Michael Cohen Dallas Elder Lawyer |

14 Oct Success Story Of The Month – Spotting The Issues In A Medicaid Planning Case

Posted at 13:26h in 401(k), Business, Dementia, Disability Benefits, End of Life Care Planning, Estate Planning, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Probate Administration, Quality of Life, Retirement, Social Security, Success Story of the Month, Taxes, Transfer of Death

Similar to tax planning, where the client often wants to pay as little taxes as possible and plan accordingly, many want to preserve as many resources as possible while obtaining Medicaid assistance so that the government will help pay for the cost of care in...

25 Jul “Home” Purchased After Buyer Is Institutionalized Counts As Resource For Medicaid

Posted at 09:18h in Beneficiary, End of Life Care Planning, Estate Planning, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration

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...

03 Jul Texas Long-Term Care Partnership Program

Posted at 11:14h in Asset Protection, Estate Planning, Home Equity, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Public Benefits Protection, Transfer of Death

As an incentive for Texans to get long-term care insurance (so the state through Medicaid would not have to pay as much for long-term care), Texas has a Long-Term Care Partnership Program (LTCP) which is a public-private partnership between state agencies (Texas Department of Health...

25 Mar 4 Ways To Use Annuities For Asset Preservation In Government Assisted Care Costs In Texas

Posted at 13:12h in Beneficiary, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney, Probate Administration, Retirement, Social Security, Special Needs, Special Needs Trust, Taxes

Long-term care Medicaid (the government program that assists in payment of nursing home care and medication) is means-tested. The government looks at an applicant’s assets prior to obtaining eligibility for paying for long-term care. The government (Texas Health and Human Services Commission) also considers income...

02 Jan 14 Exceptions To Long-term Care Medicaid’s Transfer Penalty Rules

Posted at 13:09h in 529 plan, Beneficiary, Disability Benefits, End of Life Care Planning, Estate Planning, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Social Security, Taxes, Transfer of Death, utma

Since long-term care Medicaid (which helps pay for skilled nursing care and medications) is “means-tested” (assets of the applicant are reviewed to determine if there is eligibility for the government to pay), there is a 5-year “look-back” period as there is a presumption resources were...

01 Dec 15 Common Mistakes When Completing A Nursing Home Medicaid Application Or Planning For Eligibility

Posted at 18:03h in Disability Benefits, End of Life Care Planning, Estate Planning, Home Equity, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Social Security, Taxes, Trusts

The cost of long-term care is great (average is around $7,500/month in Texas). As a result, many apply for long-term care Medicaid for governmental assistance to help pay the facility and drugs. It is not unusual for us to receive calls after either a facility...

27 Nov Maximum Resource Limits For Spousal Medicaid In 2024 (How To Keep More For The Well Spouse If Ill Spouse Needs To Go Into Nursing Home)

Posted at 17:41h in Disability Benefits, Divorce, Estate Planning, Home Equity, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Social Security

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...

05 Oct Medicaid Planning With Reverse Mortgages

Posted at 11:31h in Asset Protection, Assisted Living, Beneficiary, Business, Disability Benefits, End of Life Care Planning, Estate Planning, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Mortgage, Nursing Home, Power of Attorney, Probate Administration, Public Benefits Protection, Retirement, Social Security, Taxes, Transfer of Death

Your homestead is usually the largest asset you might own. Most people would prefer to stay at home as long as possible - even if there is a need for skilled care rather than living in a facility. As a result, often elderly (over age...

03 Oct New Medicaid Transfer Penalty Divisor Announced

Posted at 11:10h in Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration

Effective September 1, 2023, the “transfer of assets divisor” in Texas for long-term care Medicaid has increased from $237.93 to $242.13 (which represents the average daily cost of long-term care in Texas). The increased figure applies to Medicaid applications in Texas submitted on or after...

13 Sep Transfer Of Home Exceptions Without Medicaid Transfer Penalty

Posted at 15:44h in Asset Protection, Beneficiary, Disability Benefits, End of Life Care Planning, Estate Planning, Home Equity, Inheritance, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Mortgage, Nursing Home, Power of Attorney, Probate Administration, Public Benefits Protection, Social Security, Transfer of Death

Home, sweet home - the most valuable asset of many. However, if you need financial assistance for long-term care, you have to be careful when making a transfer. Long-term care Medicaid (which helps pay for skilled nursing care that many seek since Medicare has limited coverage...