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Trusts

27 Dec

Posted at 09:42h in Assisted Living, Divorce, Michael Cohen Dallas Elder Lawyer, Nursing Home, Trusts, Veterans

Veterans who served during wartime (not dishonorably discharged), or the surviving spouse of the wartime veteran, will be getting a slight increase (considered a pension) to be used for care at home, assisted living facilities or in a nursing home from the Department of Veterans...

24 Jun

Posted at 19:15h in Assisted Living, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Social Security, Trusts, Veterans

Two weeks ago the U.S. Senate Committee on Veterans’ Affairs held a hearing on Senate Bill 748 which (like its predecessor - Senate Bill 3270) attacks planning for Veterans Aid & Attendance benefits (which are benefits often received by veterans who served during wartime or...

06 Jun

Posted at 13:02h in Beneficiary, End of Life Care Planning, Home Equity, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Quality of Life, Social Security, Special Needs, Special Needs Trust, Trusts

On May 15, 2013, the Social Security Administration (SSA) announced changes to its Program Operations Manual System (POMS) to ensure that legitimate expenditures from special or supplemental needs trust are used for the sole benefit of a disabled beneficiary even if it may impart incidental...

16 Oct

Posted at 14:11h in Asset Protection, Business, Estate Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Transfer of Death, Trusts, Wills

There are many types of digital assets stored on computers, smart phones, websites, etc., including: (1) personal assets (such as photos, medical records, tax documents, etc.) that require a login with a different password; (2) social media (i.e., Facebook and Twitter, emails that store videos,...

17 Sep

Posted at 18:22h in 401(k), Business, Elder Justice, End of Life Care Planning, Estate Planning, Guardianship, Medicare, Michael Cohen Dallas Elder Lawyer, Trusts

The recent Supreme Court decision permitting passage of the Affordable Care Act will result in 3.8% Medicare surtax beginning in January 2013 and will apply to all taxpayers whose income exceeds a threshold amount which effectively raises the marginal tax rate for some. The tax...

27 Aug

Posted at 09:13h in Beneficiary, Michael Cohen Dallas Elder Lawyer, Probate Administration, Trusts
Attorney & Counselor at LawAlthough the 2nd Amendment of the U.S. Constitution gives the fundamental right to own a firearm, the National Firearms Act of 1936 regulates NFA firearms including, but not limited to, all fully automatic and select fire weapons, short-barreled rifles, shotguns and sound suppressors (silencers). If permitted under state law, you can own an NFA firearm. However, you have to pay a $200 tax on each firearm and you have to register them with the Bureau of Alcohol, Tobacco, Firearms and Explosives. Furthermore, unless you acquire them through a trust or other entity, you have to obtain the consent of your chief of police (which some may be reluctant to do). Failure to do so could result in criminal prosecution, a fine and the confiscation of the firearm(s).

06 Aug

Posted at 08:58h in Assisted Living, Beneficiary, Disability Benefits, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Trusts, Veterans
To assist with the costs of care if their medical expenses are high, wartime veterans or their surviving spouses often apply for non-service connected disability improved pension benefits (commonly referred to as “Aid & Attendance” although that is only a portion of the benefit) assuming all eligibility requirements are met. Various types of annuities are often used in the planning process so that eligibility can be obtained for Veterans Benefits. However, Medicaid benefits are often greater (especially for nursing home care) and the eligibility rules (and planning) are significantly different. On the other hand, VA benefits can be used anywhere (home, assisted living, nursing home, etc.) whereas very few assisted living facilities accept any Medicaid program.

13 Jun

Posted at 23:19h in Asset Protection, Assisted Living, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Public Benefits Protection, Taxes, Trusts, Veterans

The Government Accountability Office (GAO) released a report last week regarding abuse of the Veterans Pension Program which is likely to spur a major change in the eligibility rules and make it more difficult for a wartime veteran (or his or her surviving spouse) to...

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