Search results for "promissory"

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

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.

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...

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...

While it is preferable to conduct long-term care planning well in advance of needing care, if you haven’t planned ahead, there are some strategies available to avoid spending all your assets. ...

By a vote of 216-214, the U.S. House of Representatives has passed budget legislation that will impose punitive new ...