My Dad worked all his life. Retired twice. He saved some money and has some stocks that he wants to leave to us kids. He lived in Florida and has moved back here in Indiana. Since being back here he has been diagnosed with severe dimentia. When he moved back here he made sure that he set up his checking and savings accounts here in Indiana with my name on them to. Joint accounts. The stocks has me as beneficiary. My dilemma is, my wife and I both work full time. We are trying to figure out a way for him to be cared for in outlets home. If not than it will be a nursing home. If he goes to nursing home is there anything we can do to protect his money and stocks, or some of it, before Medicaid kicks in? And if he lives with us am I allowed to take money out of the joint accounts to help care for him? I am told that if he comes home with us and we use the money than h goes into a nursing home that the state will go back three years and try to recoup the money that was withdrawed? Thank you.
1 Answer from Attorneys
From whom or for whom are you protecting Dad’s money? It’s his and his only——family has no legal, ethical or moral right to that money.
Dad’s money has to be spent down before he can qualify for Medicaid. Unlike, Medicare, Dad has no right to Medicaid. Medicaid is for people who have no money—-so he can’t qualify until he spends down to the required level. To determine eligibility date, the State takes into account all monetary resources including among others, checking, savings, and stocks. You should be very careful how money flows from those accounts, keep track of everything. The State becomes suspicious if they find anything suggesting that money is being moved out of accounts or given as gifts in order to protect funds that should be used for the recipient.
You can charge Dad for certain expenses and costs for living in your home, but an attorney has to draw up the proper schedule and contract for you.
That means, seeing an attorney sooner rather than later is your best bet in having things move as smooth as possible.
Unfortunately, none of this may matter in the future, as our current President will do away with Medicaid if he can. In that case, Dad will be left high and dry.
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