QUESTION
If I am listed as the joint owner with my father on municipal bond funds and variable annuities what happens if he has to go into a nursing home. Will the whole account be subject to pay down before medicare/medicaid kick in? Or just half the amount since it is a joint account. I live in NJ. Thanks.
Asked on Apr 27th, 2011 on Elder Law - New Jersey
More details to this question:
If I am listed as the joint owner with my father on municipal bond funds and variable annuities what happens if he has to go into a nursing home. Will the whole account be subject to pay down before medicare/medicaid kick in? Or just half the amount since it is a joint account. I live in NJ. Thanks.
1 ANSWER
2 Awards
Medicaid will look for proof that you contributed 1/2 of the value of those assets. Simply listing some one as a joint owner will not ensure that 1/2 of the asset is protected during a Medicaid spend down.
Answered on Aug 15th, 2011 at 10:23 AM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship