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John Elder
John Elder, Estate & Elder Law
Category: Estate Law
Satisfied Customers: 4631
Experience:  Over 14 years experience in Medicaid, Estates, Trust.
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My mother owns a life insurance policy on my dad and she is

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My mother owns a life insurance policy on my dad and she is the sole beneficiary. She has alzheimers and I have a durable power of attorney on her. My dad is changing his life insurance to name us 5 kids as the beneficiary and wants to do the same on the policy my mom holds, removing her as the beneficiary since she is unable to handle finances anymore.

As the agent of the POA, I will need to sign the insurance form to do this, thus naming myself and my 4 siblings as the beneficiary's and removing my mother.

Is this "legal" and is this considered an asset of hers that will be considered when she goes into a nursing home (probably within the year).
Welcome! Thank you for your question.

What is the face value and death benefit of this policy?
Customer: replied 4 years ago.

I'm not sure of the face value but the death benefit is $120,000.


Okay. You have asked very good questions. First, you need to consult your power of attorney the power of attorney will need to specifically authorize you to transfer ownership or change the beneficiary of life insurance policies. Second, if your power of attorney authorizes you to do either or both.

If the power of attorney authorizes you to transfer ownership or change beneficiaries then you can change the beneficiary on the policy using the power of attorney legally.

With that said, the cash value of this policy will be considered an asset of your mother's that she will have to spend to below $2,000 before she is eligible for Medicaid benefits to cover the cost of her nursing home care. If you do change the ownership of this policy out of your mother's name then that will be a transfer of assets that will make her ineligible for Medicaid for 5 years.

I cannot provide you with legal advise. I have provided you with information about the law related to your question. My answer, and any information that you find online, should not take the place of having a consultation with a lawyer in your area to advise you regarding your specific issues.

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