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Q&A: Special Needs Planning
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With a special needs trust that requires Medicaid to be paid back following the beneficiary’s death, what is the statute of limitations for that repayment? If Medicaid has not asked to be paid back, when can the proceeds be distributed?
My mother's life insurance policy was purchased to benefit my disabled sister, who receives Social Security disability benefits. My mother is applying for Medicaid and the policy's value is too high. She needs to spend down the policy in order to qualify, but this will leave my sister with nothing. Is it possible to transfer the policy's cash value to my sister so that my mother can qualify for Medicaid?
My mother was involved in a car crash caused by an uninsured driver and has been awarded a reasonable sum by her own car insurance. Currently she is on Medicaid and needs daily care due to the accident. But if she recieves any of the insurance money, she will lose her coverage and daily care. Do you have any advice on how to deal with this situation? Ideally she would receive the money to buy a low-cost property to reduce her monthly expenses and move to a more hospitable environment.
tags: Special Needs Planning, Medicaid Rules