QUESTION
I’m POA for relative in nursing hone who qualified for Medicaid. Belated I found a 25k whole life policy that has cash value of 2460, advice??h
Asked on Feb 27th, 2021 on Elder Law - Florida
More details to this question:
Best way to dispose of policy cash value? Transfer to funeral home? Surrender and pay to nursing home? How to avoid going over $2k in checking
1 ANSWER
2 Awards
You must report the new information to Medicaid. Buying a pre-need irrevocable burial policy or other things the person needs in the month you receive the cash value would be a good way to keep your relative in compliance and on Medicaid.
Answered on Feb 28th, 2021 at 5:30 AM
This is general information. It cannot substitute for a personal consultation with an attorney. It is not intended to be legal advice or imply an attorney-client relationship.