Revitalization of Promissory Notes as a Medicaid Planning Tool

Recent implementation of the Deficit Reduction Act of 2005 has resulted in Medicaid policies that are just now being utilized by the Elder Law Bar as a new planning opportunity for asset preservation for families with loved ones seeking long term care. This change was set forth in the ESS manual in January 2010. However, only until recently have elder law attorneys become comfortable using the promissory note as a planning tool (an earlier transmittal letter of the government had disallowed the use of promissory notes, effectively contending that notes were “countable resources”). There are however, some very strict guidelines that must be followed when implementing the “promissory note technique” for asset preservation.

We, at The Elder Law Firm of Clements & Wallace, P.L. believe that planners now have another arrow in the quiver for assisting families in asset preservation and meeting eligibility requirements for Medicaid when families are faced with long term health care needs.

Carol J. Wallace

Carol J. Wallace

Carol Wallace has dedicated her career to serving the legal needs of seniors. Carol practiced many years in Alabama before relocating to Florida in 2008. She is certified as an elder law attorney by the National Elder Law Foundation in 1996. She was the first attorney in Alabama with this distinction.

Carol was a partner in the Elder Law Firm of Glass & Wallace, P.C. with offices in Huntsville and Decatur, Alabama, from 1997 to 2009. That law firm was the first in Alabama dedicated to serving the legal needs of seniors.
Carol J. Wallace

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About Carol J. Wallace

Carol Wallace has dedicated her career to serving the legal needs of seniors. Carol practiced many years in Alabama before relocating to Florida in 2008. She is certified as an elder law attorney by the National Elder Law Foundation in 1996. She was the first attorney in Alabama with this distinction.

Carol was a partner in the Elder Law Firm of Glass & Wallace, P.C. with offices in Huntsville and Decatur, Alabama, from 1997 to 2009. That law firm was the first in Alabama dedicated to serving the legal needs of seniors.