Welcome to the December Issue of the

Texas Elder Law E-Letter

HAPPY HOLIDAYS!

Our next free “Estate Planning Essentials” workshops will be on Saturday, December 28, 2019 from 10:00 a.m. to noon and on Thursday, January 23, 2020 from 1:00 p.m. to 3:00 p.m. Seating is limited (our last workshops have had waiting lists). Call (214) 720-0102 to register or sign up online at www.dallaselderlawyer.com. We begin each workshop by asking “What questions do you have about estate planning or elder law?” Then we proceed to answer your questions over the course of the workshop.

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 2:30 p.m. (unless a SMU basketball game is scheduled at that time). 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

BIG BAD WOLF (LONG-TERM CARE COSTS) CAN’T BLOW DOWN HOUSE MADE OF IRREVOCABLE TRUSTS

Irrevocable trusts are a tool commonly used by many who plan in advance to preserve resources if they desire governmental assistance to pay for long-term care costs. Although Americans are living longer resulting in increased need for long-term care, sales of long-term care insurance have dropped tenfold.

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WILL OF KLONDIKE KING OF “SOURTOE COCKTAIL” LEAVES HIS TOES TO HOTEL BAR TO BE “TOEST OF TOWN”

Dick Stevenson, who in 1973 created the Sourtoe Cocktail (a shot of whiskey garnished with an amputated, mummified human toe) died at age 89 in November with his Will specifying that all of his toes be donated to the Dawson City (Yukon Territory, Canada) Downtown Hotel’s bar (the Sourdough Saloon) where the drink (that made him famous) is served.

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SUCCESS STORY OF THE MONTH – SAVING THE FAMILY MINERAL INTERESTS, COSTS OF CARE AND MORE

Elderly client, whose health is declining, owns a trailer and 11 acres that is treated as his homestead presently valued at around $55,000. He also owns 60 acres of undeveloped property where he would prefer to live which is much more valuable.

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JOINT BANK ACCOUNTS – A BLESSING OR A CURSE? NINE REASONS TO NOT USE A JOINT ACCOUNT

Joint bank accounts can be helpful in several ways, but such accounts can also be a trap for the unwary. A couple of the major benefits are as follows:

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TRANSFER ON DEATH DEED VOIDED BY COURT

The Fort Worth Court of Appeals has recently set aside a Transfer on Death Deed (an instrument that usually avoids court action for real estate to pass to a beneficiary) since a jury determined the deed was signed as a result of fraud and undue influence.

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WHERE THERE IS NO WILL, THERE IS A WAY (SOMETIMES) – SMALL ESTATES AFFIDAVITS

Texans who die with modest means may be able to have their property transferred if they have no Will and if certain other requirements are met. One of the main reasons for having a Will or a Trust is to transfer property of the deceased (hereinafter the “decedent”).

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2020 FINAL MAXIMUM RESOURCE LIMITS FOR SPOUSAL MEDICAID (HOW TO KEEP MORE FOR SPOUSE IF ILL SPOUSE NEEDS TO GO INTO NURSING HOME OR NEEDS CARE AT HOME)

The Texas Health and Human Resources has announced its final numbers in connection with long-term care Medicaid eligibility for year 2020. The final numbers are slightly different than projected as set forth in our November newsletter. As a result, we have edited that article with the final numbers announced this week so the corrected article shall read as follows:

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HOME SWEET HOME: MEDICAID HOMESTEAD EQUITY (MAXIMUM VALUE) LIMIT INCREASED TO $595,000 FOR 2020

As of January 1, 2020, the equity limit for a homestead applicant (who is single) for either the nursing home Medicaid program or “waiver” home care Medicaid program has increased to $595,000.

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Michael B. Cohen's Latest Podcasts

December 5th Podcast on Estate Planning

November 26th Podcast on Medicaid

November 19th Podcast on Estate Planning

November 12th Podcast on Wills

November 5th Podcast on Atatiana Jefferson