If a CD or savings account has three names on listed (mother, son and daughter), can a nursing home take the whole account?
We have a CD with an elderly mother and two adult children listed on it. We are now afraid that if she was to go to a nursing home, we will lose the whole CD. Is this true?
What are the benefits of a power of attorney? She is 83 years old and no power of attorney. We do not know if it is needed or not.
Thanks for your help!
1 Answer from Attorneys
The nursing home cannot TAKE anything. But if you are applying for Medicaid, they can scrutinize the account history as to when and how it was set up and who has contributed. A power of attorney is useful when the giver is mentally or physically disabled and cannot transact their business or sign their name. But the details are more than this space provides. Therefore, if you are considering a power of attorney, you had best retain an attorney to prepare one for you properly and you can ask him/her about the details.
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