SHOP PRODUCTS
Houzz Logo Print
carrie630

Question about money....

carrie630
13 years ago

Okay - Mom was given money from a relative - she is 83, lives on her own - no signs yet of needing a nursing home. She put my name on it jointly because while the check was given to her, it was understood that she could share it with me - and I could withdraw any amounts I wanted. I haven't done that at all...

Here's my question: (Excuse me if I've asked this before):

If my name is on the joint and I plan to take some out (with her next to me, as I feel it is mostly hers), what would Medicaid think of that five years down the road if she were to apply?

Would they consider it "hers" because her name was on the account first? This is confusing because the check was made out to her with the understanding (from the relative) that she could share it with me...

I am going to assume the worst - that they would consider that "spending down" even though the check came as a surprise at her old age.

Also, what happens if she inherits money while possibly in a nursing home? She's not in one, but it could happen. The will would read upon her death, the money would go to me... so is it protected as such?

Thanks

Comments (10)

Sponsored