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Infolawyer, Attorney
Category: Estate Law
Satisfied Customers: 56818
Experience:  Licensed attorney helping individuals and businesses.
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My in laws jus sold their home (which had a reverse

Customer Question

My in laws jus sold their home (which had a reverse mortgage). They will be walking away with $40K each. She is on Medicaid, which we don't want her to lose. She is 81 and he is 85. We were told that she has to spend down the $40K immediately so that she won't lose Medicaid. But what is the difference if she spends it or keeps it? So if she prepays funeral expenses, rent, etc. We would like my father in-law's portion to go into an account or trust with my husband, so that it won't be frittered away and we can disburse things as necessary. My father-in-law receives a modest amount from the VA (approx. $300, and their combined social security is approximately $1500. They also owe us $12,000 for various things we have paid for. Please advise on how to proceed. Thank you.
Submitted: 1 year ago.
Category: Estate Law
Expert:  Infolawyer replied 1 year ago.

Consider setting up an irrevocable trust. That way its not in anyone's personal name, and proceeds used for their benefit. This provides added protection. It can be set up easily, quickly and cheaply at most bank or through local estate counsel.