News/Events/Articles
BIG NEWS FROM FISHER & PETERSON LAW OFFICE!
Fisher & Peterson Law Office, P.A. will become Fisher & Peterson, P.L. starting April 1.
I am happy to announce that Gail M. Fisher, Attorney at Law, and I are joining forces to form Fisher & Peterson, P.L. Gail is an estate planning and elder law attorney who currently practices in Fort Lauderdale. Stay tuned for open house information to give you a chance to meet Gail!
We are moving.
As of Friday, March 14th, our new office location will be:
8551 W. Sunrise Blvd. Suite 300
Plantation, FL 33322
We are located between University Drive and Pine Island Road on Sunrise Blvd, in an office park named Pine Island Commons.
We have new phone and fax numbers!
As of Friday, March 14th, the new telephone and fax numbers are:
Tel: 954 315-1169 (just 4 numbers off of our current number!)
Fax: 954 452-3311
Thank you for your patience during our moving time. We look forward to seeing you in our new location!
Very truly yours,VALERIE L. PETERSON
NEWS RELEASE
ElderCounsel, LLC Appoints Board Chairman
and Education Director
Madison, Wis., Feb. 5, 2008 – ElderCounsel, LLC, a premier community of elder law attorneys and provider of elder law document drafting software and continuing legal education, today announced that founding member Vincent J. Russo, J.D., has been appointed chairman of the board, and Valerie L. Peterson, Esq. has been appointed education director and member liaison. ElderCounsel was formed in October 2007 by a team of four leading elder law attorneys in partnership with WealthCounsel, LLC to provide elder law and estate planning attorneys with critical resources to competently serve the needs of the nation’s aging population and those with special needs. Russo, who is managing shareholder of Vincent J. Russo & Associates, P.C. based in Long Island, N. Y., is nationally recognized for his contributions and achievements in the field of elder law, special needs and estate planning. He has championed the rights of seniors and people with special needs since 1985 and is a founding member, fellow and past president of NAELA. He is also a founding member and past chair of the NYSBA Elder Law Section, founding chair of the Legal Advisory Committee, Alzheimer’s Association, Long Island Chapter, co-founder of the Theresa Foundation helping children with special needs and co-founder of the Academy of Special Needs Planners. Peterson, a practicing elder law attorney with offices in Ft. Lauderdale and Miami, Florida, brings to ElderCounsel extensive experience in the area of elder law and Medicaid planning and has taught nationally in those areas. A native of the Midwest, Peterson earned her law degree from Washburn University School of Law in Topeka, Kansas. She serves as president of the Miami Chapter of the Society of Financial Service Professionals, and is on the board of directors of the Academy of Florida Elder Law Attorneys, a state chapter of the National Academy of Elder Law Attorneys.
“With Vincent Russo and Valerie Peterson in these key leadership positions, ElderCounsel will truly become the preferred provider in the marketplace for the tools and expertise that attorneys need to build successful elder law practices,” said Louis W. Pierro, Esq., an ElderCounsel principal and founder.
About ElderCounsel, LLC
ElderCounsel, LLC, www.eldercounsel.com, is a membership-based organization of elder law and estate planning attorneys, and provider of document drafting software and elder law education. Based in Madison, Wis., the company was formed in partnership with WealthCounsel, LLC by nationally recognized elder law attorneys Michael J. Amoruso, Esq.; Howard S. Krooks, J.D., CELA; Louis W. Pierro, Esq.; and Vincent J. Russo., J.D., LL.M., CELA. WealthCounsel, LLC, www.wealthcounsel.com , is a membership-based organization of more than 1,000 law firms throughout the country and leading provider of estate planning document drafting software, continuing legal education, and practice management resources.
# # #
Media Contact:
Marlene Frith, WealthCounsel, 888-659-4069, Ext. 817
ARTICLES
NEW CHANGES IN THE
MEDICAID ELIGIBILITY RULES
Congress passed on Feb. 1, 2006, the Deficit Reduction Act of 2005, which included the most sweeping overhaul to Medicaid laws ever. The previous change to the Medicaid laws occurred 13 years ago with the Omnibus Reconciliation Act ("OBRA 93").
Some of the most restrictive provisions:
• Place exemption limits on the value of an applicant’s home;
• Restrict the use of annuities;
• Change the look-back period;
• Change the way the penalty period is calculated;
• Eliminate the ability to round down when calculating penalty periods.
HOME. Under previous law, the home of the Medicaid applicant was exempt, regardless of its value. The new law limits to $500,000 the equity of an applicant’s home.
Any equity in a home in excess of the limit will be considered an "available resource" and must be liquidated and applied toward the cost of care. The exceptions: The home may be transferred to a spouse, disabled child or minor child without affecting eligibility for Medicaid.
ANNUITY. Under previous law, annuities that were "actuarially sound" would not be considered a resource in determining eligibility for Medicaid benefits.
Several states, including
Balloon annuities are no longer allowed under the new law. In addition, for an annuity to be eligible under the new law, it must name the State as the irrevocable beneficiary. The exception: if the Medicaid applicant has a spouse or disabled or minor child who may be named a primary beneficiary. In such cases, the State must be named the irrevocable contingent beneficiary.
THE LOOK-BACK PERIOD. Under previous law, when an individual applied for Medicaid, he or she had to provide to Medicaid financial records for the past three (3) years. All transfers to trusts within the previous five (5) years had to be disclosed.
The new law allows the Department of Children and Families to require applicants to provide five (5) years of financial records if gifts were made during that period.
TRANSFER PENALTY PERIOD. The change in the transfer penalty period is the most comprehensive change under the new law that has the most impact on individuals.
Under the previous law, assets given away were considered uncompensated transfers. Individuals who made uncompensated transfers would be "penalized" and become ineligible for Medicaid benefits.
Under the new law, the penalty would begin only when the applicant has entered a nursing home and depleted all of his or her assets to the qualifying levels. These changes will have a significant negative impact. For example, a senior who made a $5,000 donation to his or her church and four and one-half (4 ½) years later applied for Medicaid benefits, would not be eligible. The same applies if an applicant paid for a family member's education, added a child to the title of the applicant’s home, made a down payment on a first home for a child, etc.
ROUND-DOWN. Under previous laws, many states rounded penalty periods down to whole numbers. For example, if an individual transferred $9,900, the transfer penalty was 2.9 months ($9,000/$5,000 - assuming $5,000/month cost). In a round-down state such as
The new law prohibits rounding down and provides that all transfers that constitute less than one (1) months’ penalty during any 12-month period must be aggregated, thereby eliminating the ability to round down. This means an individual could no longer transfer up to $9,900 per month and still become eligible for Medicaid.
It remains unclear how this bill will impact charitable giving and nursing homes. The burden on nursing homes to ensure they can provide documentation for the previous five (5) years will virtually ensure denial of claims. This will result in a lack of payment to healthcare facilities caring for residents who are already institutionalized.
The true impact of the Deficit Reduction Act of 2005 will take years to determine. For more information, please contact Valerie at 954-315-4778 or 305-861-2796, or by email, Valerie@valeriepeterson.com
New Medicaid Rules Detrimental to Seniors
and Individuals with Disabilities
Click here to view the document (PDF)
Medicaid: From Qualifying Clients
to Applying for Benefits
Click here to view the document (PDF)
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Update on New Medicaid Changes
Medicaid Eligibility Rules
New Changes in the Medicaid Eligibility Rules
"There is no question that the new Medicaid rules will be detrimental to seniors, individuals with disabilities, their families..."
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