#elderlaw Tag

04 Jun IRS GIVES DETRIMENTAL TAX RULING TO SURVIVING SPOUSE NOT NAMED AS BENEFICIARY

Posted at 14:17h in Beneficiary, End of Life Care Planning, Estate Planning, Michael Cohen Dallas Elder Lawyer, Retirement, Taxes

A recent ruling by the IRS demonstrates the importance of naming a spouse as the beneficiary of an IRA in which the surviving spouse has a community property interest. In this case, the husband (who died) named his child as the sole beneficiary of his...

01 May NEW RETIREMENT SAVINGS ACCOUNT BILL LIKELY TO PASS THIS YEAR

Posted at 09:00h in 401(k), Beneficiary, Business, End of Life Care Planning, Estate Planning, Inheritance, Michael Cohen Dallas Elder Lawyer, Retirement, Taxes, Trusts, Wills

As a result of less employer-sponsored pension plans and the desire of Congress to encourage savings for retirement, it is anticipated that Congress will pass the Setting Every Community Up for Retirement Enhancement (SECURE) Act later this year as it has bipartisan support. It will...

11 Apr CASE OF THE MONTH – DOOR #1 OR DOOR #2?

Posted at 19:30h in End of Life Care Planning, Estate Planning, Financial Powers of Attorney, Long Term Care, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Power of Attorney, Probate Administration, Transfer of Death

Dad, a nursing home resident in a facility that accepts Medicaid, owns highly appreciated out of state real estate that has been in the family for decades and approximately $100,000 of cash. The goals are to protect the real estate, have governmental assistance in paying...

11 Apr PROPOSED NEW LEGISLATION: ONE MORE WAY TO DETERMINE STATUTE OF LIMITATIONS FOR GOVERNMENT TO MAKE CLAIM AGAINST YOUR HOME

Posted at 19:26h in Assisted Living, Beneficiary, End of Life Care Planning, Estate Planning, Lady Bird Deed, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Nursing Home, Probate Administration, Transfer of Death, Trusts, Wills

Although there are numerous ways to avoid a successful claim for estate recovery by the state government for Medicaid benefits (such as long-term care in a nursing home, assisted living facility or care at home, in addition to drugs) as set forth in a prior...

08 Mar TAX CREDIT FOR DAY CARE OF DEPENDENT

Posted at 22:06h in Estate Planning, Michael Cohen Dallas Elder Lawyer, Taxes

If you have a dependent (i.e., a young child, an elderly parent or a disabled child) who lives with you more than one-half the year and who cannot be left alone, you might be entitled to a tax credit. Although you can no longer claim a...

08 Mar SUCCESS STORY OF THE MONTH – GRANDCHILD YELLS “HOORAY” FOR GIFT THAT MEDICAID SAYS IS OK

Posted at 22:05h in 529 plan, Beneficiary, Estate Planning, Long Term Care, Medicaid Application, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Nursing Home, Success Story of the Month, utma

This is a case where a client took advantage of one of the exceptions to the long-term Medicaid transfer penalty rules to shift the burden of the cost of care to Medicaid while helping fund her grandchild’s college education. Elderly single client (who has limited resources)...

07 Mar UNGRATEFUL DEAD – FIVE WAYS TO DISINHERIT YOUR CHILD

Posted at 17:16h in Asset Protection, Beneficiary, End of Life Care Planning, Estate Planning, Inheritance, Michael Cohen Dallas Elder Lawyer, Probate Administration, Trusts, Wills

Although most parents do not want to disinherit a child, sometimes they become estranged for reasons ranging from disrespect by the child to the child doing some sort of criminal act. As a result, sometimes disinheritance becomes logical and needed. The following are a few ways...

16 Jan SUCCESS STORY OF THE MONTH – IRREVOCABLE ‡ UNCHANGEABLE

Posted at 16:14h in Beneficiary, End of Life Care Planning, Estate Planning, Lawsuits, Long Term Care, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Success Story of the Month, Trusts

Often clients are surprised to learn that their “irrevocable” trust can be changed. There are several ways to make changes to an irrevocable trust including by court order, agreement of all interested parties, decanting (pouring into another trust), or by simply exercising a “power of...

13 Dec HOMEWARD BOUND – MEDICAID HOMESTEAD EQUITY (MAXIMUM VALUE) INCREASED TO $585,000

Posted at 16:56h in Estate Planning, Home Equity, Lady Bird Deed, Medicaid Application, Medicaid Planning, Nursing Home, Transfer of Death

As of January 1, 2019, 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 $585,000. Thus, if the home equity (the difference between the appraised value and any...

#elderlaw Tag

04 Jun IRS GIVES DETRIMENTAL TAX RULING TO SURVIVING SPOUSE NOT NAMED AS BENEFICIARY

01 May NEW RETIREMENT SAVINGS ACCOUNT BILL LIKELY TO PASS THIS YEAR

11 Apr CASE OF THE MONTH – DOOR #1 OR DOOR #2?

11 Apr PROPOSED NEW LEGISLATION: ONE MORE WAY TO DETERMINE STATUTE OF LIMITATIONS FOR GOVERNMENT TO MAKE CLAIM AGAINST YOUR HOME

08 Mar TAX CREDIT FOR DAY CARE OF DEPENDENT

08 Mar SUCCESS STORY OF THE MONTH – GRANDCHILD YELLS “HOORAY” FOR GIFT THAT MEDICAID SAYS IS OK

07 Mar UNGRATEFUL DEAD – FIVE WAYS TO DISINHERIT YOUR CHILD

16 Jan SUCCESS STORY OF THE MONTH – IRREVOCABLE ‡ UNCHANGEABLE

13 Dec HOMEWARD BOUND – MEDICAID HOMESTEAD EQUITY (MAXIMUM VALUE) INCREASED TO $585,000

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#elderlaw Tag

04 Jun IRS GIVES DETRIMENTAL TAX RULING TO SURVIVING SPOUSE NOT NAMED AS BENEFICIARY

01 May NEW RETIREMENT SAVINGS ACCOUNT BILL LIKELY TO PASS THIS YEAR

11 Apr CASE OF THE MONTH – DOOR #1 OR DOOR #2?

11 Apr PROPOSED NEW LEGISLATION: ONE MORE WAY TO DETERMINE STATUTE OF LIMITATIONS FOR GOVERNMENT TO MAKE CLAIM AGAINST YOUR HOME

08 Mar TAX CREDIT FOR DAY CARE OF DEPENDENT

08 Mar SUCCESS STORY OF THE MONTH – GRANDCHILD YELLS “HOORAY” FOR GIFT THAT MEDICAID SAYS IS OK

07 Mar LAST YEAR FOR SOME MARRIED COUPLES TO USE STRATEGY TO INCREASE SOCIAL SECURITY

07 Mar UNGRATEFUL DEAD – FIVE WAYS TO DISINHERIT YOUR CHILD

16 Jan SUCCESS STORY OF THE MONTH – IRREVOCABLE ‡ UNCHANGEABLE

13 Dec HOMEWARD BOUND – MEDICAID HOMESTEAD EQUITY (MAXIMUM VALUE) INCREASED TO $585,000