bank accounts
Hi,
Is it true that if $ is in parent's bank account and they have to go to a nursing home, that $ will be taken? Can I transfer that $ into a new account with my name as primary (I assume I will have to pay taxes on the interest) and still have a parent's name as secondary? Also, will the withdrawal of this $ be questioned up to so many years? The amount is about $12,000. Thank you.
Asked on 11/28/06, 8:32 am
1 Answer from Attorneys
Re: bank accounts
First any gift made within 36 months of a claim for medicaid will be set aside.
There are certain exemptions that you can do without Medicaid forcing you to use the funds first.
1. $2,000 is exempt.
2. You can prepay for funeral expenses.
If you consult with a nursing home, they usually have someone who can explain the rules to you and how you can maximize the use of the money.
I hope this was helpful to you.
Answered on 11/29/06, 11:43 am
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