Medicaid is often a primary source of funding when a senior citizen is in need of long-term care. In order to be eligible for Medicaid, you must follow strict income and resource guidelines. More specifically, although there are some assets exempt from Medicaid eligibility determinations under state and federal law, you typically must have less than $2,000 in countable assets in order to qualify for Medicaid. In many situations, you must spend down assets or otherwise dispose of them by purchasing exempt assets in order to meet the asset limits for Medicaid eligibility. Medicaid regulations, however, prevent individuals from transferring or giving away assets for less than fair market value, in an attempt to qualify for Medicaid. When you apply for Medicaid, there is a five-year “look-back” period. This means that if you made any unauthorized transfers of property within the five years prior to your Medicaid application, you will be ineligible for Medicaid for a certain period of time as a penalty.
A promissory note is a written contract in which you agree to pay a certain sum of money to another party at a specific point in time, or on demand, in exchange for goods, money loaned, or services. In the past, some individuals tried to simply execute a promissory note divesting them of certain assets in order to make those assets unavailable for the purposes of Medicaid eligibility determinations. The recent change in Wisconsin law creates a rebuttable presumption that a promissory note is negotiable and that its value is the outstanding principal balance as of the date that you applied for Medicaid. According to Wisconsin Department of Health (DHS) policy, promissory notes that are not divestments are countable assets for determining Medicaid eligibility, as they are transfers of assets for less than fair market value.
Therefore, in order to prevent a promissory note from being seen as a countable asset for Medicaid eligibility purposes, it must meet all of the following criteria:
Therefore, if you want to use a promissory note to make assets non-countable for the purposes of Medicaid eligibility, the note must be a divestment, in that it is non-negotiable, non-assignable, or has no market value. Since a promissory note must be very specific in nature in order to make assets non-countable for Medicaid eligibility purposes, you need an experienced Medicaid planning attorney who can ensure that your goals are met.
The costs of nursing home care aside, the lawyers of Boller & Vaughan know the devastation that can occur when nursing homes and other long-term care facilities breach regulations concerning health, safety, and admissions. Fortunately, we have the knowledge and the experience to help you through any type of elder abuse or neglect claim, particularly when injury results from a wholly preventable issue. No matter what type of nursing home facility abuse or neglect is at issue in your case, we can help. All too often, residents and their families are reluctant to demand justice for situations that occurred in the resident’s care. In this situation, you can count on your Madison elderly abuse attorneys to guide you through every step of the personal injury claims process.
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We live in Friendship, Wisconsin, and Boller & Vaughan came to our doorstep to discuss our mother’s wrongful death claim on a Saturday morning. Not only were we pleased with the large recovery, we were so thankful to have lawyers who were willing to explain to us every twist and turn along the way. It is great to know there is a law firm that will fight for the rights of elderly people all over Wisconsin.
Mr. Boller and Ms. Vaughan were incredible in working on my case and my daughter’s case. I was out of work and in the hospital with a new baby. Mr. Boller and Ms. Vaughan protected our rights and it was a pleasure to work with them. I hope never to be in another motor vehicle accident, however, if I am and I am injured, I will contact Boller & Vaughan immediately.
I was referred to Michelle through a friend. I have never had a better experience. It took a little over a year to get my settlement but the staff there stayed in constant contact and kept me in the loop. Oh, and Michelle actually got me MORE money than we discussed. I will refer anyone to this firm. Words cannot do justice the thanks that I have for Michelle and her staff (Mary especially) thank you guys so much!
After my husband died as a result of a motor vehicle accident, Boller & Vaughan spent countless hours talking with me, meeting with me in person, and making sure that I was okay. The drunk driver who hit us did not have any insurance, and we had to make a claim through our own insurance. Boller & Vaughan was fantastic at explaining the law to me and the handling of our claims.
After my son was injured in a daycare setting, Ms. Vaughan took the time to thoroughly investigate our case and my son’s injuries. Michele was approachable and had answers to our questions. Talking with her helped to relieve many of our anxieties.