Listen to Lawrence…Do beneficiaries receive a house in a trust at the value it was when it was place in the trust or the stepped up value?

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LISTEN TO LAWRENCE LETTER Dear Clients and Friends, This is why The Listen to Lawrence Letter is so useful! You will see a very common question below that if not answered correctly, can evolve into the creation of misinformation causing serious and unnecessary concern. When the wrong information is passed around, it …

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 …