When emergencies arise with a loved one and they require residential care in a nursing home facility, it may still be possible to protect their assets and receive the support they need through Medicaid.
The use of promissory notes coupled with a gift of assets has been approved in some cases in creating eligibility for Medicaid, but the process is complex and requires the assistance of an experienced Medicaid planning attorney.
When a person is deemed eligible for Medicaid except for the gift of assets, the promissory note can be used to pay for nursing home care during the penalty period that Medicaid imposes.
There are a number of caveats, including the actuarial soundness of the note, a strict and equal payment plan, and that it be non-negotiable.
Don’t try to handle emergency Medicaid planning on your own.
Your loved one can be protected, and the attorneys at Friedman & Ranzenhofer can make sure they have everything they need to get the care they require. Call us today at 716-542-5444 to speak to an experienced Buffalo Medicaid planning attorney for free.