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.
Please show your appreciation for my candid, accurate information by clicking VERY INFORMATIVE, OR the OR and positive feedback. You should only rate me if you are satisfied with the information I provided you. If you cannot rate me GREAT please do not rate. Give me a chance to make it right by clicking REPLY TO EXPERT.
I appreciate your question and repeat customers. You can request me by beginning your question with "Dear XXXXX..."