What to do with your savings when applying for medicade
My mother had a stroke and is now in a nursing home.
The cost is $110. a day. She has to go through her
savings before applying for Medicade. Since her
savings is in her name and my name, can I take half
of it out and put into another account with my name
only. This money has been in our names together for
about 15 years. But if I do that, I'm afraid medicade will turn down her application.
1 Answer from Attorneys
Re: What to do with your savings when applying for medicade
Can you prove that you contributed half, or what ever the precentage may be, of the money in the account? If so, that money is your's, and can be removed. However, if all the money is your mother's and your name is simple on the account, then all the money is your mother's, and can not be removed. If a portion of the money was your's when deposited, but you can not prove it with documentation it may not be worth the risk to remove the money. Removing the money could dely your mother's benefits up to 36 months. Your case is a prime example of why it is important to consult with an estate attorney long before a need arises. Take this opportunity to get your own affairs in order. There is much that can be done to prevent your mother's situation, but it requires advance planning.
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