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My dad is 90, mom is 86. Both are showing signs of dementia, but still able to live at home with help from me and my brother. About a year and a half ago, I took them to their bank to put money into one of their CDs. The banker suggested we put my name on their CDs, and parents agreed.


Now I’m wondering — if the time comes that one or both of them need nursing home care, and that depletes all their savings, would my name on the accounts somehow allow the nursing home to look at MY savings, before starting Medicaid? Or is there another reason this is a bad idea?


I have two brothers to share whatever is left of their estate when they’re gone, but I would never cheat them out of their share, and I’m pretty sure they trust me. So that’s not an issue.


On the other hand, is there a good reason to keep my name as a co-owner on the CDs?

If you are co-owner of any finances, you get it when your parents pass. It does not give nursing homes the right to look into your finances - only your parents. Since you have siblings, I would talk with the bank about what would work better to make sure your siblings get their fair share of the estate when your folks pass.

Sadly, my husband and I learned the hard way not to trust the seeming good will of his brother. He had manipulated his parents over decades to give himself powers of attorney, decision-maker over their funds, and even their home. In a sense, he swindled my husband out of everything.

Better to be open with your siblings and work together with banker(s) and lawyer(s) to set up your parents' affairs.
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Reply to Taarna
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No, your name as any financial support, should NOT be on their records.
You are NOT financially responsible for their care in a nursing home.

Contact an attorney.

I have a beneficiary named on my CDs.
However, if you have any questions, do ask an elder trust attorney.

Everyone has their own experience in these areas and everyone is a little different in many potential ways.

Gena / Touch Matters
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Reply to TouchMatters
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I believe the reason for putting your name on the CDs was so you could have access to them without the CDs going thru probate when parents pass away. Or so you could access them without the POA in place.

Something I just learned. PNC bank in NC sends any POA or trust to their legal department before accepting them. This could slow down the process for a few days.
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Reply to JanPeck123
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Ken3220: Pose your question to an attorney.
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Reply to Llamalover47
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You SHOULD NOT be a joint owner on your parents CD or checking or savings accounts for many reasons. You should have a POA if one becomes incapacitated. You should be a signer on the account, but not a joint owner. You should add a POD, payable on death, designation on all of the accounts. In some cases it is advisable to set up a trust and put all of the assets into the trust.
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Reply to Doubletrouble65
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No the state will only look at the applicants accounts. For NYS, any CD account with the owner being a Medicaid applicant is viewed as an 100% asset to the applicant even in a co-owner status. There is no separating the asset 50/50.

I don't see any issues with being a co-owner unless family issues arise. My CD's have my two children as beneficiaries listed, so there is that option as well.
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Reply to AMZebbC
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