Webcast

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

Streams live on Tuesday, October 27, 2020 at 10:00am EDT

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

Time 50 Minutes
Difficulty Intermediate

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

TW Lewis & Co., LLC

Lissett Ferreira is a passionate and committed advocate for families and individuals in transition, from marriage, divorce, and having children to aging, disability, and death. Ms. Ferreira’s practice focuses on elder and family law as well as trusts & estates, with a particular emphasis on guardianships, Medicaid/estate/special needs planning, probate and administration, separation/divorce, and prenuptial/marital agreements. Ms. Ferreira also serves as of counsel to TW Lewis & Co., LLC, on elder and family law matters.

Prior to starting her own legal 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 subsequently 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. 

Ms. Ferreira 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 trustee of several special needs trusts.

Ms. Ferreira has lectured on both elder and family law matters. She previously served on the Office of Court Administration’s New York County Guardianship Advisory Committee and its Sub-Committee on Court Examiners’ Training. In that capacity, she assisted in planning a training for court examiners, and served as a panelist at the training. She also previously conducted a training on uncontested divorces for the Family Law Task Force at New York Legal Services. Ms. Ferreira spoke about Article 81 guardianships at the New York State Bar Association’s Elder Law and Special Needs Section 2015 Summer Meeting.  Most recently, Ms. Ferreira spoke on a panel on Article 81 guardianships hosted by the Elder Law and Special Needs Section of the New York Women’s Bar Association. She also has co-presented at several community workshops on estate and special needs planning.

Ms. Ferreira received her A.B. from Brown University, with Honors in Portuguese and Brazilian Studies, and her J.D. from Fordham University School of Law. In between university and law school, Ms. Ferreira was awarded a Fulbright Scholarship for research in Mozambique. At Fordham Law, Ms. Ferreira served as Symposium Editor of the Fordham Law Review for a year, worked as a Summer Associate at the international law firm of White & Case LLP, and published a note entitled Access to Affordable HIV/AIDS Drugs: The Human Rights Obligations of Multinational Pharmaceutical Corporations, 71 Fordham L. Rev. 1133 (2002). Ms. Ferreira was on the Dean’s List at Fordham Law throughout her studies there. Upon graduation, Ms. Ferreira received the Murray magna cum laude Public Service Award, and was inducted into the Fordham Law chapter of the Order of Coif, an honor society for top law school graduates.

Ms. Ferreira is admitted to practice in the State of New York and the United States District Courts of the Eastern and Southern Districts of New York. She is a member of the New York State Bar Association, New York Women’s Bar Association, Queens Women’s Bar Association, and New York City Bar Association. She currently serves as co-chair of the CLE Sub-Committee of the NYCBA Problems of the Aging Committee.

Ms. Ferreira also is co-publisher of “ny guardian advocate”, a legal blog at nyguardianadvocate.com, that provides information and insights for Article 81 guardians and guardianship professionals in New York.



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.