My mother is nearing the end of her life in a nursing home and my father has passed away. I have a jointchecking and savings accounts with my mother, who is the primary on these accounts and has no Will. Should I do something with these accounts before she passes away? I have two sisters that are saying that the state will freeze these accounts. Is this true? If so should I take out the money now?
If your mother's care is being subsidized by Medicaid, state laws and regulations are likely to required that your mother's accounts and other cash assets are spent down before their payments will begin. There may be instances in which the state can reach back to recover funds removed from your mother's control during a period of time before becoming a Medicaid recipient.
We are not in a position to provide advice on how you may attempt to protect your mother's accounts. Talk to an attorney conversant with senior law and your state's Medicaid program regulations.
Published on BankingQuestions.com 2/11/10
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If your mother's care is being subsidized by Medicaid, state laws and regulations are likely to required that your mother's accounts and other cash assets are spent down before their payments will begin. There may be instances in which the state can reach back to recover funds removed from your mother's control during a period of time before becoming a Medicaid recipient.