Rochester Elder Law Attorney Discusses Emergency Medicaid Planning and the Importance of Promissory Notes
- For people that never did any planning for Medicaid, there is still what’s known as emergency Medicaid planning.
- This is done when someone is already in a nursing home and about to apply for Medicaid.
- You’re not giving up any powers or any rights by signing a power of attorney.
- Powers of attorney also automatically cease upon death, so the agent no longer has access to your bank accounts as soon as they find out about the death
- You can give away half your assets and use the other half for your nursing home care by using a promissory note.