Welcome to the December Issue of the

Texas Elder Law E-Letter

 
 
 

Wishing you a joyous holiday season and a new year filled with peace, good health and happiness.

 

Our next free Estate Planning Essentials Workshop (our last of the year) will again be live. Registration for our next live workshop (which will be Tuesday, December 13, 2022 from 10:00 a.m. until noon) can be made by calling us at (214) 720-0102 or signing up online at www.dallaselderlawyer.com.

 

Attendees often ask questions about estate planning, probate, Medicaid and Veterans benefits. We proceed to answer the questions over the course of the workshop (although there will be a presentation also).

 

We want to thank those who joined or donated to our Walk Team, Michael’s

Marchers, for the Walk to End Alzheimer’s (which was held on Saturday, November 5, 2022).

 
 

We are most grateful to KAAM (770 AM) radio, Don Crawford, Jr. and the Percy Fund for their extremely generous contribution to our walk team resulting in our exceeding our stated goal.

 

Please note that Michael B. Cohen’s radio show on estate planning and elder law can be heard on KAAM (770 AM) on Mondays and Tuesdays at 1:00 p.m. and Saturday at 10:00 a.m. Prior shows (topics are categorized) can be heard as podcasts on SoundCloud and as indicated on our website www.dallaselderlawyer.com. Our podcasts can also be heard on Spotify and Apple Podcasts. Subscribe to be notified of future releases.

 
 

 

Michael B Cohen's Latest Blogs

 
 
 

 

 

 

9 Things that should not be in your will

 

While it is often advisable to have a will, there are some things you should not include. 

 

 
 

 

 

2023 Maximum Resource Limits For Spousal Medicaid (How To Keep More For The Well Spouse If Ill Spouse Needs To Go Into Nursing Home)

 

As we live longer, there is a greater likelihood of disability and the need for long-term care. However, most Americans have inadequate resources or income for such care and also lack long-term care insurance or similar insurance products. As a result, some elderly and disabled seek public benefits (such as Medicaid) to help defray such cost. However, the government looks at the applicant’s resources as entitlement to such benefits are “means-tested” prior to the government paying for benefits.

 

 
 

 
 

IRS Announces Increase in Amount That Can Be Given in Life and at Death Without Taxation

 

As of January 1, 2023, you can give up to $17,000 per year, per person without reporting to the IRS and without gift taxation. So, for example, if a married couple with three children wanted to give the maximum to each child, then they could give up to $102,000 ($17,000 x 3 by the husband and $17,000 x 3 by the wife) in year 2023 without reporting to the IRS.

 

 
 

 

 

13 Common Mistakes Of Executors

 

The executor named in a will is the fiduciary who is responsible for (1) collecting the assets that pass by probate; (2) paying the debts, taxes, expenses and fees of the estate; and (3) distributing the assets in accordance with the terms of the will. The following are some of the most common mistakes that executors make:

 

 
 
 

2023 Long Term Care Medicaid Income Cap Increase – When And How To Use A Miller Trust

 
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 $2,742 (as of January 1, 2023), the eligibility solution for this particular requirement is the creation of a Qualified Income Trust (QIT) formerly known as a Miller Trust. Texas follows the “name on the check” rule in determining income.
 
 
 
 
Michael B Cohen's
Latest Podcasts
 
 
 
 

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