93 year o ld mothers finances
Five years ago my 93 year old mother put all her savings (except for a shared account to pay her bills...under 3,000 to pay bills ...she has a monthly income from social security and a small pension totalling $1500) into my name. 5 years ago she also put her house in my name. She lives a very modest simple life style, has no stocks or investments of life insurance. She still lives in her home. If there came a time when I needed to put her into a long term care facility, would Medicaid pay the bill. Also when she passes do I need to do anything since everything she owns is in my name? Probabe? Any information you can give me would be appreciated
1 Answer from Attorneys
Re: 93 year o ld mothers finances
If the transfers were made more than five years those assets would not be counted as your mother's assets for mediciad purposes. Some types of retirement accounts can be counted as an asset for medicaid purposes so you should have an attorney review the information
It sounds like your mother does not have any assets that would require a probate administration but there may be some things that will need to be done when she passes away like a final income tax return and processing the pension assets. I would suggest that you consult an attorney to make sure that everything is taken care of properly.
Also if you do not already have one I would suggest you get a health care power of attorney and financial power of attorney for your mother.
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