She also doesn't have any financial resources - we, the children are all pitching in to help her financially & all her other needs. She has a life insurance in the amount of $100,000 and we, the 5 children are the beneficiaries. But we all have decided that our mother needs that money more than any of us, and that she needs it NOW more than ever. We want to provide her a better care and living situation than she has right now. The question is, can we get a loan from her life insurance? And if so, how are we gonna go about it, being that she never appointed anyone to handle her affairs? Or is it even possible to do it? Please, please help. We love our mother dearly and we want her to enjoy her money while she still can. Thank you for your help.
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If your mother truly has no other financial resources, her care (including skilled nursing) can be covered by Medicaid.
An attorney will be able to tell you the best way to handle your mom's insurance policy. Maybe it's not considered an asset, maybe it can be converted to a long term care policy... Questions for an expert. Don't just decide to use it's cash value. The cash from the policy wouldn't last nearly as long as the benefits from other options.
How to get your mom's POA is another question for an attorney.
You don't say what her living situation is now, but if by "enjoy her money while she can" you are thinking that the facilities that accept Medicaid are always 'less enjoyable' than the facilities that don't, that is a big misconception.