“When we were children, we used to think that when we were grown-up we would no longer be vulnerable. But to grow up is to accept vulnerability… To be alive is to be vulnerable.” – Madeleine L’Engle
If you or your loved one has an immediate need for nursing home care, but you do not know how you are going to afford the astronomical costs once Medicare benefits are exhausted, the team at Ansanelli Law Group, LLP (“ALG”) is here to help you.
Promissory Note planning for long term Medicaid eligibility purposes is a way in which an individual applying for long term Medicaid can preserve approximately forty percent (40%) of his or her assets by gifting same, simultaneously with loaning the remaining sixty percent (60%) to another family member to be paid back to the Medicaid applicant over a set period of time. The general concept is that the gift of assets will create a Medicaid asset transfer penalty for long term care, however, the loan payments under the Promissory Note, when coupled with the individual’s fixed income would be utilized to pay for nursing home care throughout the course of the Medicaid asset transfer penalty period.
If faced with this situation, let the experienced team at ALG guide you through this emotional and complicated time.