My brother died last year and had a sizeable life insurance policy with my mother as sole beneficiary.
Her home needed major repairs - new septic system, new roof, new electrical wiring, and plumbing issues. After all of that, she still has about $25K left. I am her Power of Attorney.
Mom has some recent health issues and has practically stopped eating. She’s lost weight. Although we share responsibilities for my mother, my brother lives with her and it’s a struggle for him to make sure she takes her meds and eat well.
We are waiting now for surgery that is the last option we have to get her over her health issue after exhausting other options.
But during all of this I was thinking she’s not going to last much longer. What if my brother could not care for her any longer and she had to go to a nursing home or even hospice? I don’t want to be in a position of having to spend down the insurance money.
Is it possible to put this money in a trust that would protect it if mom needed Medicaid services?