My mom is getting medicaid assistance. She gets about $600.00 in ssi and does not own any assets other than household items. She will be getting an inheritance of about $9000.00 Her concern is that medicaid will cut her off all assistance. I really don't know that much about medicaid. She is insistent that she sign the check over to me so there's no money in her name. Any suggestions on how to handle this? The only plans she has for the inheritance so far are to pay funeral expenses. Can she keep this money without being penalized in any way? I really don't want that money in my name, it's hers but I also don't want her to lose her benefits as her meds are so expensive; she could never afford them.
The FH may well just have her sign over the check too - although I personally don't like that approach.
9K isn;t that much and if she is in a NH or you think one is anticipated sooner than later, I'd spend whatever on a modest funeral and burial (maybe 5 - 6K) and use the rest of the $ on things that Medicaid will not pay for: dental care, eyeglasses, better & more comfortable hearing aids and easy wear & care clothes are all things Medicaid doesn't pay for. For my mom's spend-down while she lived in IL, she got lots of dental work done and it is very expensive. If I had known, I would have bought her lots of simple clothes and just stored them. The NH laundry is super hot and industrial size and made short work of my mom's once lovely wardrobe.
About dad & the savings account, who's SS # is the one tied to the account? How is the account structured as far as how the bank has the ownership recorded?