What to do if I’m my dad’s POA and I received a check from the insurance company in regards to my deceased mother of 15 years?

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What to do if I’m my dad’s POA and I received a check from the insurance company in regards to my deceased mother of 15 years?

My dad is in a nursing home. Can this money be put in a special needs Trust for my dad since he is the beneficiary?

Asked on July 19, 2014 under Estate Planning, North Carolina

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

I am sure that you are asking this because you must know that under current Federal law, any inheritance of more than $2,000 disqualifies individuals with disabilities from most federal needs based assistance, including Supplemental Security Income (SSI) and Medicaid.  Benefits from state public assistance programs may also be affected. And I am assuming the pay out from the life insurance policy is more than that. Both Medicaid and SSI are quite restrictive, making it difficult for a beneficiary to create a trust for his or her own benefit and still retain eligibility for Medicaid benefits. But you may be able to create a "pooled trust" and you should speak with an attorney about same.  Good luck.


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