mailto:jason@eckertlawllc.com 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 die assets are transferred to family, and die 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. mailto:jason@eckertlawllc.com 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 die assets are transferred to family, and die 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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