Can the CS change beneficiaries on life insurance policies, IRAs and Mutual Funds prior to SNF spouse's Medicaid being approved?

I agree with Gladimhere, see an Elder Law attorney as your question is very complex.

Or if one of the caregivers here is a CPA/Financial Planner or Elder Law Attorney they can weigh in with an answer.

Approx. $80,000.00 joint equity if sold. IS spent down all spendable assets. CS has $70,000.00 in separate assets. CS spouse gets $2,600.00 mo. spousal diversion, from IS pension and Social Security. These funds pay health insurance premiums for both - $700.00/mo in total). CS spouse keeps $2,000.00/mo after paying the insurances. If both spouses die tomorrow without CS changing beneficiaries, I think the snf, by default, becomes the beneficiary of CS assets intended for the spouse. Maybe CS needs to designate self as beneficiary of any remaining assets.

Is institutionalized spouse a coowner with community spouse? Medicaid does not recognize prenup agreements. All property is owned equally by spouses. So half the assets are institutionalized spouse's. Medicaid will go back five years to find out what was gifted or ownerships changed. Any transfers and gifts will be a penalty period, dollar for dollar that will not be paid by Medicaid, but will have to be paid another way.

See an elder law attorney that specializes in Medicaid planning.

I would think it would be very difficult for a person to qualify for Medicaid if they have IRA's, Mutual Funds, and other financial accounts.... even if those financial funds were cut down the middle with equal share to the spouses. Medicaid is use for those who are below the poverty level.