Trusts

28 Jan Veterans (or the Surviving Spouse of the Veteran) Get Small Benefit Increase in year 2015 for Care Cost

Posted at 21:54h in Assisted Living, Disability Benefits, 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...

05 Jan CONGRESS PASSES ABLE ACT EFFECTING MEDICAID APPLICANTS AND SPECIAL NEEDS TRUSTS

Posted at 06:18h in 529 plan, Beneficiary, Disability Benefits, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Quality of Life, Social Security, Special Needs, Special Needs Trust, Trusts

On December 16, 2014, Congress passed the Achieving a Better Life Experience Act (ABLE) which allows adults and children with disabilities whose disability occurred before age 26 to shelter up to the annual gift tax exclusion amount (presently $14,000) per year into an account which...

08 Dec BILLS OF INTEREST TO ELDER LAW ATTORNEYS DURING CONGRESSIONAL LAME-DUCK SESSION

Posted at 00:37h in Beneficiary, Guardianship, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Special Needs, Special Needs Trust, Trusts

Although nothing of particular significance is expected during the present Congressional lame-duck session other than passing a short-term bill to fund the government, there are two bills that elder law attorneys are hoping for passage to help the needs of their clients. One bill that possibly...

04 Nov LADYBIRD DEEDS UNDER ATTACK

Posted at 06:18h in Estate Planning, Lady Bird Deed, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Taxes, Transfer of Death, Trusts

Ladybird deeds, which are commonly used to avoid probate and to avoid claims by the state if the property owner receives Medicaid benefits, are under attack. This is a red flag to all Texans whose biggest asset is their home and who have inadequate insurance...

14 Jul U.S. Supreme Court Rules Inherited IRAs Do Not Have Creditor Protection

Posted at 07:30h in Beneficiary, Estate Planning, Michael Cohen Dallas Elder Lawyer, Retirement, Taxes, Trusts

The U.S. Supreme Court ruled on June 12, 2014 that inherited IRAs are not exempt from the claims of creditors under the U.S. Bankruptcy Code. Previously, inherited IRAs were protected from the claims of creditors in many jurisdictions including Texas. After the death of the individual...

09 Jun Increased Federal Tax Proposals for year 2015 Budget Announced

Posted at 07:06h in Beneficiary, Business, Estate Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Taxes, Transfer of Death, Trusts

The Obama Administration’s Fiscal Year 2015 Revenue Proposals have been published, and there are numerous suggested proposals which increase taxes in connection with estate planning. Although the Senate passed proposals this past week retaining certain tax incentives for businesses and individuals, the revenue proposals included...

02 Jun Do you trust your Trust?

Posted at 05:02h in Asset Protection, Beneficiary, Divorce, Estate Planning, Lawsuits, Michael Cohen Dallas Elder Lawyer, Public Benefits Protection, Trusts

As a follow up to last month’s Dallas Morning News article by Pamela Yip entitled “Maintaining Trust”, we thought those who receive our email might be interested in the questions that she asked and a more detailed explanation as follows: Q: Do you have the right...

27 Dec Veterans (or the Surviving Spouse of the Veteran) Get Small Benefit Increase in year 2014 for Care Cost

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

14 Nov Texas Legislature Creates New Statutory Durable Power of Attorney Form

Posted at 15:46h in Estate Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Trusts

The new Texas Estates Code (which will be replacing the Texas Probate Code) has changed the statutory durable power of attorney form that has been in existence since 1997. This change will be effective as of January 1, 2014. Although the existing forms or other...

06 Jun Social Security Amendment Clarifies Special Needs Trust Expense Planning

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 Digital Asset Trusts- Estate Planning for Recent Technology

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 SUPREME COURT DECISION RESULTS IN 3.8% MEDICARE SURTAX FOR SOME TAXPAYERS

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...

13 Sep Could a Child be Responsible for a Parent’s Nursing Home Bill?

Posted at 18:22h in Long Term Care, Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home, Trusts

Although children are not generally responsible for a parent’s debts, 29 states have passed “filial support” bills whereby adult children can be pursued to pay the bills of their parents including their long-term care bills. A recent appellate court case in Pennsylvania allowed a nursing...

27 Aug Son of a Gun – is there really such a thing as a Gun Trust?

Posted at 09:13h in Beneficiary, Michael Cohen Dallas Elder Lawyer, Probate Administration, Trusts

Although the 2^nd 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 New Annuity Introduced to Assist those Applying for Veterans Benefits -but will it work?

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 VETERANS PENSION PROGRAM ELIGIBILITY RULES LIKELY TO CHANGE AFTER GAO REPORT

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...

Medicaid Services

Trusts

28 Jan Veterans (or the Surviving Spouse of the Veteran) Get Small Benefit Increase in year 2015 for Care Cost

08 Dec BILLS OF INTEREST TO ELDER LAW ATTORNEYS DURING CONGRESSIONAL LAME-DUCK SESSION

04 Nov LADYBIRD DEEDS UNDER ATTACK

14 Jul U.S. Supreme Court Rules Inherited IRAs Do Not Have Creditor Protection

09 Jun Increased Federal Tax Proposals for year 2015 Budget Announced

02 Jun Do you trust your Trust?

27 Dec Veterans (or the Surviving Spouse of the Veteran) Get Small Benefit Increase in year 2014 for Care Cost

14 Nov Texas Legislature Creates New Statutory Durable Power of Attorney Form

16 Oct Digital Asset Trusts- Estate Planning for Recent Technology

17 Sep SUPREME COURT DECISION RESULTS IN 3.8% MEDICARE SURTAX FOR SOME TAXPAYERS

13 Sep Could a Child be Responsible for a Parent’s Nursing Home Bill?

27 Aug Son of a Gun – is there really such a thing as a Gun Trust?

06 Aug New Annuity Introduced to Assist those Applying for Veterans Benefits -but will it work?

13 Jun VETERANS PENSION PROGRAM ELIGIBILITY RULES LIKELY TO CHANGE AFTER GAO REPORT

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Medicaid Services

Trusts

28 Jan Veterans (or the Surviving Spouse of the Veteran) Get Small Benefit Increase in year 2015 for Care Cost

05 Jan CONGRESS PASSES ABLE ACT EFFECTING MEDICAID APPLICANTS AND SPECIAL NEEDS TRUSTS

08 Dec BILLS OF INTEREST TO ELDER LAW ATTORNEYS DURING CONGRESSIONAL LAME-DUCK SESSION

04 Nov LADYBIRD DEEDS UNDER ATTACK

14 Jul U.S. Supreme Court Rules Inherited IRAs Do Not Have Creditor Protection

09 Jun Increased Federal Tax Proposals for year 2015 Budget Announced

02 Jun Do you trust your Trust?

03 Feb SOCIAL SECURITY ADMINISTRATION ISSUES NEW POLICY INTERPRETATION CONCERNING SPECIAL NEEDS TRUSTS

27 Dec Veterans (or the Surviving Spouse of the Veteran) Get Small Benefit Increase in year 2014 for Care Cost

14 Nov Texas Legislature Creates New Statutory Durable Power of Attorney Form

24 Jun VA Benefits Planning Under Attack- Again

06 Jun Social Security Amendment Clarifies Special Needs Trust Expense Planning

16 Oct Digital Asset Trusts- Estate Planning for Recent Technology

17 Sep SUPREME COURT DECISION RESULTS IN 3.8% MEDICARE SURTAX FOR SOME TAXPAYERS

13 Sep Could a Child be Responsible for a Parent’s Nursing Home Bill?

27 Aug Son of a Gun – is there really such a thing as a Gun Trust?

06 Aug New Annuity Introduced to Assist those Applying for Veterans Benefits -but will it work?

13 Jun VETERANS PENSION PROGRAM ELIGIBILITY RULES LIKELY TO CHANGE AFTER GAO REPORT