Question: I am on SSDI and have Medicare and Medicaid. My girlfriend has me as a beneficiary on her life insurance policy through her job. Would I lose that money if she died because I’m on [...]

Question: I’m taking a long-term care insurance course. In it there is a discussion of Medicaid asset limits and a list of non-countable assets. It’s reporting that cash value life [...]

Question: I need to sell my mother’s life insurance policy to bring down her assets to qualify for Medicaid, but it doesn’t have enough value to prepay for her funeral. The insurance [...]

Question: A gift of an existing life insurance policy within 3 years of death is included in the gross estate and taxable at the federal level. It is also included in the Massachusetts gross [...]

Question: My home is in a trust set up by my mother with me as beneficiary. I don’t have a mortgage but the house needs serious remodeling/upgrades as it is a 1986 model. Can I take out a [...]

Question: Can someone applying for Medicaid transfer a $50,000 fave value universal life policy with a cash value of $1,906 to a spouse under the spousal impoverishment rules? Response: Yes. [...]

Question: Can the ownership of a whole life insurance policy be changed to make someone Medicaid eligible prior to the application being submitted? Response: No, the cash value of the policy is a [...]

Question: If I were to need long term care, how could I protect my $800,000 traditional IRA from Medicaid and pass it on to my heirs? Response: That is very difficult because you can’t [...]

If you are considering dropping your life insurance policy because you can no longer afford the premiums or no longer need to provide the money for your heirs, first check out whether you would [...]

Life insurance can be important tool in financial and estate planning. It can be used to ensure that your loved ones have an inheritance if you pass away at an early age or, in the alternative, [...]