Business account transfer and POA?

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RSmith1232 Asked December 2019

Business account transfer and POA?

Dad owned a business in 2015 and signed the POA to me 9 months before his passing. We were the next August (2 months after his passing) getting the checking accounts closed and into my name. Mom's name wasn’t on the business, but was on dad’s bank account so she could pay bills. She had a stroke during that same time and now we are looking at possibly when she may need to go into a nursing home.

How does Medicaid deal with names on bank accounts like that, even though she didn’t own the business?

Asset Limits Medicaid Medicaid Lookback

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score 0 · Answer 1

At least where we live, the Elderly Law Attorneys seem to charge more for a little information than what Medicaid would require to be paid. It’s been difficult to sort out the mess left by them both through these few years and not make mistakes along the way ourselves. The attorney that drew up the POAs May be able to help, Ill give her a call.

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If her name was on a bank account as joint account holder than the account is her asset. Medicaid doesn’t care who owned the business. Considered all the posts you’ve made today, you really need to work with an attorney well versed in Medicaid because none of us are Medicaid attorneys or experts and you’ll get wrong information here.

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score 0 · Answer 3

It is Medicaid money, has nothing to do with the business, it is about the JTWROS, bank account.

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Business account transfer and POA?

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