Legal Question in Elder Law in Massachusetts

bank accounts
Hi,
Is it true that if $ is in parent's bank account and they have to go to a nursing home, that $ will be taken? Can I transfer that $ into a new account with my name as primary (I assume I will have to pay taxes on the interest) and still have a parent's name as secondary? Also, will the withdrawal of this $ be questioned up to so many years? The amount is about $12,000. Thank you.

Asked on 11/28/06, 8:32 am

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Re: bank accounts

First any gift made within 36 months of a claim for medicaid will be set aside.

There are certain exemptions that you can do without Medicaid forcing you to use the funds first.

1. $2,000 is exempt.

2. You can prepay for funeral expenses.

If you consult with a nursing home, they usually have someone who can explain the rules to you and how you can maximize the use of the money.

I hope this was helpful to you.

Answered on 11/29/06, 11:43 am

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