Listen to Lawrence…Community Medicaid Update

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Dear Clients and Friends, NEWS ALERT! THANK YOU, COVID! GOOD COVID NEWS (SORTA): POSTPONEMENT OF THE COMMUNITY MEDICAID LOOK-BACK I have some new legal news that I wanted to get to you right away. Through my contacts at the New York State Bar Association, I have learned that the implementation of the …

Listen to Lawrence…Can I revoke my irrevocable trust?

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I am writing this entry to LISTEN TO LAWRENCE on Monday, February 15th, 2021.  Today is Presidents’ Day.   Since I am in a holiday mood, I am writing this while sipping a glass of Long Island red wine from the McCalls Winery in Cutchogue on the North Fork, specifically their top-notch Bordeaux blend, Ben’s …

Listen to Lawrence…Medicaid and IRAs

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LISTEN TO LAWRENCE QUESTION: I have a question. I know that if you go to a nursing home on Medicaid that they cannot demand that you take more than your RMD from your IRA or pensions. I assume that would also be true if you went in on self-pay and then ran …

Listen to Lawrence…2021 Estate Tax Exemption Amounts

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QUESTION: What are the 2021 estate tax exemption amounts? MY RESPONSE: The estate tax exemption is the amount of money and other assets you can die owning and pay no estate tax. This number has been rising each year based upon a complicated inflationary formula. The bottom line is that we wait …

Listen to Lawrence…Medicaid Adjustments for 2021

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There are other annual adjustments to Medicaid that you should know about. How much money (or other assets) can you keep in your name and still be eligible for Medicaid? The answer is now $15,900. How much money can be kept by the spouse of a person in a nursing …

Listen to Lawrence…New Medicaid Regional Rates

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NEW REGIONAL RATES As we welcome in 2021, I want to thank all of you for helping me get through 2020 and all its pandemic fears and isolation. Beyond my personal family and friends, staying connected with you, our literally thousands upon thousands of clients and friends of Davidow, Davidow, …