26 year old vegetative state male options

[WinoBlues]

T

True in NC and some other states. Not sure if true in all states. A phone call could find out, but 10k is max on GI.

Thanks. However, I am sure they will be looking for more. She has $100,000 WL @$75mo now. I explained to her it is almost guaranted a no go.

Thanks

 

[Life Hawk]

T


Thanks. However, I am sure they will be looking for more. She has $100,000 WL @$75mo now. I explained to her it is almost guaranted a no go.

Thanks

Doesn't Columbian allow for a POA's signature?

 

[WinoBlues]

Doesn't Columbian allow for a POA's signature?

I do not know. That may be an option.

 

[Newby]

You would think an Insured would have to condone the policy issuance.

With preneed insurance the insured never needs to sign or even be aware of the policy.

At that age I would think a pre-need policy is going to be pretty attractive.

 

[WinoBlues]

With preneed insurance the insured never needs to sign or even be aware of the policy.

At that age I would think a pre-need policy is going to be pretty attractive.

Can he get >$25,000 What be a realistic premium? I understand it is preneed but they will be using it like life insurance.

Thanks

 

[myinsurebiz]

Doesn't Columbian allow for a POA's signature?

Do they have one already? It's going to be very, very hard to get one now.

 

[Life Hawk]

With preneed insurance the insured never needs to sign or even be aware of the policy.

At that age I would think a pre-need policy is going to be pretty attractive.

Newby... I think your correct... preneed may be the only option... not certain Colombian would accept app without covered signature

 

[Newby]

Can he get >$25,000 What be a realistic premium? I understand it is preneed but they will be using it like life insurance.

Thanks

PreNeed companies usually cap at $25,000. In a few states (but not most) the PreNeed policy would need to be assigned to a funeral trust with the insured's estate listed as the only beneficiary after the funeral is paid. Medicaid would receive any excess money from the policy beyond the funeral amount.

Each state has different laws and rules to prevent hiding money from Medicaid and to prevent abusing the tool of PreNeed policies.

I took a call from a very irrate man in Kentucky one time. An agent and attorney hooked up with him at a dinner seminar. They convinced him to set up 5 irrevocable funeral trusts for $50,000 each out of his mother's money who was in a nursing home. The reason he was calling me was they had used my old website as some of their information to explain how it worked. (They were not doing it the way that I was advising though and they were in Kentucky and I was giving information that about Indiana. )

So this guy places $250,000 with these two knuckleheads for 5-trusts only one of which was allowable in Kentucky and the overfunding goes to Medicaid which they either didn't know or didn't explain to him.

The worst part was that Kentucky doesn't recognize (or allow) the trusts to be irrevocable unless you are ON Medicaid assistance. So the other four family members they had funded trusts on had to pay the money back into Mom's account. BUT the insurance company would not refund the money because in their opinion the trusts were irrevocable and had been in force several months. So those family members had to dig into their own retirement accounts to pay the money back.

I never got to hear the end of the story because once he figured out I had no connection to his agent or attorney and I also explained to him how Kentucky worked which was not what he wanted to hear, he was done with me.

But the take away should be, just use funeral trusts for what they are really intended for. Use an estate planning trust if you have a 5- year head start before they apply for Medicaid.

 

[WinoBlues]

Assuming California is not one of the states requiring a PreNeed trust. Can the mother or sister be the owner, payor and beneficiary?

Thanks

 

[Newby]

Assuming California is not one of the states requiring a PreNeed trust. Can the mother or sister be the owner, payor and beneficiary?

Thanks

I really don't know any detail about California's Pre-need laws.