Planning for Life

Promissory Notes and Medicaid Planning - Massachusetts

Posted by Harry S. Margolis on April 15, 2013

elderly-mother-transfers-home-Medicaid

Photo by K. Mitch Hodge on Unsplash

By Harry S. Margolis

A case out of Oklahoma, Lemmons v. Lake (U.S. Dist. Ct., W.D. Okla., No. CIV–12–1075–C, March 21, 2013), highlights how promissory notes may be used in Medicaid ("MassHealth" in Massachusetts) planning.

The Facts of the Case

Juanita Lemmons, transferred her farm and her Edwards Jones investment account to her son, Gary Lemmons, in exchange for a promissory note in the amount $84,600, and immediately thereafter applied for Medicaid coverage. A promissory note is a contract to pay a certain amount of money at specified times.

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Topics: MassHealth planning, disqualifying transfer, promissory note

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