My dad is POA for his sister and they have a joint checking account. She just had a stroke and may need to apply for Medicaid in the next few months. Can my dad remove his funds from the account or does he have to prove how much of the money in the account is his?
Untitled
In most joint account agreements, each of the account owners has the right to withdraw all of the funds in the account, so there is most likely nothing to prevent your father from withdrawing his funds from the account. It's possible that Medicaid may require an accounting for the amounts your father withdraws (since his sister had the same legal access to those funds as he did). He will have to consult with someone familiar with Medicaid requirements.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
In most joint account agreements, each of the account owners has the right to withdraw all of the funds in the account, so there is most likely nothing to prevent your father from withdrawing his funds from the account. It's possible that Medicaid may require an accounting for the amounts your father withdraws (since his sister had the same legal access to those funds as he did). He will have to consult with someone familiar with Medicaid requirements.
