Elder Law Answers
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Can I Get a Short-Term Loan From Family While Receiving Medicaid?
- June 24th, 2014
Q
Can I borrow money from my family while receiving Medicaid assistance to pay upfront attorney fees and court fees to probate inherited property on a small estate? I would subsequently pay back the loan upon sale of the property and give the remainder to Medicaid to remain qualified for assistance.
A
Yes, but you will need to document the loan with a formal promissory note. However, please note that while this is the general rule you will need to check with your state’s Medicaid office to make sure it applies in your situation.
For more on promissory notes in Medicaid planning, click here.