QUESTION

If I am a signer on my Mom’s account can Medicare take 100% or 50% of her money?

Asked on Nov 09th, 2019 on Estate Planning - Colorado
More details to this question:
We are trying to prepare for the future. If I am a signer on my parents checking/savings accounts, can Medicare or Medicaid take all or just a portion of their money?
Report Abuse

1 ANSWER

Wills Attorney serving Austin, TX
2 Awards
Because each joint signer is entitled to take out 100%, Medicaid will regard the money as being 100% that of whoever applies.  Be careful about putting money into your mother's account as Medicaid will regard it as hers.  Be careful about taking money out of your mother's account as Medicaid may regard it as a transfer/gift in an attempt to qualify for Medicaid (by hiding her money) and penalize her, not paying for her care for a period of time.
Answered on Nov 10th, 2019 at 5:10 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.

Report Abuse

Ask a Lawyer

Consumers can use this platform to pose legal questions to real lawyers and receive free insights.

Participating legal professionals get the opportunity to speak directly with people who may need their services, as well as enhance their standing in the Lawyers.com community.

0 out of 150 characters