Michael B. Cohen's Latest Blogs

After the passage of the Secure Act a few years ago, planning by naming a trust as a beneficiary of a retirement account (that is not a ROTH IRA) had to be reconsidered. Previously a designated beneficiary (even if the trust is named as the beneficiary and the trust is properly drafted as described below) could stretch distributions over the beneficiary’s life expectancy resulting in tax-deferred growth.

Sometimes abuse can come from those closest to you even if they are named to act in their capacity as a fiduciary. A person acting as a fiduciary (such as an agent under a power of attorney, a trustee of a trust, a guardian or as an executor) should be someone you trust to act in your best interest.

Identity theft is real. The brazen attempt of foreign fraudsters to foreclose on Graceland, the former home of the late iconic singer, Elvis Presley, illustrates the need to be vigilant in the protection of your assets – and so should the representatives of your estate after your death as well as your heirs and beneficiaries. Graceland is one of the biggest tourist attractions in the South.

The Texas Supreme Court has ruled that a Medicaid applicant who purchases a home or an interest in a home after admission into a skilled nursing facility is not excluded as a resource for Medicaid eligibility. On the other hand, the Court suggests if the Medicaid applicant purchased a home or an interest in a home and occupied the home prior to skilled nursing admission, then it would be excluded in the resource calculation for Medicaid eligibility.