I am POA for my mom with Parkinsons and dementia. She is in the hospital now but previously lived in an Alzheimers assisted living facility. I now have found a nursing home to move her into but I need to come up with $5,000 for a security deposit and $5,000 for the first month's rent. Can a POA cash in her $5,000 life insurance policy and use this toward the $10,000 nursing home move in fees?
Asked on 4/05/12, 7:08 pm
1 Answer from Attorneys
Jonathan Shimberg
Shimberg and Crohn, P.C.
First of all, can Mom pay the 5K on an ongoing basis? If she doesn't have the 10K, does she have the 5K on a monthly basis? In theory the property POA allows you to cash in the policy - but the insurance policy may prohibit it. You have to look at the policy.
Answered on 4/06/12, 4:38 am
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