Genser Dubow Genser & Cona (GDGC) will host a free elder law hotline in response to Older Americans Month to help seniors understand how they can safeguard their assets and safeguard their healthcare.
On Thursday, May 18, from 9 a.m. to 7 p.m. Long Island and New York City residents can call the GDGC hotline at 631-390-5000 and speak with an attorney about their specific needs regarding long-term care and asset protection.
“It’s critical for seniors to plan now and to take action to protect assets before expected changes in the laws are passed,” said Jennifer Cona, managing partner, GDGC. “By taking action right away, their plans will be grandfathered under the current laws.”
One of the most dramatic changes that may happen regarding Medicaid is the increased look-back period, which could possibly be increased from the current five years to 10 years. “If this happens, many people who need nursing home care won’t be able to get it,” said Cona. They may also impose a look-back period for home care where there is none now.
Another important proposed change is to abolish spousal refusal. Currently, this right is protected by federal law and a waiver is required for any change. If states get exclusive control, spousal refusal may be a thing of the past. Again, planning ahead is the best way to avoid a crisis and to protect hard-earned assets.
“One solution is placing assets in an irrevocable trust to start the five year look back period before it’s extended for nursing home care and possibly introduced for home care,” said Cona.
Visit www.genserlaw.com, email firstname.lastname@example.org or call 631-390-5000 for more details and to receive a free copy of Guide to Elder Law and Estate Planning.