I am hoping to buy a home and use some of the funds from the equity of my mother's home as down payment My mother would al...Read more
Neither of your life insurance policies or your income should be a problem. The life insurance policies have no cash value since they are term policies. You may want to transfer ownership into your name. In addition, you will not need to apply your income to your wife’s cost of care once she receives Medicaid coverage. Just her income would go to the facility. And, yes, it’s important that you consult with a local elder law attorney who can advise you on the best planning strategies and local application of the rules. To find one near you, go here: https://www.elderlawanswers.com/USA-elder-law-attorneys.