Welcome to the February Issue of the Texas Elder Law E-Letter
HAPPY VALENTINE’S DAY!
The next Estate Planning Essentials Workshop will be Saturday, February 8, 2025 at 10:00 a.m. until noon. We are also having a virtual Medicaid workshop Thursday, February 27th, 2025, from 10 AM until 10:30 AM. Registration can be made by calling us at (214) 720-0102 or signing up at the link below.
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).
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
Kellie Pickler in a Pickle
Country star singer and former American Idol contestant, Kellie Pickler, has sued her late husband’s parents in a dispute over who owns certain personal property items after they took items from her home.
IRS Announces Increase in Gift and Estate Tax Exemptions, Tax Brackets, Etc. for 2025
As of January 1, 2025, you can give up to $19,000 per year, per person (other than gifts of future interests) 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 $114,000 ($19,000 x 3 by the husband and $19,000 x 3 by the wife) in year 2025 without reporting to the IRS.
Home Sweet Home – Equity Limit Increased for 2025 Announced
As of January 1, 2025, the homestead equity limit for a Medicaid applicant who is not married and who either applies for the nursing home Medicaid program or “waiver” home care Medicaid program will increase to $730,000 ($713,000 in year 2024).
2025 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 Medicaid eligibility. If the applicant’s income exceeds the income limit of $2,901 (as of January 1, 2025), the eligibility solution for this particular requirement is the creation of a Qualified Income Trust (QIT) formerly known as a Miller Trust.
