After finishing up burial, etc. I found an old policy from 1981, paid up. I was listed as the beneficiary. She was on Medicaid for 5 years. I had to attest that she had no income, property, etc. Should I notify the state of this policy?
The very simple answer is yes. Ohio includes both probate and non-probate assets when determining what is collectable. While attorneys argue that it should not be included the State of Ohio has taken the position that it is collectable. However, you can use that money for any funeral arrangements, executor fees, attorney fees, ect. before you would have to turn it over. I would visit a probate attorney in your area who is familiar with Medicaid before you do anything.