46 The QUeeNS CoUrier •business •january 17, 2013 for breaking news visit www.queenscourier.com business s Pols say ‘no dice’ to no downstate full gaming by terenCe M. Cullen firstname.lastname@example.org Governor Andrew Cuomo pulled a wild card last week. New York will get seven new casinos if voters approve a full-gaming amend- ment this fall, Cuomo said during his State of the State address. Most of these casinos, however, will be upstate — particularly in the Finger Lake region — to drive tourism to other areas of New York. The news has some elected offi- cials working to ensure Resorts World Casino New York City will continue growing in South Ozone Park and cre- ating jobs in the area. Immediately after the governor’s gen- eralized proposal on gaming in the state, State Senator Joseph Addabbo texted Cuomo staffers about the statement; Assemblymember Phillip Goldfeder got to Twitter. Both officials, who represent the Aqueduct property and surrounding neighborhoods, are working to ensure that Resorts World becomes one of those seven full-gaming casinos. The governor’s proposal was open for interpretation, Addabbo said, and the Elected officials who represent the Aqueduct area want Resorts World Casino New York City to be considered for a full casino if full already-built Racino is prime for table gaming laws pass this November. games. Should gaming laws pass this fall, Addabbo said the Racino’s proxim- and economic impact in south Queens. “We remain interested in enhancing land used for a venue that would bring ity to JFK Airport makes it the prime “Especially post-Sandy, we need to the extremely successful partnership with more visitors to the area. Having full place for further development and could create jobs and spur, boost our econ- New York State that has led to Resorts gaming at Resorts World would only build up the burgeoning area. omy,” he said. “And putting gaming at World’s status as the number one slot help that cause, Goldfeder said. “There’s too many facts here that Aqueduct would do exactly that.” machine revenue generator in entire “We’ve got a lot of big plans for that cannot be ignored to say, ‘no, we’re Resorts World executives are confi- country and look forward to review- site and enhanced gaming would be a not doing a full-fledged casino there,’” dent the company’s partnership will ing the governor’s proposal to facilitate great anchor,” he said. “But I’m confi- Addabbo said. “That would be an irra- continue to grow, said spokesperson economic development in Upstate New dent that, working with the governor, tional thought.” Stefan Friedman. Executives also plan York,” Friedman said in a statement. we’re going to come to a real conclu- Goldfeder likewise said future expan- on continuing to generate revenue for Both the senator and assemblymem- sion that would be in the best interest sion at Aqueduct was crucial to job growth the state, particularly for education. ber said they expect the pre-developed of the community.” The Elder Law Minute TM Medicaid’s Home Equity Limit to Rise to $802,000 by ronald a. fatoullah, esq. and for Medicaid purposes. The same rule also applies if has an equity interest in the home and who resided in debby rosenfeld, esq. a disabled, blind or minor child resides in the home. the home for a period of at least one year immediate- With regard to nursing home eligibility, the home ly prior to the date the applicant became institution- The Center for Medicare and Medicaid Services is deemed exempt if the applicant expressed an intent alized is also be treated as an exempt transfer. It is (CMS) released the new home equity limit for 2013. to return back to the home. However, in such sce- important to note that any time assets are transferred, For Medicaid eligibility purposes, individual states nario, Medicaid can place a lien on the home in order especially a home, one must take into consideration can elect a home equity limit of a minimum of to reimburse itself for the medical expenses paid on the the capital gains taxes ramifications. These taxes can $536,000 and a maximum limit at $802,000 (“Home applicant’s behalf. If, however, the recipient does in fact be significant and can often be reduced or eliminated Equity Limit”). New York State has always elected return home, the lien must be removed. The “intent to with proper planning. the maximum limit which will rise to $802,000 in return home” can only be utilized if the applicant’s equi- For those individuals with a personal residence 2013. What does the Home Equity Limit mean for ty interest in the home is under the Home Equity Limit. that have a value that exceeds the Home Equity our elderly? Let’s revisit basic Medicaid planning Accordingly, we often look to see if exempt trans- Limit, other planning strategies can frequently be strategies where a personal residence is involved. fers of the home may apply. Exempt transfers are used in order to obtain Medicaid eligibility. Since 2006, an individual will not be eligible for gifts of the primary residence that will not subject the The use of a Medicaid Irrevocable Asset Protection Medicaid coverage if the individual’s equity interest applicant/recipient to a Medicaid penalty or waiting trust is typically the best way to protect the home if in his or her personal residence exceeds the Home period. For example, transfers to individuals such as it is likely that nursing home care will not be needed Equity Limit (see exceptions below). a spouse, a child under the age of 21 or a blind or dis- for at least 5 years. Therefore, we must be mindful of the abled child of any age, a “caregiver Ronald A. Fatoullah, Esq. is the principal of Ronald value of a personal residence when elder law child,” or a sibling with an equity Fatoullah & Associates, a law firm that exclusively evaluating an individual’s eligibility interest in the home are exempt for concentrates in elder law, estate planning, Medicaid for Medicaid. It is recommended to Medicaid purposes. planning, guardianships, estate administration, trustsdLROna obtain an appraisal whenever a non- ESQ, CELa* A caretaker child is defined as a and wills. The firm has offices in Forest Hills, Greatah,LLuTOFa exempt home is held by the applicant/ child who has resided in the home Neck, Manhattan, Brooklyn, and Cedarhurst, NY. recipient. for at least two years prior to the This article was written with the assistance of Debby There are certain situations where the home will Medicaid application and who “provided care” to the Rosenfeld, Esq., a senior staff attorney at the firm. retain its exempt status regardless of its value. If the applicant which permitted the applicant to reside at Ronald Fatoullah & Associates can be reached by individual applicant is married and the healthy spouse home rather than in an institution. The transfer of a calling (718) 261-1700, 516-466-4422, or toll free at resides in the home, the home will not be counted personal residence to a sibling of the applicant who 1-877-ELDER-LAW or 1-877-ESTATES.
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