QUESTION

Even though my Detective son has my POA and is listed as TOD on my Jeep and his name is on ALL my money assets can a long-term facility take those?

Asked on Jan 04th, 2020 on Elder Law - Missouri
More details to this question:
I have a will in place with my son as sole beneficiary. I no longer own a home or property/land. I have checking, savings and 5 CD's - all with my son's name on them as well. I know that nursing homes/long-term facilities can take your assets and I want to know what further can be done to prevent my son from losing his inheritance if I end up, GOD FORBID, in long term care.
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1 ANSWER

Wills Attorney serving Austin, TX
2 Awards
Many people forget that while we pay into Medicare and Social Security with every paycheck, none of us pays into Medicaid.  Medicaid is a loan from our fellow taxpayers.  Naturally, people from Maine to Hawaii, while willing to give you a loan to pay for your care, are not terribly interested in opening their wallets so that your son can have an inheritance.  We need to think of our legacies not just in financial terms but in terms both of what we havve already done for our children by raising them and in terms of the emotional and spiritual legacies we leave.
Answered on Jan 05th, 2020 at 5:04 AM

This is general information. It cannot substitute for a personal consultation with an attorney. It is not intended to be legal advice or imply an attorney-client relationship.

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