My Mom has Dementia. We are in the process of applying for Medicaid and unsure about her name being on my bank account. I am single, never married. My Mom has always been on my bank accounts in case something happened to me, someone could access my accounts. She has never contributed to my savings account. We are in the process of applying for Medicaid for her.
Disability benefits can be given to disabled people of any age. In my particular case, I was rescued from my abusive alcoholic parents who happened to have also killed my only bio sister two years before my birthday. I barely survived what killed my sister in 1965. I don't know how they got me the SSI or how long I had it, I'm assuming since age 13 since I became a ward of the state.
As for the able accounts, anyone getting any federal benefits from the government can get an able account. You may want to be very careful though, if you happen to go into the negative at your regular bank and it comes back to you're able account provider as ISF, you can get charged a very hefty fee, even if you had to withdraw money from your able account and back to the account at your regular bank to make it right. Today June 1, 2017 today was payday and I sent most of my money to my able account after bills were deducted. I can withdraw money later and have it sent back to the account specified. Anyone getting Social Security can have an able account. There are 10 different qualifying expenses for which you can use those funds. It was set up to be an investment account, but you can choose the bank safe option at set up. This is the safest way if you can't afford to lose any money through an investment that goes south. The banks safe option is FDIC insured, which is the option I selected since I have no financial help outside of my SSI and I badly need a car due to certain medical needs. I also have an estate open for my dad because someone things are pointing more and more to someone likely having taken advantage of my bio dad with Alzheimer's. The person who was his POA may have stolen from him and may have to return some property that may have been gained fraudulently since he wasn't competent to make competent decisions despite having Alzheimer's for years before he finally died with it. Come to find out through the funeral home who buried him, I now know who exercised POA for my dad and chances are possible that just from my recent findings, this person is at it again because between her and the funeral home, I was never contacted until UniCARE finally was able to find me. Whatever comes off the estate is going straight into my able account after a well needed car is obtained. The able account will help recipients to avoid the risks of having to use trusts because trustees very often aren't trustworthy. If you happen to be getting any type of Social Security from the US treasury in your state, you can apply for an able account if you also have Medicaid and food stamps.
Note:
Not all Elder Law attorneys deal with "Medicaid" !
I contacted an Elder Law attorney but does not deal with Medicaid !
Look for "Medicaid Attorney".
So much savings can be put into a trust !
Each month so much goes to the nursing home and resident receives so much.
But beware some trusts once the money goes in if that person passes away that is the end of the money !
I think these are the savings accounts Trump was talking about when he was talking about Medicaid. If you need something Medicaid won't cover, the able account will be able to cover it for you as long as there's enough in the account. This is not all you can use your able account funds for either. In fact, there are about 10 different qualifying expenses with which you can use your funds from your able account.
For instance:
No car? No problem when you have an able account.
Medicaid won't cover something? No problem when you have an able account with enough funds to cover that expense.
You can now open an able account in any state (but you can only have one). This used to be restricted to just residents of your own state but now it's open to anyone who qualifies for one. For instance, if you get SSI, Medicaid and food stamps, you're automatically eligible for an able account.
Research the able account page and you'll find 10 different expenses with which you can use your funds from your able account.
Lastly, you will also get a debit card that comes with your able account. It can be used like any other card at the checkout. Just be sure to stay within the rules of using the able account if you don't want the IRS to come knocking. Definitely keep very good records as to what you spent your funds on so that you don't get taxed for using your funds. As long as you keep good records and only spend money on qualifying expenses, you'll have no problem as long as you stay within the guidelines
1: A copy of all checks from which account the money come from, and was deposited into the account with your mom's name on it, a statement from the savings you have with your mom's name on it to prove the checks were cashed into that account.
Any direct deposits of cash has no "proof" where it come from, or who put it in there. !
If you cannot provide this proof it could lead to a penalty !
"Penalties":
If a nursing home cost $5000 per month !
An applicant gave away $20,000 !
The $20,000 could provide 4 months care in a nursing home. Therefore Medicaid will not cover you for a further 4 months.
Note:
Your mom will have to be in a nursing home before she can apply for Medicaid.
One thing you can do, even though I have no idea how much is in the account. Pre pay for the nursing home with the money as it is viewed as your mom's care and needs during the application of 4-6 weeks for Medicaid. Then once you qualify, Medicaid reimburses the month of nursing home fee from the date of the application to the time of decision. Then you will get the money back in your hands. Medicaid will not reimburse you through the penalty period.
A Medicaid attorney is your best option as believe me there is far more involved than you think, I had to go back to 2010 and get 4 years of bank statements to provide evidence of a loan paid back. Even though a person has paid you back a loan you have to prove the applicant received the money from you in the first place and it may not have been given in one lump sum.
I always go to the source - get in touch with Medicaid and ask them what proof they will need to know it is your money and not Mom's.
We have opinions - if you contact Medicaid directly, you have a better chance of knowing exactly what is needed.
I am coming to the end of applying for Medicaid for my mother in law but it may be in your social security number but when the time of application come you have to prove where did the money come from ?
From their point of view:
Who is to say it was not all your mom's money gone into your savings ?
As much as you know it was not your mother's you have to "Prove it" to them.
Money:
You have to prove what this is for ? ( It has to be spent in your mom's care and needs)
Where the money came from ?
Where the money went ?
Prove that any payment of a debt that the check was cashed !
Beware anything of cash value will be taken from your mom!
If she has a Burial Policy with cash in value it will be taken from her.
Therefore it may be valued $12,000 they take it all or cash it in yourself and may only get $2000 !
Then you have to buy a brand new pre paid Burial Policy with no cash value !
Just happened to my mother in law.
In Texas any income over $2000 per month you will not Qualify for Medicaid
So you have to see a Medicaid attorney in which to put any excess money over $2000 into a trust.
The reason - if you have joint ownership with someone when the time comes, Medicaid or anyone else may want to know what other joint assets the two of you may have. Then you may have the possibility of people looking into your assets.
Also it's not just Medicaid - this could be a disgruntled relative, a law suite etc. Keep you and your mom's assets separate
Meanwhile, why not provide just a little more information so that we know what's going on. Is she contributing to the account? If she's making deposits into this account, then she is part owner and may not be just a trustee.
Is there any other way you can set this up to make her a beneficiary should anything happen to you? Is there a separate account you can set up such as a POD that goes to her should something happen to you? Of course if anything were to happen to her, you would need to update the beneficiary on the POD account
Since your mom has dementia, who would manage her care if you were to pass away? I would call the bank to see if you can arrange for your account to have a beneficiary or put it into a trust with that person or institution as successor trustee to avoid probate. It's complicated!