From the Attorney’s Desk by Jason Krautkramer, J.D. Eckert & Krautkramer, LLC 630 N 4th St., Wausau, WI 54403 eklawwi.com 715-842-0907 jason@eckertlawllc.com 179991 The Gift and Promissory Note When a loved one needs long-term care, families often fear it is too late to protect anything. In some situations, that is not true. One technique sometimes used in a Medicaid crisis is the gift and promissory note, a coordinated approach that preserves a portion of assets while working toward Medicaid eligibility. In general terms, part of the assets are transferred to family, and the remainder is converted into a properly structured promissory note that creates income to help pay for care during any resulting penalty period. When done correctly, this strategy can soften the financial impact of an unexpected long-term-care event. Because the rules are technical and mistakes can be costly, this is not a do-it-yourself solution. If long-term care is needed now or soon, learning what options may still exist could make a meaningful difference for your family’s future. Call us today. From the Attorney’s Desk by Jason Krautkramer, J.D. Eckert & Krautkramer, LLC 630 N 4th St., Wausau, WI 54403 eklawwi.com 715-842-0907 jason@eckertlawllc.com 179991 The Gift and Promissory Note When a loved one needs long-term care, families often fear it is too late to protect anything. In some situations, that is not true. One technique sometimes used in a Medicaid crisis is the gift and promissory note, a coordinated approach that preserves a portion of assets while working toward Medicaid eligibility. In general terms, part of the assets are transferred to family, and the remainder is converted into a properly structured promissory note that creates income to help pay for care during any resulting penalty period. When done correctly, this strategy can soften the financial impact of an unexpected long-term-care event. Because the rules are technical and mistakes can be costly, this is not a do-it-yourself solution. If long-term care is needed now or soon, learning what options may still exist could make a meaningful difference for your family’s future. Call us today.
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