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My year 91year old mother who is legally blind is in the nursing home. Her money is about to run out.?
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01-16-2013, 09:41 AM
Post: #1
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My year 91year old mother who is legally blind is in the nursing home. Her money is about to run out.?
I have liquidated all of her assets except a life insurance policy. It has a 50k cash value or a 100k death benefit. I have spoke with the insurance company and can buy it out for the 50k, which is fair market value. I would put the 50k in mothers account to pay for the nursing home expense. The policy would be would still be in effect and at her death I would receive 100k. After the 50k is gone the only other money she would have is her social security. At this time we would need to apply for Medicaid. My question is would Medicaid want the last 50k back.
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My year 91year old mother who is legally blind is in the nursing home. Her money is about to run out.? - Chris - 01-16-2013 09:41 AM
[] - Ranger4402 - 01-16-2013, 09:52 AM
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