Listen to Lawrence…Medicaid’s Treatment of Trust Income

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LISTEN TO LAWRENCE Dear clients and friends, Here are two questions from one of my readers: QUESTION ONE We have an Irrevocable Medicaid Asset Protection Trust with your firm. First question is concerning interest income from a trust savings account, would Medicaid be able to take the interest (if applying …

Listen to Lawrence…Is my life insurance taxable?

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LISTEN TO LAWRENCE Dear clients and friends, Here is another one of your questions and my response: CLIENT QUESTION Is my life insurance taxable? MY RESPONSE People often overlook their life insurance when they do their estate planning…..but this could be a big mistake. While life insurance proceeds are generally …

Listen to Lawrence…Estate Tax Question Answered

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LISTEN TO LAWRENCE Dear clients and friends, Here’s the answer to one of your estate tax questions: Question for Lawrence Hi Lawrence, I have an estate worth $7 million. I understand that I have no exposure to estate taxes. Is this true? My Response I wish I could say that this is …

Listen to Lawrence…Is my home an exempt asset from Medicaid?

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Dear clients and friends, Here’s the answer to one of the most commonly asked questions: Question for Lawrence The only asset I own is my home. Is my home an exempt asset from Medicaid? Thanks, I love your emails. My Response Thanks. I started these LISTEN TO LAWRENCE emails when the pandemic began and I …

Listen to Lawrence…Answering your Medicaid questions

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Dear clients and friends,   READER QUESTION:   If my mother’s regular checking and savings account are actually listed as a joint account with my nephew, does Medicaid still consider it only her money or half her money?    MY RESPONSE:   Jointly held bank accounts are understandingly confusing. After …

Listen to Lawrence…Answering your Title Theft questions

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Dear clients and friends: READER QUESTION: I hear that homeowners are having their titles stolen and have lost their homes to this thievery. Title theft warning services are being sold on TV to supposedly protect you from this practice when Lifelock, etc. won’t. Would having a mortgage on your home make …