What can I do if care is needed right away?
Now, if you need this care today, and you didn’t do the Medicaid Asset Protection Trust or any of the pre-planning options before care was on the horizon, and you don’t have any exempt transfers, don’t worry! You still have options. In these circumstances, we’ve helped people save about 50% of their money. Now, you might be thinking, that means I have to contribute 50%, right? Yes, but at the same time, if you don’t do anything, you may have to contribute the full 100%. In last-minute planning scenarios, an elder law attorney can help you to utilize what’s called Promissory Note Planning. Now, this type of planning is complicated to explain and even harder to implement. What you need to understand here is that by utilizing this strategy, the money does get out of your name. A certain portion of it is free and clear, transferred to your children or beneficiaries of your choice, and a certain portion of it then is paid over to the nursing home. The details of it are very, very specific, and even one slip-up in this type of planning can make the whole plan become a problem.
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