Certified New Jersey Elder Law Attorneys

McHugh & Macri
Certified Elder Law Attorneys Serving New Jersey Residents since 1978.
Call 973-577-6010 For a Free Initial Consultation “Fee Free” Consultation

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NAELA National Academy of Elder Law Attorneys, Inc. MEMBER

Promissory Note/VA Aid & Attendance Benefit

1) Many County Medicaid agencies advise a client that they must cash in the life insurance on an applicant since the cash value of life insurance is a countable Medicaid asset. This is incorrect and if the death value of a life insurance policy exceeds the current cash value, it is bad planning to cash it in for the surrender value. If the insured dies a month later, there can be a loss of thousands of dollars between the cash and the death value of that insurance. What the State agencies do not advise the client is they have the right to borrow against the cash value of the policy to thereby reduce the cash value well below the Medicaid $2,000 or $4,000 limit and thereby allow the death value to be paid out after payoff of the loan. The loan proceeds are often used for the prepaid funeral.

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Macri Law Group
49 Ridgedale Avenue 
Suite 1
East Hanover, NJ 07936
Phone: 973-577-6010
Fax: 973-887-6237
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