A promissory note is normally given in return for a loan. Classifying transfers as loans rather than gifts can be useful because it sometimes allows parents to "lend" assets to their children and still maintain Medicaid eligibility.
Although a nursing home cannot require a child to be personally liable for their parent's nursing home bill, there are circumstances in which children can end up having to pay.
The choice of beneficiary for IRA, SEP or 401(k) or other retirement plans can have significant tax implications. Here are some of the rules and concerns when designating beneficiaries.
Medicaid law imposes a penalty period if you transferred assets within five years of applying, but what if the transfers had nothing to do with Medicaid? How do you prove you made the transfers for a purpose other than to qualify for Medicaid?
Older parents are becoming more common, driven in part by changing cultural mores and advances in infertility treatment. But later-in-life parents have some special estate planning and retirement considerations.