|
SPECIAL ALERT
Radical
Changes to Medicaid Laws Put Squeeze on Seniors
By Dana E.
Bookbinder. Esquire
The Deficit Reduction Act of 2005 barely squeaked through the Senate this
morning by a 51-50 vote, yet the devastating impact on the lower to middle
class elderly population will be keenly felt. With Vice President Dick
Cheney casting the deciding vote, many who wish to plan ahead to preserve
their savings from long term care expenses for the benefit of their spouses
and children are shut out of certain strategies because they
did not act soon enough.
The new Act works to deny Medicaid eligibility to any individual who has
transferred assets within five years of applying for benefits. Individuals
will also be disqualified if a spouse has transferred assets within the
five-year period. Once the President signs the Act, which is expected
within the next several days, it will become effective. Any transfers
completed prior to the effective date of the Act will be grandfathered under
the old law, which has a three-year lookback period for most transfers and
which permits many transfers within the three year period.
Because, as of this writing, the old law is still in effect, Begley &
Bookbinder, P.C. URGES all of its clients to immediately
implement all of the asset protection recommendations the firm has made.
Clients who are slow to act on their lawyers’ advice may find that
opportunities lost can be very expensive. Because of the anticipated nature
of the changes in the law, the firm sent notices to its asset protection
clients several weeks ago warning that procrastination would be costly.
Now more than ever, seniors and others who cannot easily afford the cost of
long term care must be proactive in protecting their savings. Those who are
interested in learning more about asset protection planning as well as our
current clients with questions are urged to contact our office
immediately. Even those who have already entered a nursing facility can
still benefit from legal planning.
While the precise fallout from the legislation remains to be seen, the firm
is working diligently to protect its clients. Stay tuned for additional
firm literature and seminars to be announced.
Begley & Bookbinder, P.C.
is a law firm that specializes in Elder & Disabilities Law. We are based in
Moorestown, NJ, with offices in Stone Harbor & Lawrenceville.
Our web site contains a
library of firm newsletters, articles, on-line forms for Medicaid, Estate
Planning and Guardianship, as well as our upcoming speaking engagements, our
products, and other relevant information.
If you are
interested in having an Elder & Disabilities Law Attorney from Begley &
Bookbinder speak at an event, please contact Colleen Caruso at (856)
787-4237.
This newsletter is not intended as a substitute for legal counsel. While
every precaution has been taken to make this newsletter accurate, we assume
no responsibility for errors or omissions, or for damages resulting from the
use of the information in this newsletter.
Begley & Bookbinder, P.C.
is a law firm that specializes in Elder & Disabilities Law.
We are based in Moorestown, NJ, with offices in Stone Harbor &
Lawrenceville.
|
