Legal Question in Wills and Trusts in New Jersey
My mother had a stroke and is now in a home. All her accounts and home has also been put in my name. The home she is in and any medical is all covered. She has over 100 grand in the bank ( the account that I'm on). Is there a penalty if any of that money was to be used by me?
2 Answers from Attorneys
Fiirst of all when was the money placed in your name. If less than 5 years ago the nursing home may claim this is your mothers money and have a right to reclaim it. Theother question would be what did you use the money for. I suggest that you call me and set up an appointment.
I agree with Larry, but raise other points. In what condition is your mother now - competent or incapacitated? In what condition was she in when the assets were transferred? For what purposes is this money to be used? If your mother is incapacitated and you were to use the money for your personal expenses unrelated to your mother, you could be held responsible, if this money was spent for an impermissable purpose. You also say that the large account is an account you are on. Is this account in your name alone, or are both your and Mom's name on the account. This answer may have further ramifications. More information is needed to give you a complete response. This is a reply to an Internet question and is not intended to be legal advice or as creating an attorney-client relationship.