I am disabled, on medicare wich covers most of my very high medical bill for on going surgeries. My father told me he was going to put me do...

Question

I am disabled, on medicare wich covers most of my very high medical bill for on going surgeries. My father told me he was going to put me down as the soul beneficiary of his life insurance policy. Being on medicare and disability I am only eligible if I have very little money, If my father passes and I receive the pay out from his insurance it would render me ineligibile for the 2 million dollars + of medical coverage and the disability I am surviving on now and every bite of the small 80 thousand dollar policy would jest be swallowed up by the hospitals and I would be left with even less then I have now. Is there any thing I can do" short declining the money" to avoid this and still benefiting from the policy?

Answer

Your father;s policy may be amended to make a trust for your benefit as the beneficiary. This may still make you inelgibile. But, if planned correctly, it may allow you to get funds for extra services, without losing your eligibility. You will need an estate planning attorney set up the beneficial trust. Many offer a free or low cost initial consultation. Take your last fe tax returns, and be prepared to answer many questions about your assets and expenses.

Good luck