaid benefits (such as long-term care in a nursing home, assisted living facility or care at home, in addition to drugs) as set forth in a prior...

17 Jan EXCEPTIONS TO MEDICAID ESTATE RECOVERY IN TEXAS – HOW TO PROTECT YOUR HOME, CAR AND OTHER ASSETS FROM REPAYMENT OF LONG-TERM CARE EXPENSES

Posted at 14:37h in Asset Protection, Beneficiary, Business, Disability Benefits, End of Life Care Planning, Estate Planning, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Social Security, Transfer of Death

Although certain assets such as a home, car, mineral rights (subject to limitations) and businesses essential for self-support are “non-countable” when applying for long-term care Medicaid, there are numerous exceptions to avoid a successful claim by the State to be paid back for benefits (such...

16 Jan MEDICAID BIRD BOX TEN COMMON MISTAKES WHEN APPLYING FOR LONG-TERM CARE MEDICAID

Posted at 16:26h in Business, 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, Nursing Home, Retirement, Social Security, Transfer of Death

As the aging population continues to grow, there is more likelihood of disability and a need for long-term care. However, the majority of elderly Americans fail to have long-term care insurance or have adequate assets to be self-insured. As a result, many elderly people rely...

16 Jan FIVE REASONS WHY YOU SHOULD NOT USE A STANDARD FORM FINANCIAL POWER OF ATTORNEY

Posted at 16:23h in 529 plan, Asset Protection, Assisted Living, Beneficiary, Disability Benefits, End of Life Care Planning, Estate Planning, Financial Powers of Attorney, Guardianship, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney, Public Benefits Protection, Retirement, Special Needs, Special Needs Trust, Transfer of Death, Trusts

When it comes to estate planning, most immediately think about planning for their death first. However, approximately 30% of Americans will become disabled or incompetent at some time during their lifetime. A Will only becomes effective at your death – not if you are disabled....

13 Dec HOMEWARD BOUND – MEDICAID HOMESTEAD EQUITY (MAXIMUM VALUE) INCREASED TO $585,000

Posted at 16:56h in Estate Planning, Home Equity, Lady Bird Deed, Medicaid Application, Medicaid Planning, Nursing Home, Transfer of Death

As of January 1, 2019, the equity limit for a homestead applicant (who is single) for either the nursing home Medicaid program or “waiver” home care Medicaid program has increased to $585,000. Thus, if the home equity (the difference between the appraised value and any...

02 Nov SUCCESS STORY OF THE MONTH – THERE IS NO TIME LIKE THE PRESENT

Posted at 19:33h in Dementia, Estate Planning, Guardianship, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Social Security, Success Story of the Month, Transfer of Death

The following case is an example of how an entire estate was preserved for the benefit of an ill spouse and then for the children after her passing. The planning was done years ago, but the total savings were realized as of the date of...

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

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...

06 Sep POSSIBLE LOSS OF HOME TO GOVERNMENT FOR REPAYMENT OF BENEFITS LEADS TO ELDER ABUSE

Posted at 22:42h in Asset Protection, End of Life Care Planning, Estate Planning, Home Equity, Lady Bird Deed, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Success Story of the Month, Transfer of Death, Trusts

The granddaughter of an elderly California resident was recently sentenced to jail for 17 years for elder abuse after her grandmother was discovered with open wounds and bed sores which resulted in the grandmother’s death due to the granddaughter’s (and daughter’s) neglect. The daughter (who...

31 Jul 2ND SUCCESS STORY OF THE MONTH – JUDGE TO HELP ALAMO DESCENDANTS SAVE “TARA” WITH ORDER PERMITTING LADYBIRD DEED

Posted at 20:48h in End of Life Care Planning, Estate Planning, Guardianship, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney, Success Story of the Month, Transfer of Death, Wills

An ancestor of client received a Spanish land grant for what is presently client’s homestead with the acreage surrounding it. The property has been passed from generation to generation for almost 200 years (well before Texas became a state). One of client’s ancestors was even...

14 Jun BABY YOU CAN DRIVE MY CAR – FINALLY! NEW FORM LIKE LADYBIRD DEED OR TOD DEED FOR A CAR

Posted at 17:40h in Beneficiary, Estate Planning, Lady Bird Deed, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Transfer of Death, Wills

After almost a year since Governor Abbott signed the bill allowing vehicle owners to transfer their vehicle upon death to a beneficiary (and they can sell their car without the consent of the beneficiary), the Department of Motor Vehicles (DMV) finally created a one-page form...

06 Jun COURT RULES GRANTEE OF LADYBIRD DEED NOT ENTITLED TO PROPERTY

Posted at 09:00h in Estate Planning, Lady Bird Deed, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Transfer of Death

Many may be surprised that just because you are named as the grantee (the one generally entitled to the property at death) of a Ladybird Deed (an enhanced life estate deed), it doesn’t mean you would always be entitled to the property on the death...

14 May LADYBIRD DEED VS. ASSET PROTECTION TRUST FOR PROTECTION OF HOMESTEAD

Posted at 09:00h in Asset Protection, End of Life Care Planning, Estate Planning, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Mortgage, Nursing Home, Power of Attorney, Probate Administration, Texas Bar Today Top 10 Blog Posts, Transfer of Death, Trusts

Although there are numerous ways to protect your home from the claim of the state Medicaid agency (Health and Human Services Commission) if you receive Medicaid assistance (most typically for care at home or in a nursing home or other facility that accepts Medicaid, drug...

Medicaid Services