The Elder Law Minute™ How Will The Election Results Affect Seniors? By Ronald A. Fatoullah, Esq. and coverage known as the “doughnut ACA is carried out. Thirty states Yan Lian Kuang-Maoga, Esq. hole,” and has been providing free have Republican governors, some of preventative care for Medicare whom have said that they will opt out ELDER LAW Now that President Barack recipients. The ACA also included of the Medicaid expansion provided Obama has won a second term, a number of provisions aimed for in the ACA. But President ROnaLd what does it mean for seniors? What at improving long-term care and Obama’s re-election may boost the FaTOuLLah, impact, if any, are seniors to expect helping recipients remain in their prospects for expansion, and prod ESQ, CELa* with regard to long-term care costs homes instead of being forced into reluctant states to move forward and estate taxes? The good news is nursing homes. These provisions with the expansion, according to to get their affairs in order and to that his re-election means Medicare will continue to be carried out. Kaiser Health News establish an elder law and estate and Medicaid as we know them On January 1, 2013, the terms of With regard to estate taxes, if plan in order to protect assets for will likely be preserved for at least the Budget Control Act of 2011 will Congress fails to act the federal themselves as well as their heirs. the next four years. However, with take effect (commonly referred to as estate and gift tax exclusion is Ronald Fatoullah is a leading regard to estate, gift and generation going over the “fiscal cliff”) unless scheduled to be reduced from its expert in the fields of elder law skipping transfer taxes, we will Congress acts to avoid it. Failing to current level of $5.12 million to only & estate planning. He is the have to wait for the final results. act will bring about automatic tax $1 million ($2 million for a couple). founder and managing attorney of As of the writing of this column, increases and spending cuts agreed to President Obama has proposed to Ronald Fatoullah & Associates, President Obama and John Boehner as part of last year’s deficit reduction set the federal estate and gift tax a law firm concentrating in elder are busy negotiating these issues. deal. Although Medicare and exclusion at $3.5 million ($7 million law, estate planning, Medicaid Only time will tell if we go over the Medicaid will likely maintain their for a couple). New Yorkers must eligibility, special needs, trusts, so-called “fiscal cliff” or if Congress current structures, cuts may be made be reminded to engage in estate guardianships, & probate. He is can put together a responsible fiscal as a result of current negotiations. planning because even if the federal certified as an elder law attorney plan that increases revenues while President Obama reportedly offered estate and gift tax exclusion does not by the National Elder Law preserving important governmental to increase the Medicare age to 67 in revert back to $1 million, New York Foundation, and he is the current entitlements that seniors rely on. last year’s budget negotiations with State has its own estate tax and will Legal Committee Chair of the Long One of the biggest outcomes of the Republicans. tax estates over $1 million. Island Alzheimer’s Association. election is that the Affordable Care According to a Reuters article, While the re-election of President The firm’s offices are conveniently Act (ACA – a.k.a. “Obamacare”), congressional Republicans are also Obama provides some security located in: Long Island, Queens, which candidate Mitt Romney had expected to ask for concessions to seniors with regard to the Manhattan & Brooklyn and can promised to repeal, will almost from the ACA, including delaying preservation of Medicare and be reached at: 1-877-Elder Law certainly remain the law in our and scaling back the planned Medicaid to pay for long term care 1-877-Estates. This article was country. For seniors, the law has expansion of Medicaid. In addition, costs, much is still up in the air. written with the assistance of Yan already begun to close the gap state lawmakers, many of whom are Now more than ever, seniors owe Lian Kuang-Maoga, Esq., an elder in Medicare’s prescription drug Republican, will decide how the it to themselves and their families law attorney with the firm. Traditional Values Exceptional Care RNs, LPNs, Home Health Aides January 2013 Hospital and Nursing Home Companions Hospice Care, PT, OT, Speech and Nutrition n 24 North Shore Towers Courier Servicing all 5 boros Your language and special needs are our priority
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