Dear Clients and Friends: Here’s a straightforward question that gives me the chance to explain a common, but often misunderstood process. I’m talking about Probate. Unfortunately, just uttering the word “probate” creates fear and confusion and a feeling that it should be avoided at all costs which is not always …

Dear Clients and Friends: The phrase “step-up in tax basis” is one you might have heard before but maybe you were not exactly sure of what it is and how it works especially when it comes to assets that need to be distributed and are held in an Irrevocable Medicaid …

Dear Clients and Friends, My LISTEN TO LAWRENCE LETTER about the $15,000 per person, per year GIFT TAX exclusion prompted a flood of questions about the income tax ramifications for the donee. Here are three examples and my short and sweet response: QUESTION: Love the “Listen to Lawrence Letters” and I often forward …

Dear Clients and Friends, The gifting discussion continues and this question shines a bright light on yet another issue to be concerned with when Medicaid eligibility may become necessary. Although I have discussed gifting from a tax point of view, I thank this next reader for asking a question that …

Dear Clients and Friends, Although we discuss many Elder Law and Estate Planning strategies here in The Listen to Lawrence Letter, don’t forget that the firm also is deeply focused on planning for Special Needs. I am a founding member of the Special Needs Alliance which is dedicated to providing information, articles, resources, …

Dear Clients and Friends, Special Needs Trusts are usually set up by parents and/or grandparents for a child or grandchild that has disabilities in order to provide for their needs without jeopardizing their government benefits. As time goes by, you want to make sure you’ve done all you can so …

Dear Clients and Friends, “Gifting” rules can change and the tax implications or lack of tax implications as well as the limits need to be made clear and understood so here goes… CLIENT QUESTION: What amount can be “gifted” each year? MY RESPONSE: A lot more than you think! It seems …

Dear Clients and Friends, As soon as I received this question, I knew I was definitely going to answer it in my Listen to Lawrence Letter. The reason is that not only is it a good question, but it’s also a very commonly asked question and if you don’t know the …

Dear Clients and Friends, Wow, the issue of the Medical Aid In Dying (MAID) Acts continue to garner interest by my readers, overwhelmingly in favor of such an act. Here are two more responses that are typical of what I am receiving, especially in direct response to the anti-MAID responses I …

Dear Clients and Friends, Our conversation about the Medical Aid In Dying Act (MAID), (a/k/a “death with dignity law”) has sparked tremendous interest and awareness. As you may or may not know, New York does not have a MAID act at this time, although our legislature is currently discussing the issue.  Therefore, if …

Dear Clients and Friends, This next question obviously needs to be answered because it is one of the most commonly asked. I’m going to explain it as simply as possible because it is so important to really understand how these planning documents work. This is one Listen to Lawrence Letter that you …

Dear Clients and Friends, This next question tells a cautionary tale about second marriages and how it may negatively affect the children and stepchildren when it comes to their inheritances. Planning for those who are in a second marriage becomes crucial if either spouse wants to leave assets for their …

Dear Clients and Friends, Last week I posted an article about “Medical Aid in Dying” (MAID) laws, written by the esteemed Dr. Peter Rogatz.   I got many thanks for posting this article but I also got two negative responses. In this LISTEN TO LAWRENCE LETTER, I am going to post these two negative …

Dear Clients and Friends: Ever wonder what the wealthy are doing today to reduce their tax burden? Keep reading. CLIENT QUESTION: What is the concept of a SLAT in estate planning and what are the pros and cons. MY RESPONSE: A SLAT has become the estate planning tool of choice for …

Dear Clients and Friends: My readers are educated as you’ll see below and I hope I have something to do with that! I received the following email which will definitely allow me to explain the specifics of the Health Care Proxy in further detail. Continuing the dialogue is so helpful …

Dear Clients and Friends: My last LISTEN TO LAWRENCE LETTER about health care proxies generated a ton of interest and questions from my readers, like this next one: CLIENT QUESTION: In addition to a DNR and naming one Health Care Proxy, what else is there that is important to include? I’m talking …

Dear Clients and Friends, Sometimes what feels right for your family dynamics may not be consistent with the law like this case: CLIENT QUESTION: I have two children whom I love equally. Can I appoint them both to be my health care proxy agent to make my medical decisions? MY RESPONSE: …

Dear Clients and Friends, When you are thinking about how much you wish to put into an irrevocable Medicaid trust (to protect assets from Medicaid), the best question is not how much to put into it but rather how much you want to keep in your name in order to …

Dear Clients and Friends, When dealing with an IRA, the Medicaid and IRS rules sometimes are different, and sometimes an exception may apply… as pointed out in today’s letter. Read on for the question and answer that will clear it all up…I hope! 😊 CLIENT QUESTION: Can Medicaid force someone to …