Hello. My parents both receive Medicaid supplemental for low-income in Tennessee. How do I leave them as beneficiaries of my accounts (all I have are checking, savings, Roth, and IRA) without them losing their qualification for supplemental Medicaid?
I had contemplated leaving my brother as beneficiary and leaving instructions for him to give them access at any time, for any reason; however, I was also reading about revocable trusts that turn into an SNT at the time of death. It seems that this would prevent them from being disqualified for their low-income benefit, but it has stipulations on how it can be used.
I'm not talking about a million dollars or anything like that, but it would be enough that would disqualify them from Medicaid supplemental benefits for low-income if I left them as plain, direct beneficiaries on all my accounts.
Any advice or experience would be appreciated.