As Governor Cuomo continues to make drastic budget cuts and limit Medicaid expenditures, there will be dramatic changes to the care seniors and the disabled are able to access. Those over age 60 will have to reassess their estate and asset protection plans so they will have maximum protection when the new rules come to pass.
To clarify how the changes will affect seniors and what they need to do now, Cona Elder Law, a leading elder law and estate planning firm, will sponsor a free Senior Strategies Conference.
It will be held on Tuesday, May 17th from 9:30 AM –12:00 Noon and Wednesday, May 18th from 9:30-12:00 noon (2nd day added due to overwhelming response) at 445 Broad Hollow Road, Melville. Reservations are a must. RSVP to Moriah Farrell at 631-390-5000, ext. 211 or RSVP@conalaw.com.
Some of the NYS proposals have already been passed while others could be passed any time in this fiscal year. The new Federal laws, such as the estate tax law, is already effective and will be in place for the next 2 years.
“We want to help our clients make informed decisions and feel secure about their asset protection plans based on the changes that have taken place and others that are likely to occur,” says Jennifer Cona, Esq., managing partner, Cona Elder Law. “Planning with trusts and life estates must be reassessed in light of expanded estate recovery. Each plan needs to be custom designed for the individual’s unique situation.”
During the conference, Jennifer Cona, Esq. and partner Melissa Negrin-Wiener, Esq as well as senior associate Paul Hyl, Esq. will discuss the following topics:
- NYS Medicaid Budget Cuts: What It Means to You
- Update on proposals to eliminate spousal refusal
- Proposed Look Back for Medicaid Home Care
- New planning techniques to limit estate recovery
- Estate Tax Laws: New Planning Strategies
- Review of new Federal and State estate exemptions and tax rates
- Gift tax implications and leveraging the exemption
- Capital Gains ramifications
- Asset Protection Trusts: Planning Ahead to Preserve Assets
- Types of Trusts
- Protecting assets
- Protecting the family home
- Crisis Planning for Medicaid: Saving Assets Through Promissory Notes
- Preserving assets at the point of crisis
- Gift and Note planning strategies
- Techniques to save one-half of assets
ABOUT THE SPEAKERS
Jennifer B. Cona, elder law attorney, is the managing partner at Cona Elder Law. As director of the firm’s Elder Law department, Ms. Cona practices exclusively in the field of Elder Law and Trusts and Estates, including representing elderly clients and their families in connection with Medicaid planning, preservation of assets, estate planning, estate litigation, probate and administration of estates, disability planning and guardianships.
Melissa Negrin- Wiener, elder law attorney, is a partner at Cona Elder Law. Ms. Negrin-Wiener manages the Government Benefits Department while concentrating her practice in the areas of Medicaid eligibility planning, asset protection planning, Veterans benefits, disability matters, guardianships and estate planning. She supervises the preparation of Medicaid Applications for nursing home care, home care and community benefits.
Paul Hyl, elder law and estate planning attorney, is a senior associate at Cona Elder Law. Mr. Hyl supervises the firm’s Estate Planning and Estate Administration divisions. Mr. Hyl advises clients regarding sophisticated estate planning matters, tax planning, asset preservation, wealth transfer strategies, charitable giving and estate and gift taxation issues. Mr. Hyl is an adjunct professor at Dowling College and a member of the Board of Directors of the Dowling College Center for Intergenerational Policy and Practice.