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Ronald Fatoullah and Associates educates the elder care experts.

Ronald Fatoullah

Caryn attended the Ronald Fatoullah & Associates Update Luncheon last week along with hundreds of elder care experts. There was some good news and some warnings about transferring and protecting assets for long term care planning. The good news is that the Medicaid Epanded Estate Recovery Law was repealed. Assets such as the Life Estate deed, are once again safe if properly divested before applying for Medicaid. This repeal was hard fought for and our thanks to the efforts of the New York State Bar Association and the elder law community.

Other good news they brought was in the area of EPIC coverage. Although EPIC is still not what it was, and there will be a fee and a requirement to pay for Part D Coverage, the plan has been greatly improved from last years plan.

Some of the warnings we recieved included making sure you have a Living Will and meeting with your financial planner to discuss the type of Annuities you have, because you may not be protected from Medicaid recovery if you have a revocable annuity. Also, the method of calculating life estates has been raised and you should talk with your attorney to discuss your options.

April 21, 2012 - Posted by Aging Icon | Uncategorized | Annuities, Elder Law Attorney, Long Term Care Planning, Medicaid Planning, Revocable