Thank you. He is,being creamated and she has insurance from medicaid n her husband. She doesn't need anything and she has money from them filing taxes. I don't need anything either. We both draw disablilty. I won't put the money in her name I will just put up for her in my savings acct. If anything happens to me my daughter will get and do the right thing and my son. They know its for emergies. I am very grateful for you all.
Reesa, since your mother is living with you, it makes sense to use that money for both of you in whatever makes your life easier and better. Maybe you both need some clothes or some house repairs done. And the rest could be put back and saved in case you would need it later. I would not put the money in an account with her name on it. If she had to qualify for Medicaid, it would be seen as her money to be used on her care. You may prefer to do this, but it is best to leave your options open. You can always spend money on her, even if it is in your name. However, the reverse may not be true if she ever needs Medicaid.
Yes, she still needs help. I will continue to take care of her. She's having a tough time with his death. I am just glad that she came to live with me so she could be with him. He came to live with me in 2004 She knew I would take care of him. 3 Yeats ago she came to live with me because she had 2 strokes, she's being doing good since then but she need help so that is why she lives with me.
She made the policy but she is I'll and he got ill lost both his legs she knew I knew sign language so she ask me to take care of him because she couldn't. She named me as beneficiary. She still sick but lives with me also.~ Reesa
CWillie is right; your mother can't make you a beneficiary of a policy unless she arranged for it and paid for the policy for your brother, and made that selection, with which he agreed.
How did your mother make you the beneficiary, usually it is the person who owns the policy(your brother?) that names their beneficiary?
What was the intent when the policy was taken out? It seems to me if your mother was meant to have the money she would have been the beneficiary. There is obviously something missing from your story...
But it sounds also as though your mother wanted you to have the proceeds of the policy for taking care of your brother.
Tough call - maybe just put it in the bank and save it for a rainy day.
What was the intent when the policy was taken out? It seems to me if your mother was meant to have the money she would have been the beneficiary. There is obviously something missing from your story...