What happens to my father's banking accounts when he passes away? He is in the hospital in very serious condition. I have power of attorney. How does this apply to his CDs and other accounts at the bank? If he does survive and go into a nursing home, will they be able to take the money in his accounts to pay for his nursing care?
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Government payments for nursing home care are generally made under state programs administered under federal Medicaid regulations. Because they are state programs, details on the circumstances under which assets of the subsidized individual can be recovered by the state to recover program costs will vary from state to state.
In some programs, the state can look back for a period of time to recover from assets that have been transferred to third parties, particularly to family members. Consult with local experts on Elder Care, who will know what the laws and regulations are in your state. Look for an elder care attorney or representatives of state or county elder services programs.
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Government payments for nursing home care are generally made under state programs administered under federal Medicaid regulations. Because they are state programs, details on the circumstances under which assets of the subsidized individual can be recovered by the state to recover program costs will vary from state to state.