I have a savings account with my mother which says OR not AND. How is that handled for Medicaid?

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C

Cannella Asked August 2018

I have a savings account with my mother which says OR not AND. How is that handled for Medicaid?

I have a very old savings account started by my mother when I was a child. She has not deposited any money for over 30 years. All the money is mine. How is that handled for Medicaid? I've seen two answers A: Since it's an OR I can take my money out and open an account in my own name

B: Since it's an OR the money must be used as her asset unless I have proof that all the deposits were mine which will be a long and arduous search from the last 30 years.

Asset Limits Elder Law Medicaid

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score 0 · Answer 1

This is a problem when elders share accts. When Mom had her will changed and POAs done the lawyer suggested her name be taken off my disabled nephews account. She was 80 at the the time and he explained that Medicaid could look at the money as hers.

Banks aren't giving enough interest to be taxable. I have 80k in the bank and get less than $2 in interest. Savings the same.

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score 0 · Answer 2

Wgo pays taxes on the interest? That will show who the primary owner.

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score 1 · Answer 3

I would seek an opinion from an elder law attorney who is well-versed in Medicaid laws and requirements. I believe your mother can have up to $2000 in countable assets, and that it does include any joint accounts which have her name on them. However, you'd want to seek out professional advice before making any withdrawals or transfers.

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I have a savings account with my mother which says OR not AND. How is that handled for Medicaid?

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