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Read moreAre the Proceeds from a Medicaid Recipient's Life Insurance Policy Subject to Estate Recovery?
- July 27th, 2016
Q
My mom has an individual whole life insurance policy. Her current policy has a death benefit of $30,000 and no cash value. Medicaid has been paying for her care. When she passes away, will the state be able to take the proceeds from the life insurance that would be paid out to her beneficiaries?
A
We can’t tell you for certain, but probably not. The answer depends on the law in your state regarding Medicaid estate recovery. If your state does not seek recovery from non-probate property, the state will not be able to collect from the policy. Even if your state has expanded estate recovery law to include non-probate assets, the state still might not be able to track life insurance policies. Just make sure that the beneficiaries your mother wants are named on the policy. A local elder law attorney could give you a definite answer. To find an attorney near you, go here: http://www.elderlawanswers.com/elder-law-attorneys.
Local Elder Law Attorneys in Ashburn, VA
Meet Daniel Steven
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Daniel Steven
Daniel N. Steven, LLC
Daniel N. Steven is an attorney licensed in Maryland and the District of Columbia. with many years of experience in complex estate planning and Elder Law. He is rated by Martindale-Hubbell as an AV Preeminent 5.0 out of 5 rated attorney.
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Meet Mindy Felinton
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Mindy Felinton
Felinton Elder Law & Estate Planning Centers
Mindy Felinton concentrates in the areas of Medicaid planning, Veterans' Benefits, asset protection, nursing home planning, elder law, wills, estate planning, trusts, living wills, powers of attorney, probate administration and trust administration and began her legal career 30 years ago as an Assistant State Attorney...
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Meet Margaret O'Reilly
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Margaret O'Reilly
Margaret A. O'Reilly, PC
Margaret A. O’Reilly is an estate planning and elder law attorney with over thirty-five years of legal experience. Attorney O’Reilly graduated from Duke University with a degree in psychology, and received her law degree from Northeastern University School of Law in Boston, Massachusetts. For over 15 y...
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