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I. How We Work in Washington. Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services. APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
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V. Complaints. Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
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Did Mom have a policy on Dad? Or she has a policy and he had a policy?
Was Mom first beneficiary on Dads policy? Were kids secondary?
If Mom was primary on Dads policy and gave you money then yes its a gift and can effect Medicaid. If you were equal beneficaries then only her portion is an asset.
If the kids were the beneficiaries then the insurance money is not your mother’s asset so it won’t affect her Medicaid eligibility. It was never her money to begin with and she didn’t “give” it away.
I don't know Worried. He handed the policy over to her. How does that work, his name comes off and her name goes on? If so, then the policy is hers and if it has cash value, Medicaid will ask that it be cashed in?
I am still curious too. If mom were the owner, she should have had the right to change beneficiaries. Not certain if she is regarded as having made a gift by leaving them as beneficiaries. Presumably, if she owned a policy with cash value, she could have sold. Not certain if completed gift has been made
Do we all understand dad was the insured person here? It was HIS life that was insured. He has died so now the life insurance payout will be paid to the beneficiaries of the life insurance policy who are the CHILDREN. The OPs mother is NOT the beneficiary. The insurance company will not cut a check in her name.
I guess changing ownership is what is confusing so I looked it up.
"If you own a policy on your life, you may want to transfer ownership to another individual (e.g., to the beneficiary) to avoid inclusion of the proceeds in your estate."
So now a little clearer why the ownership was changed. I also read that ownership only means that person has control over the policy.
So, if Dad was the insured and he passed and beneficiaries received the money, there is no longer a policy. So nothing to claim when Mom applies for Medicaid. She did not benefit in any way.
My answer stands then—the $ from the policy wasn’t her asset and won’t affect her eligibility. It would have been a problem if she had been the beneficiary.
If mom actually is the “owner” it’s hers to do what she wants with it. So if it has a cash value she can cash it out. I’d be concerned that if she applies for LTC Medicaid, and it has a cash value, they (Medicaid) will consider it an non exempt asset & required her to liquidate it.
Curious22, is this perchance a GUL type of life insurance policy? So not actually term life insurance or whole life insurance policy but Group Universal Life. Maybe your dad got it from his old firm as a perk? So he was the original owner as that’s how the company did it? So could it be a GUL?
Igloo how can mom do what she wants with the policy? She’s not the beneficiary and the insured party has died. Doesn’t the money now go to the beneficiaries? Mom can’t cash out the policy.
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
A.
I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
Did Mom have a policy on Dad? Or she has a policy and he had a policy?
Was Mom first beneficiary on Dads policy? Were kids secondary?
If Mom was primary on Dads policy and gave you money then yes its a gift and can effect Medicaid. If you were equal beneficaries then only her portion is an asset.
Really need more info.
Note, I am asking questions.
"If you own a policy on your life, you may want to transfer ownership to another individual (e.g., to the beneficiary) to avoid inclusion of the proceeds in your estate."
So now a little clearer why the ownership was changed. I also read that ownership only means that person has control over the policy.
So, if Dad was the insured and he passed and beneficiaries received the money, there is no longer a policy. So nothing to claim when Mom applies for Medicaid. She did not benefit in any way.
Curious22, is this perchance a GUL type of life insurance policy?
So not actually term life insurance or whole life insurance policy but Group Universal Life. Maybe your dad got it from his old firm as a perk? So he was the original owner as that’s how the company did it? So could it be a GUL?
"It was originally dads policy and he signed it over to mom. Kids are beneficiaries. Mom is not. Mom is just the owner of the policy"