Newsletters

Podcasts

Blog

Call or Text (469) 210-5270

 

Trusts

01 Dec

Posted at 18:03h in Disability Benefits, End of Life Care Planning, Estate Planning, Home Equity, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Social Security, Taxes, Trusts

The cost of long-term care is great (average is around $7,500/month in Texas). As a result, many apply for long-term care Medicaid for governmental assistance to help pay the facility and drugs. It is not unusual for us to receive calls after either a facility...

29 Nov

Posted at 17:58h in Beneficiary, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Miller Trust, Nursing Home, Probate Administration, Social Security, Trusts

Applicants for long-term care and Star+ Medicaid must be below an income cap as one of the requirements for eligibility. If the applicant’s income exceeds the income limit of $2,829 (as of January 1, 2024), the eligibility solution for this particular requirement is the creation...

26 Oct

Posted at 10:17h in 401(k), Beneficiary, Divorce, Estate Planning, Financial Powers of Attorney, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Retirement, Trusts, Wills

What happens if you pass and if you named your spouse as the beneficiary of your Will, trust, life insurance policy, IRA or bank account and you never change the beneficiary after divorce? It depends on the state in which you live. In Texas (and...

25 Oct

Posted at 10:18h in Asset Protection, Beneficiary, Business, End of Life Care Planning, Estate Planning, Guardianship, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Public Benefits Protection, Trusts, Wills

Although there are dozens of new laws in Texas, the following (in no particular order) are just some that affect estate planning, probate, guardianship and the elderly. Homesteads Held in Revocable Trusts Need Specific Language to Have Homestead Property Tax Exemption and Homestead Exemption for Creditor...

24 Oct

Posted at 10:23h in Asset Protection, Beneficiary, Business, End of Life Care Planning, Estate Planning, Financial Powers of Attorney, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Notarizations, Nursing Home, Power of Attorney, Probate Administration, Public Benefits Protection, Taxes, Trusts, Wills

It is no secret that people are moving to Texas for numerous reasons ranging from less taxes and affordable housing to Texas being more business friendly. As a result, estate planning documents prepared in other states should be reviewed when moving to Texas – even...

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...

02 Aug

Posted at 13:57h in Asset Protection, Beneficiary, Charitable Giving, Divorce, Estate Planning, Inheritance, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Public Benefits Protection, Trusts

The opioid crisis is real. Fentanyl is in the news seemingly on a daily basis. Drug and alcohol addiction of a family member or relative is an issue often discussed in estate planning. A beneficiary with an addiction who receives assets outright will often simply...

06 Jul

Posted at 10:05h in Beneficiary, Business, Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Trusts

It is common to create various trusts in estate planning. Some trusts are created pursuant to the terms of a will (called a testamentary trust), and some trusts are created by a separate document. There can even be trusts within a trust. The one responsible...

05 Jul

Posted at 09:59h in Beneficiary, Disability Benefits, End of Life Care Planning, Estate Planning, Financial Powers of Attorney, Guardianship, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney, Probate Administration, Retirement, Trusts

Many think if they have a statutory durable financial power of attorney in Texas that the agent can do anything he or she desires since the document gives broad powers. However, there are some additional powers beyond those listed in the statutory form that create...

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....

Skip to content