WTOB FM/AM Radio in Winston-Salem, NC interviews elder, special needs, and estate planning attorney Vance Parker about using a Medicaid qualified promissory note to shelter assets from Medicaid. Particularly useful with couples, an elder lawyer may transfer an ill spouse’s assets to the well spouse, then use a Medicaid qualified promissory note (authorized under federal law) to loan those assets to someone else, in order to reduce the ill spouse’s estate and qualify him or her for Medicaid. The loan may then be repaid in full, with interest, to the well spouse, so that the ill spouse’s funds stay within the family, and are not lost.
The Medicaid qualified promissory note technique may be used to quickly qualify a senior or special needs person for Medicaid long term care benefits.
Vance talks with WTOB Radio every Tuesday at 4:38 pm, educating the public about elder and special needs law, and estate planning topics.