K
kendr
Guest
What is the name of your state? wisconsin
Mom has been on Medicaid in a nursing home for a year, still there. Regardless of who dies first, the state will get Dad's remaining assets when he dies, to cover her nursing home bills, I think that's correct (and understandable). She (they) are still paying for a $10,000 whole life life insurance policy with Dad as beneficiary. Should they lapse that policy since the state will get the proceeds of that too? The $110/month could be better used for Dad's bills. Or can she change the beneficiary to her children and avoid that $10k going to the state?
Thanks in advance for your advice.
kendr
Mom has been on Medicaid in a nursing home for a year, still there. Regardless of who dies first, the state will get Dad's remaining assets when he dies, to cover her nursing home bills, I think that's correct (and understandable). She (they) are still paying for a $10,000 whole life life insurance policy with Dad as beneficiary. Should they lapse that policy since the state will get the proceeds of that too? The $110/month could be better used for Dad's bills. Or can she change the beneficiary to her children and avoid that $10k going to the state?
Thanks in advance for your advice.
kendr