A relative of mine recently passed away. His beneficiary on his life insurance policy was his parent who has dementia. The parent wished to not receive the money and do a refuse/redirect to the relative's grown children who were not listed as beneficiarys. The parent's power of attorney refused to do this stating that the money became an assest of the parent the moment the relative passed away. The power of attorney's concern is if the parent goes to a nursing home the money from the life insurance policy would have to be accounted for. At what point does a beneficiary's inheritance become an assest to their estate?
1 Answer from Attorneys
This is an excellent question to discuss with an Elder Law attorney, in his/her office. I encourage you to find an attorney who can address this issue with you. It is more complex than what can be done via this site.
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