Legal Question in Wills and Trusts in Illinois
beneficiary to a will
my aunt is in a nuring home. the state is helping pay for her stay while they take her social security check every month and leave her $30 ea month for misc. she has now been left money in a will along with 2 savings bonds, from her deceased sister. what happens with this money? I am her POA - is there anything I can do with it or am I required to turn it over to the state?
2 Answers from Attorneys
Re: beneficiary to a will
You should have an attorney take a look at this situation. Depending on the amount of money, it may be possible to set up a "payback trust".
You are correct that the government will be taking a look at the assets that your aunt is entitled too. It will be worth the cost of having an attorney review this so you can see what your aunt's options are.
Let me know if you would like to schedule a time to discuss this further.
Re: beneficiary to a will
Depends on your POA. If it has a gifting provision, you could do some gifting, or buy an annuity
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