My daughter's name is on a savings account that I have put money into for her family. I am listed as the beneficiary. A lawyer recently told my daughter that a savings account beneficiary is not treated the same as the beneficiary on an insurance policy, and that because my name is on that account that R.I. Medicare can take that money when I go into a nursing home. She has been paying taxes on this account for seven years. Is this true?
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The laws and rules in this area are extremely complex, changing, and vary from state to state. You or your daughter should consult with an Elder Law attorney for the answers to your questions.
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The laws and rules in this area are extremely complex, changing, and vary from state to state. You or your daughter should consult with an Elder Law attorney for the answers to your questions.
