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Utilizing Promissory Note & Gift Planning to Qualify for Medicaid Benefits in New York


Created on October 27, 2020




All too often, the substantial cost of long-term care can rapidly deplete the assets of even middle-class and upper-class families. Fortunately, the Medicaid program can cover or contribute to the cost of long-term care for individuals in need of care who meet the financial eligibility requirements. But did you know that those who are ineligible can engage in asset protection planning to qualify for Medicaid benefits, while also preserving assets for their family? The promissory note and gift planning is an available strategy to assist individuals in immediate need of home care who have excess resources.

Lissett Ferreira, Esq., and Tamara Stack, Esq., will cover the essentials of the promissory note and gift planning, and how to effectively utilize this strategy to help individuals become eligible for institutional Medicaid.

Learning Objectives:

  1. Examine the eligibility requirements for Medicaid long-term care benefits
  2. Identify clients who may benefit from promissory note and gift planning
  3. Become familiar with the basic legal requirements for using a promissory note and gift 
  4. Develop a Medicaid eligibility and asset protection strategy
  5. Obtain best practices and pitfalls to avoid when using promissory note and gift planning as a Medicaid eligibility strategy
  6. Discover the mechanics and practical aspects of how to use promissory note and gift planning 

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