Trusts

11 Jul It’s Better To Give Than Receive – Or Is It? Considerations By Grandparents Before Gifting

Posted at 10:59h in 529 plan, Disability Benefits, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Probate Administration, Taxes, Transfer of Death, Trusts, utma

It is not unusual that grandparents want to help pay for a grandchild’s wedding, college or private school education, camp, car or other items which they feel may help a grandchild. However, the following matters should be considered before a grandparent makes a gift to...

03 May Three Reasons Why Revocable Living Trusts Should Not Be Used For Long-term Care Medicaid

Posted at 17:43h in Asset Protection, Beneficiary, Business, Estate Planning, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Public Benefits Protection, Special Needs, Special Needs Trust, Success Story of the Month, Transfer of Death, Trusts

Revocable living trusts are useful in estate planning for many different reasons (avoidance of probate, privacy, quick transition of an on-going business, etc.) but there are only limited situations when they are helpful in planning for long-term care Medicaid which helps pay for nursing home...

03 May Nine Exceptions To Lender Forcing Payment Or Foreclosing On Your Home When You Make A Transfer

Posted at 17:39h in Asset Protection, Beneficiary, Divorce, End of Life Care Planning, Estate Planning, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Probate Administration, Public Benefits Protection, Transfer of Death, Trusts

Whenever you borrow from a bank or other lender to purchase residential real estate or borrow against the equity, it is typical that there is a “due-on-sale” clause in your deed of trust or mortgage. This gives the lender the ability to require full payment...

13 Apr Nine Different Types Of Wills

Posted at 15:59h in Asset Protection, Beneficiary, Estate Planning, Financial Powers of Attorney, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Notarizations, Power of Attorney, Probate Administration, Public Benefits Protection, Taxes, Transfer of Death, Trusts, Wills

There are certain requirements for a last will and testament to be valid in Texas including: (1) being of sound mind; (2) being the age of majority (or married or a member of the armed forces of the U.S.); (3) not being unduly influenced; (4)...

15 Mar Eight Circumstances To Leave Assets In A Trust For Your Beneficiary

Posted at 21:00h in Asset Protection, Beneficiary, Charitable Giving, Divorce, End of Life Care Planning, Estate Planning, Guardianship, Inheritance, Long Term Care, Medicaid Planning, Probate Administration, Public Benefits Protection, Taxes, Trusts, Wills

Instead of your beneficiary inheriting outright, below are eight situations whereby you may want a trust for various protection: If your beneficiary is a minor or too immature to handle assets If your beneficiary is a minor, then the beneficiary (as a matter of law) cannot make...

15 Mar Five Common Tax Issues In Estate Planning

Posted at 20:42h in Beneficiary, Estate Planning, Inheritance, Medicaid Planning, Probate Administration, Retirement, Social Security, Taxes, Trusts

There are often misconceptions on some basic tax issues in planning (income, gifts, estate, etc.). The following describes some of the common issues where there is a lack of understanding. Trusts do not need a separate tax identification number if you retain enough control Since you retain...

assets, attorney, benefits, care, deeds, elder care

15 Mar Six Different Trusts Used In Public Benefits Planning

Posted at 20:36h in Asset Protection, Assisted Living, Beneficiary, Disability Benefits, End of Life Care Planning, Estate Planning, Guardianship, Inheritance, Lady Bird Deed, Long Term Care, Medicaid Planning, Medicare, Miller Trust, Nursing Home, Probate Administration, Public Benefits Protection, Social Security, Special Needs, Special Needs Trust, Trusts, Veterans

There are a variety of public benefits programs ranging from taking care of drug costs to long-term care costs to assistance for food and shelter. Although some public benefits programs such as Social Security Disability and Medicare are not “means-tested”, eligibility for most public benefits...

15 Feb Seven Different Types Of Bank Accounts Which Determine How Funds Are Distributed At The Owner’s Death

Posted at 22:16h in Beneficiary, Disability Benefits, Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Transfer of Death, Trusts, Wills

Many do not realize the signature card on your bank account (as to the type of account established) determines how the funds in the account pass at the owner’s death. Thus, even if a person has a Will, the signature card could establish that the...

15 Feb Ten Types Of Assets That Should Not Be Included In A Revocable Living Trust

Posted at 22:09h in 401(k), Beneficiary, End of Life Care Planning, Estate Planning, Guardianship, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Retirement, Transfer of Death, Trusts, utma, Wills

Revocable Living Trusts (RLTs) are commonly used for a variety of reasons ranging from avoiding probate to avoiding guardianship by retitling assets into the name of the trust if you should become disabled. However, not all assets can or should be transferred or even mentioned...

veterans benefits lawyers, veterans benefits attorneys

12 Jan Veterans Benefits Increase Announced – Government Salute To Those Who Served In Wartime

Posted at 15:06h in Assisted Living, Disability Benefits, Estate Planning, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Social Security, Trusts, Veterans

The Department of Veteran Affairs (VA) has announced in December its 2022 rate increases for certain non-service-connected disability wartime military veterans, not dishonorably discharged or their surviving spouse to help pay for care costs ranging from being housebound to long-term care costs. However, since these...

12 Jan Recognition Of Wills And Trusts In Foreign Countries – Without Review It Is Willy Nilly

Posted at 15:00h in Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Taxes, Trusts, Wills

It is not unusual for U.S. citizens to own real estate in their ancestral “motherland” or to live abroad and own real estate in another country. Although Wills created in one state are generally recognized if you move to another state (under the U.S. Constitution’s...

08 Dec Joint Account Owners Become Unhinged When Learning Six Reasons to Not Have a Joint Account

Posted at 20:07h in Asset Protection, Beneficiary, Disability Benefits, Divorce, Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney, Probate Administration, Taxes, Transfer of Death, Trusts, Wills

Although joint accounts are often used so that there is always one owner who can handle the assets in the account in the event of the death or disability of the other owner, there are many problems that one should consider before opening a joint...

08 Dec 2022 Medicaid Income Cap Increase – QITs No Longer on the Qt

Posted at 19:55h 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, the solution for this is the creation of a Qualified Income Trust (QIT) formerly known as a Miller Trust. The government recently announced the gross...

11 Nov ADVANTAGES AND DISADVANTAGES OF A WILL AND A REVOCABLE LIVING TRUST FROM AN ELDER LAW ATTORNEY’S PERSPECTIVE

Posted at 21:38h in Asset Protection, Beneficiary, Business, Disability Benefits, End of Life Care Planning, Estate Planning, Financial Powers of Attorney, Guardianship, Long Term Care, 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 to transfer assets at death under the terms and conditions you desire. The simple answer is that it depends on...

20 Sep ONE GOOD DEED DESERVES ANOTHER – LADYBIRD DEED VS TRANSFER ON DEATH DEED – WHICH IS BETTER?

Posted at 13:58h in Beneficiary, Disability Benefits, End of Life Care Planning, Estate Planning, Lady Bird Deed, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Power of Attorney, Probate Administration, Public Benefits Protection, Taxes, Transfer of Death, Trusts

There are numerous ways real estate can be transferred to avoid probate (which is also a way to avoid a successful Medicaid estate recovery claim in Texas), but which way is best will depend on the circumstances. The most common choices are either a transfer...

18 Aug VERDICT ON JUDGE’S TRUST: YOU CAN’T ALWAYS GET WHAT YOU WANT

Posted at 23:47h in Beneficiary, Divorce, End of Life Care Planning, Estate Planning, Inheritance, Lawsuits, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Trusts, Wills

Although conditional bequests in a will or trust are normally upheld to give freedom that your assets pass the way you want at your death, sometimes conditional provisions are held to be either unconstitutional or void against public policy. The request for a new trial of a death row...

18 Aug SON OF AUSTIN POWERS CO-STAR SHAGGED BY COURT

Posted at 23:21h in Beneficiary, End of Life Care Planning, Estate Planning, Financial Powers of Attorney, Lawsuits, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Trusts, Wills

SON OF AUSTIN POWERS CO-STAR SHAGGED BY COURTA California Appellate Court has reversed the Los Angeles Superior Court decision over the meaning of the term “grandchild” costing Damian Hurley, son of famed British actress Elizabeth Hurley and Steve Bing (although born out of wedlock), the sum of approximately $250 Million. The...

12 Jul FOUR WAYS TO PROTECT A SPECIAL NEEDS TRUST BENEFICIARY FROM WRONGFUL ACTS OF A FAMILY MEMBER TRUSTEE

Posted at 19:26h in Beneficiary, Estate Planning, Lawsuits, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Public Benefits Protection, Special Needs, Special Needs Trust, Trusts

It is very common for a family member to be named to serve as a trustee of a special needs trust of a loved one with special needs (usually to save money), but the recent felony charges for financial exploitation against a Minnesota mother who...

12 Jul PRIDE AND PREJUDICE? DID CHARLEY PRIDE’S WILL TREAT HIS SECRET SON UNFAIRLY? SIX STEPS TO REDUCE RISK OF A DISGRUNTLED BENEFICIARY

Posted at 18:49h in Beneficiary, End of Life Care Planning, Estate Planning, Inheritance, Lawsuits, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Special Needs, Special Needs Trust, Transfer of Death, Trusts, Wills

It was recently reported in the Dallas Morning News that Tyler Pride (“Tyler”)”, who is the biological son of famed country-western singer Charley Pride (“Charley”), has contested the Last Will and Testament of his father. Tyler was not born of Charley’s long-time marriage to Rozene...

17 Jun FIVE TIPS ON DISINHERITING A CHILD OR REDUCING RISK OF SUCCESSFUL CHALLENGE TO YOUR ESTATE PLAN

Posted at 16:15h in Beneficiary, Estate Planning, Inheritance, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Transfer of Death, Trusts, Wills

There are various reasons why a parent would disinherit an adult child ranging from failure to communicate for a period of time to verbal disagreements. Under Texas law, there is no legal requirement to name a family member as a beneficiary. The following are suggestions to...

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