please advise

[shojipepe6]

What is the name of your state? Illinois
A friend of mine has a father who is in a nursing home. They are appling him on medicaid and will be needing to cash in his life insurance policies. There is a significant amout of dividends built up in these policies. The state only asked for the Face value and the Cash value of the policies. Are they able to cash the dividends in and "hide" them for say since the state did not ask for this???

 

[fairisfair]

if you are looking for approval or assistance with welfare fraud, you have come to the wrong place.

 

[Dandy Don]

Advise your friends to consult with an estate planning professional or an attorney experienced with Medicaid/Medicare to find out specifically and LEGALLY what they can do to protect his assets without committing fraud. It may be smarter NOT to cash in the policies now. If they don't get advice they are liable to be prosecuted for fraud/hiding assets and there are heavy penalties for doing that.

DANDY DON IN OKLAHOMA ([email protected])