While it is preferable to conduct long-term care planning well in advance of needing care, if you haven’t planned ahead there are some strategies available to avoid spending all your assets.
On this Life Happens program, elder law attorneys Aaron Connor and Frank Hemming share the “half a loaf” legal tool, also known as the Rule of Halves. We’ve used it successfully for thousands of clients who want to preserve some assets while still qualifying for federal Medicaid benefits.
How does it work? The nursing home resident gives half of his or her funds to the resident’s children (or other family members) and lends them the other half under a promissory note that meets certain requirements in the Medicaid law. The resident uses monthly repayments of the loan, along with his or her income, to pay nursing home costs during the penalty period.
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