Search results for "promissory"

A promissory note is normally given in return for a loan. Classifying transfers as loans rather than gifts can be useful because it sometimes allows parents to "lend" assets to their children and still maintain Medicaid eligibility.

Promissory notes can be a valuable tool in Medicaid planning, as illustrated by a recent federal district court case.

I have been asked to participate in a "note and gift" Medicaid plan for an aunt who has no other relatives. She is currently eligible for Medicaid and in a nursing home, but she recently inherited a large amount of...

With the exorbitant cost of nursing home care, many families worry about depleting their loved ones’ life savings to pay for the care they need.

Do you need an attorney for even "simple" Medicaid planning? This depends on your situation, but in most cases, the prudent answer would be "yes." ...

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...

My father is in a nursing home and I am starting the Medicaid application process. My sister lent him about $19,000 to help him out of a financial situation prior to 2007. She has documentation to support the loan. Can...

I am 66 years old and I live in Florida. I am considering loaning my niece, who is also one of my beneficiaries, $30,000. I would prefer to gift her this amount (using the $28,000 husband/wife gift tax exclusion), but...

My son and daughter-in-law bought a house with a “granny flat” attached. I gifted them the money for the down payment and in return I can live in the granny flat until my passing. My daughter-in-law and I do not...