Do you have to pay back Medicaid if you own a home?

DAVIDOWLAW Blog Post

Dear Clients and Friends: How can you have your cake and eat it too, like with this question… CLIENT QUESTION: If you own your home, how do you get Medicaid without having to pay it back? MY RESPONSE: We all know that you must be poor to get Medicaid. Luckily, you …

The laws and rights of Step-Parents and Step-Children

DAVIDOWLAW Blog Post

Dear Clients and Friends: Second marriages often present issues, like this question: CLIENT QUESTION: Under NYS law, can a stepfather be forced to support, provide an inheritance, or transfer one-half of jointly held marital assets (wife has dementia) to adult stepchildren? Both the stepfather and stepchildren have a power of attorney.  I …

Can you save your income from Medicaid?

DAVIDOWLAW Blog Post

Dear Clients and Friends: Can you save your income from Medicaid? CLIENT QUESTION: What are the alternatives for meeting the criteria to be eligible for Medicaid if you have a pension? MY RESPONSE: The answer to this question depends on the circumstances, including whether you are married or not and …

Life Insurance and Medicaid Eligibility

DAVIDOWLAW Blog Post

Dear Clients and Friends: Life insurance is something else to consider when applying for Medicaid. Read on… CLIENT QUESTION: If I paid off a 5-figure debt, at 5% interest, to my Life Insurance company, does that disqualify me from Medicaid?  Is that considered a look-back penalty, prior to qualifying for Medicaid? MY RESPONSE: …

Long Term Care Insurance and Life Insurance

DAVIDOWLAW Blog Post

Dear Clients and Friends: In my last two LISTEN TO LAWRENCE LETTERS, I have discussed long-term care insurance and some of the newer options. Today’s client question follows up on this theme. CLIENT QUESTION: Hi! I am curious as to your thoughts about the newer policies I am hearing about that have a …

Long Term Care Insurance Options

DAVIDOWLAW Blog Post

Dear Clients and Friends: In my last issue of the LISTEN TO LAWRENCE LETTER, I talked about how I still recommend Long Term Care Insurance, although not any particular company. A client of mine, who also happens to be a retired insurance broker, wrote me a response that I think you will …

Can you recommend a Long Term Care Insurance company?

DAVIDOWLAW Blog Post

Dear Clients and Friends: Picking the right long-term care insurance company is tricky….read on. CLIENT QUESTION: Hello, I would like to buy long-term care insurance for my adult son but my carrier UNUM no longer sells LTC policies. Can you recommend a good LTC insurance carrier? Thanks. P.S. I am …

STAR Rebate with an Irrevocable Trust

DAVIDOWLAW Blog Post

Dear Clients and Friends: This one gets me annoyed….read on: CLIENT QUESTION: In NYS a property tax rebate is being mailed to homeowners. If one’s house is in an irrevocable trust, will the one who pays the yearly taxes and also lives in the house be given a rebate? MY …

Irrevocable Trusts can sometimes be frustrating

DAVIDOWLAW Blog Post

Dear Clients and Friends: Occasionally, an irrevocable trust can cause frustration…read on. CLIENT QUESTION: You set up an Irrevocable Trust for me about 15 years ago. Besides my house, the trust is the owner and beneficiary of my life insurance policy.  The address and SS # on the policy are mine. Recently …

Do additional insureds apply to a revocable trust?

DAVIDOWLAW Blog Post

Dear Clients and Friends: In a prior LISTEN TO LAWRENCE LETTER (Volume 3, Issue 45), I discussed the need to make the IRREVOCABLE Medicaid trust an “additional insured” on your homeowner’s insurance for all properties in your trust. The reasoning was that we would want any claims paid out to be …

Updating an Irrevocable Trust

DAVIDOWLAW Blog Post

Dear Clients and Friends: What if you already have a funded Medicaid trust but you want to add to it or change things later? CLIENT QUESTION #1: If you add a saving account to an existing irrevocable trust, does that subject the entire trust to have a 5-year look-back or …

What is considered Trust Income and does it matter?

DAVIDOWLAW Blog Post

Dear Clients and Friends: What is considered trust income and does it matter? The following question and my response will help with this question: CLIENT QUESTION: I have an irrevocable trust created by you 4 years ago, funded with securities that produce income. The trust has a tax ID number rather …

Homeowner’s Insurance for a House in an Irrevocable Trust

DAVIDOWLAW Blog Post

Dear Clients and Friends: So your house is in an irrevocable trust, what happens if the house burns down? Keep reading… CLIENT QUESTION: Hi Lawrence. You put our house in an irrevocable trust years ago and now I have a question about the insurance on the house. Our homeowners’ policy now is in …

Medicaid Treatment of a House that is in a Trust

DAVIDOWLAW Blog Post

Dear Clients and Friends: Assets that are transferred into a Medicaid trust are all subject to the five-year lookback. All means all, as pointed out by this question and my response: CLIENT QUESTION: Our elderly (82), frail, unmarried cousin with vascular dementia has been using her funds to pay for a live-in …

The Special Needs Alliance

DAVIDOWLAW Blog Post

Dear Clients and Friends: As I have mentioned before, I am very proud of my part in creating the Special Needs Alliance. Brainstorming with the top Elder Law firms in the country truly revealed the need to create an organization that would bring together the top special needs planning attorneys in the …