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How Can Promissory Notes be Used in Medicaid Planning?
Promissory notes can be a valuable tool in 
Medicaid planning, as illustrated by a recent federal district court case. In order to be eligible for Medicaid benefits, a nursing home resident cannot have more than $2,000 in countable assets. If used properly, a promissory note can help a nursing
home resident reach the appropriate level of assets.
On April 18, 2012, Oklahoma resident Juanita Lemmons transferred her farm and her Edwards Jones investment account to her son, Gary, in exchange for a promissory note in the amount $84,600, and then applied for Medicaid coverage. The court determined that this was a legitimate transaction and not a transfer of assets.
Click here to read more on the case. |
MassHealth Programs are Available to Help With the Cost of Care at Home
Do you or someone you care about need  assistance with care in order to remain living at home? If so, you or they may be eligible for assistance from MassHealth with the cost of care. There are now a number of MassHealth programs available to supplement the cost of home care. To be eligible for the programs, an individual over 65 generally needs to have under $2,000 in assets ($3,000 for a couple) other than their home and have a monthly income of less than $958. However, if the elder requires assistance with activities of daily living, such as bathing, dressing, toileting, feeding or transferring, the income limit can be increased to $2,130 a month. If the elder's income exceeds the threshold, she may still be eligible for assistance after meeting the deductible. Click here to learn more. |
Margolis & Bloom is Looking for a Part-Time Receptionist We are looking for a self-motivated person with strong computer and communication skills to support our very busy Boston office. The receptionist is the voice and face of the firm, the first person clients meet and the first person to provide the care, service and representation we provide all of our clients. If you are interested, please e-mail your resume to hiring@margolis.com.
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RESOURCE: AARP CareGiving Resource Center
The better prepared you are to care for a loved one, the more manageable the task will be. On the AARP website you will get tips and advice on how to successfully begin your caregiving journey.
Click here to learn more.
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