Dallas Elder Law Attorney

Sometimes it is better to have a Will, and sometimes it is better to have a Trust. This podcast describes some of the advantages and disadvantages of either option.

The government has determined Americans are not saving enough for retirement. As a result, new laws have passed to encourage participation in saving for retirement and to encourage employers to help employees save for retirement.

The equity limit in year 2023 for a homestead to be a non-countable resource for a long-term care Medicaid single applicant has increased. Protection options (i.e. Ladybird Deeds, Transfer on Death Deeds, etc.) from a successful claim by the government for reimbursement after the Medicaid recipient's death are also discussed.

Certain wartime veterans (or the surviving spouse of a wartime veteran) are entitled to benefits if they are either homebound or need assistance in 2 activities of daily living. The benefits increase for 2023 is discussed along with some comparisons to Medicaid benefit rules.

Various end of the year income and estate tax planning strategies are discussed.

The Respect for Marriage Act recently signed grants certain rights to same-sex married couples, but it does not disturb a prohibition of certain rights as determined by each state. Freedom of speech and religion will likely be addressed in future U.S Supreme Court decisions.

From funeral arrangements to account information to assets that pass outside of a Will, there are some things that should not be mentioned in a Will.

When an applicant for long-term care Medicaid (i.e. a nursing home) has too much income to get the government to pay for care, a qualified income trust (also known as a Miller Trust) is used. This podcast mentions the new cap and explains how the trust works.

The IRS has announced new limits (1) on how much you give per year, person without reporting to the IRS, and (2) on how much be given at death without federal estate tax per year. Pros and cons of gifting during life and planning to avoid estate taxes after death are discussed.

Advantages and disadvantages of the use of Affidavits of Heirship when the deceased owned real estate but often has no Will.

Statutory form financial durable powers of attorney do not include all powers of the agent. Numerous additional provisions are discussed to give extra authority to the agent to meet the goals of the principal.

Advantages and disadvantages of Ladybird (enhanced life estate) deeds in comparison to transfer on death deeds are discussed.

Mistakes commonly made by Executors (the person who is to handle collecting the assets of the deceased, paying all debts, expenses, and taxes of the deceased or the estate of the deceased), and distributing the assets (pursuant of the Will) can be avoided by knowing these errors.

Long-term Care Medicaid (which helps pay for nursing home or at home care and drug costs) has a 5 year look back period to determine if an applicant made an uncompensated transfer to be eligible for governmental benefits. If such a transfer was made, the applicant could penalized resulting in a private pay requirement. This podcast discusses some of the exceptions to the rule.

Although it is good to have a Will, protection of the beneficiary or beneficiaries from a variety of possibilities. (1) Being disabled, (2) having creditor issues, (3) having an addiction, (4) marital problems, (5) being a minor, (6) potentially losing public benefits, (7) being a spendthrift, (8) having tax concerns.

The most common reasons why a parent gives away the bulk of their assets are not justified. The podcast describes why parents may think it is best and why their rationale is flawed.

Divorce affects estate planning documents such as wills and powers of attorney as well as some (but not all) beneficiary designations. This podcast describes Texas law and actions that should be taken if one thinks there may be a divorce.

As a result of certain federal and state laws, divorce is not needed to obtain eligibility for the government to pay for skilled care at home or at a nursing home. This podcast describes the requirements and how eligibility could be obtained so that the well spouse has assets to live for the remainder of his or her life.

Texas law permits surrogates to act and make medical decisions on behalf of a patient under certain conditions even if the patient has not signed a Medical Power of Attorney. This podcast describes the conditions and who can act as a surrogate.

Pitfalls could await if elderly get married (especially if a spouse has children from a prior relationship.) This podcast describes different rights a spouse may be entitled to during or upon death as a result of marriage.