My mother recently passed and my grandmother was left as beneficiary of a life policy. She is 87 and is receiving Medicare benefits. If she deposits the check into a joint bank account and then transfers the money to a relatives account, will this affect her Medicaid benefits?
https://www.agingcare.com/articles/medicaid-vs-inheritance-192510.htm
Talk to an eldercare attorney before claiming or disclaiming the funds - the insurance company will wait (I do work for an insurance company, and this situation is not uncommon and we will wait to pay!). The attorney can advise as to options such as disclaimers or a special needs trust that would leave her Medicaid benefits intact.