My father was recently diagnosed with cancer and has not worked since 2008. He has no income but does hold an IRA, we know we have to dissolve it but no one can tell us what needs to happen to the money. He wants to give it to us since it was to be inheritance once he passes but we want to make sure we follow the rules and don't disqualify him. Any advice or guidance would be great!
HOWEVER whether it’s considered an “available asset” or a “non exempt asset” depends on IF it is already in pay-out status. How you deal with either is different for each when it comes to Medicaid eligibility.
So is it in pay out mode?