Savings Account vs Medicaid
My mother is 85 years old and beginning to show signs of dementia. She has been maintaining a joint savings account in her and my name and another joint savings account in her and my brothers name. My brother and I recently closed the accounts and open new separate accounts. We are beginning to pursue home care and nursing home options for my mom. A friend told me that there is a''3 year rule'' regarding financial assets when pursuing financial assistance or medicaid to pay for the services for my mom. Can you please explain this rule? Is there a way to protect the money from medicaid? My mom (and dad who passed over 20 years ago) always intended for the money to be for me and my brother.
1 Answer from Attorneys
Re: Savings Account vs Medicaid
The NEW rule is now a 5 year look back on all transfers without consideration.
That means when you fill out the medicaid application you will need to disclose any assets that she transferred in last 5 years.
If the money is substantial you should meet with an elder law attorney ASAP.
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