Can the nursing home take money from a joint account?

For example, if your parent enters a nursing home and you remove his or her name from a joint bank account, it will be considered an improper transfer of assets unless you can prove that all the money in the account came from you.

How much money does my mom have in joint account?

My Mom’s 98, and it looks as thought she’ll be going in a nurse home soon. She has about $20,000 in a joint account, with me. However, it’s her money, deposited by Soc. Sec. and her small pension. So, if she does go in a nurse home, I don’t think her SS and pension will cover the cost.

What happens to my mother’s joint savings account?

She is going into a nursing home and will soon deplete her savings. Is half of the money in the account considered mine since my name is on the account? Will I lose my half of the money in the account in order for her to qualify for Medicaid? This question has been closed for answers. Ask a New Question.

How does Medicaid take money from joint accounts?

Then the money would be used for Mom’s care until it runs out, and then she would be eligible for Medicaid. Or family members (or friends — anyone willing) can pay for mom’s care until she is eligible for Medicaid. Medicaid is a needs-based program. (I don’t think it should be, but that is beside the point.)

When to put money in a joint account?

When a person goes on Medicaid, the money in the joint account will be considered as belong to that person. This is the reason it is wise for a cg to keep their own money in a separate account. This field is required. I’m in the same boat. If anybody can offer advise on how to clean up the mess retroactively, I’d like to know.

My Mom’s 98, and it looks as thought she’ll be going in a nurse home soon. She has about $20,000 in a joint account, with me. However, it’s her money, deposited by Soc. Sec. and her small pension. So, if she does go in a nurse home, I don’t think her SS and pension will cover the cost.

What happens if you have a joint account with a nursing home?

If your name is on a joint account and you enter a nursing home, the state will assume the assets in the account belong to you unless you can prove that you did not contribute to it.

She is going into a nursing home and will soon deplete her savings. Is half of the money in the account considered mine since my name is on the account? Will I lose my half of the money in the account in order for her to qualify for Medicaid? This question has been closed for answers. Ask a New Question.

Is the money in a joint account sheltered?

Money in joint accounts is not sheltered. The government counts all of the money in the joint account as available for your nursing home care.