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Utilizing Promissory Note & Gift Planning to Qualify for Medicaid Benefits in New York

(61 reviews)

Produced on October 27, 2020

$ 89 Wills, Trusts, & Estates and Elder In Stock
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Course Information

Time 58m
Difficulty Intermediate
Topics covered in this course: Wills, Trusts, & Estates Elder

Course Description

All too often, the substantial cost of long-term care can rapidly deplete the assets of even middle-class and upper-class families. Fortunately, the Medicaid program can cover or contribute to the cost of long-term care for individuals in need of care who meet the financial eligibility requirements. But did you know that those who are ineligible can engage in asset protection planning to qualify for Medicaid benefits, while also preserving assets for their family? The promissory note and gift planning is an available strategy to assist individuals in immediate need of home care who have excess resources.

Lissett Ferreira, Esq., and Tamara Stack, Esq., will cover the essentials of the promissory note and gift planning, and how to effectively utilize this strategy to help individuals become eligible for institutional Medicaid.



Learning Objectives:

  1. Examine the eligibility requirements for Medicaid long-term care benefits
  2. Identify clients who may benefit from promissory note and gift planning
  3. Become familiar with the basic legal requirements for using a promissory note and gift 
  4. Develop a Medicaid eligibility and asset protection strategy
  5. Obtain best practices and pitfalls to avoid when using promissory note and gift planning as a Medicaid eligibility strategy
  6. Discover the mechanics and practical aspects of how to use promissory note and gift planning 

Credit Information

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Faculty

Lissett Ferreira

Meenan & Associates, LLC

Lissett serves as the chair of the firm’s Elder Law and Family Law & Divorce practice groups, with a particular emphasis on guardianship, Medicaid, divorce, and prenuptial/marital agreements.

Prior to entering private practice, Ms. Ferreira served for nearly a decade as a senior court attorney for a New York State Supreme Court judge, first in a matrimonial part, and thereafter in an Article 81 guardianship part.  In that capacity, she was involved in hundreds of matrimonial and guardianship matters, developing unparalleled insight and breadth of knowledge in these highly specialized areas of the law.

Lissett serves as the chair of the firm’s Elder Law & Special Needs and Family & Divorce Law practice groups, with a focus on guardianships, Medicaid, divorce, and prenuptial/marital agreements.

Prior to entering private practice, Lissett served for nearly a decade as a senior court attorney for a New York State Supreme Court judge, first in a matrimonial part, and thereafter in an Article 81 guardianship part.  In that capacity, she was involved in hundreds of matrimonial and guardianship matters, developing unparalleled insight and breadth of knowledge in these highly specialized areas of the law.

In private practice, Lissett continues to focus on guardianship-related matters and litigation, including representing petitioners filing Article 81 guardianship proceedings, and assisting clients with Medicaid and Medicaid planning.  Lissett is certified under Part 36 of the Rules of the Chief Judge to serve as court evaluator, counsel to guardian, guardian ad litem, and counsel to an Alleged Incapacitated Person.  She also serves as a trustee of several special needs trusts.

Lissett also assists clients with developing and implementing proper estate and special needs planning, helping clients with wills, powers of attorney, health care proxies, living wills, guardianship designations and all manners of trusts.

Having had an inside view of hundreds of highly contested divorce cases in court, Lissett is committed to helping her family and matrimonial law clients fairly resolve their differences in the first instance without having to go to court. Lissett’s matrimonial and family law practice focuses on advising and assisting individuals negotiating marital agreements, including pre-nuptial, post-nuptial, separation and divorce settlement agreements. For those cases where court is unavoidable, Lissett brings her unique perspective and experience as a former court attorney in a matrimonial part. Whether in or out of court, Lissett is a fierce advocate for the rights of her family and matrimonial law clients.

Lissett lectures widely on matrimonial, elder law and special needs issues for bar associations, Continuing Legal Education providers and the community at large. She also serves in leadership positions in various bar associations.  For example, Lissett has lectured on guardianships for the  New York Women’s Bar Association, where she serves on the Board and as co-chair of the Elder Law & Disabilities Committee; the New York State Bar Association; and the New York City Bar Association, where she also chairs a Lawyers’ Networking Group.




Tamara Stack

Law Offices of Stack & Associates, PLLC

Tamara L. Stack concentrates her practice in Elder Law and Trusts & Estates law. Ms. Stack’s firm provides professional services in Elder Law matters, including but not limited to Medicaid Planning and applications for home care and nursing home care, asset protection, disability matters, and guardianships. The firm is equally experienced in Trusts & Estates Law, providing services in estate planning; drafting Wills and revocable, irrevocable and disability trusts; and estate and trust administration.

The firm also offers services in Corporate Law and Real Estate Law, providing services such as negotiating contracts, drafting a variety of agreements, and transferring property. In addition, Ms. Stack is knowledgeable about tax matters, including personal, estate, and trust taxes.

Ms. Stack has been a guest lecturer for multiple organizations and events, speaking on Elder Law matters and Trust & Estate issues.

Ms. Stack is admitted to practice in the States of New York, Florida, and Massachusetts. She is a member of the New York State Bar Association, the New York City Bar Association, The Florida State Bar Association, and the National Association of Elder Law Attorneys. 



Reviews

DO
David O.

Very useful in my practice

KH
Kenneth h.

LIked the sample note

DK
Damien K.

very informative

MP
Michele P.

Thank you for your hard work on this subject.

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