We are in the process of using an attorney to help qualify my mother for skilled care. My sister and I many years ago (>5) transferred all my parent's assets to us. My father is deceased. I have two insurance questions I'd like to discuss before I meet with the elder lawyer. First, my mother has a preneed funeral policy. I understand this is not considered in her asset base. Second, my sister and I have a life insurance policy on her life that we have owned for over ten years. Mother is the insured, and my sister and I are the beneficiaries. Since we have owned the policy for so many years, is this counted in the Medicaid assets?