As POA for my Mother (87) with Alzheimer's, can I cash in her small whole life policy to pay down payment for assisted living?


My mother has me and my sister on her checking account. I asked met life to place the proceeds into a money market checking account with our three names on it. My mother is paranoid and fretful all the time now and her doctor has said she cannot live alone.

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Thanks so much. Yes, my mother has prepaid all funeral expenses. The cash value will barely cover down payment or reservation fee plus a partial month's expenses. It's probably a one check and "done" anyway. I really appreciate your expertise!
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At some point in time if mom applies for NH medicaid, the policy will need to get cashed in as whole life has a cash value. So better you do this now and use it to pay for AL as most states Medicaid programs do not pay for AL.

I'd be sure to have all the met life funds be ONLY and clearly spent on moms direct care or needs. So no checks written ever to you or sissy. If you & sissy are coDPOA for mom, it makes sense to have all on account. But expect if later on mom applies for medicaid, that Medicaid to want every single MMF statement and details on all checks looked at......

If mom does not have a prepaid funeral & burial done, you may want to think about spending some $ from the MMF to pay in full for a NCV funeral/burial. It does need to be within whatever Medicaid limits are for this.

Keep all the met life paperwork in a safe place too as you'll need to provide it to Medicaid if mom eventually runs out of funds.....
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