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I am 54 years old. I am on my children's savings and checking account. They are 20 and 25 years old. The funds in their accounts are not a gift. It is their own money. Will there be a problem with the five year look back period. Should I take my name off their accounts? Just planning ahead for the future and do not want my kids to lose their money since I am on the accounts.

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Mr. Heiser, you said 100percent is considered the medicaid applicants? How do they figure when its a joint account? Like with a husband and wife. I worked and I have my own SS. Isn't a spouse entitled to half of the bank account? Is it better for spouses to have separate accounts.  
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You should remove your name off the accounts.
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Yes Medicaid looks at these as joint accounts and money being yours too. A lawyer suggested Mom take her name off of nephews account.
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I just had concerns with my bank accounts. I'm currently a young, single senior - 68 - and decided to sell my home in NC & move back to MD (home state) after my parents died. I own their home. For a few more years, I'll be in MD, enjoying family members close by. I can't afford the cost of an ALF or nursing home in MD, so my plan is to move back to NC in a couple years, where costs are less, eventually settling in a continuing care retirement community. I have no children and no one in MD who could manage my care into my old age - but I do have a 52-year old dear, trusted friend in NC who's my POA on banking accounts, including credit union in NC (draws good interest). Should something happen to me in the meantime in MD, I want my dear, trusted sibling to have access to my accounts, but the bank won't allow a second POA. My MD sibling works well with my POA in NC - but I prefer not to have a joint owner account with my sibling. Bank said I couldn't add him as a "convenience signer". A banker suggested I put signed, blank checks in my safe deposit for my sibling to use - he has authorization on the box with me, as family jewelry is kept there. Should I need funds for my care in MD, my POA in NC can withdraw funds from credit union & deposit them in Checking account (with a national bank that has branches in NC & MD. My POA would have access to all bank statements & would have to deposit funds in checking in NC. Everyone's on board with this and Imthink it should work as an emergency plan. My sibling is named as alternate POA, but I don't want my trusted NC friend to be removed as POA, since I plan on returning to NC & want to avoid the legal costs of drawing up a new POA (it's a durable POA).
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Take your name off for the reason Mr.Heiser stated but as importantly, and more relevant to the present and intermediate term, is that their money is may be subject to the claims of your potential creditors in the event of a judgement found against you.
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If you are on the account it is considered an asset as you have access to it. If you were a beneficiary on the account it would be different.
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The rule for joint bank accounts when one of the owners applies for Medicaid: 100% of the funds are deemed owned by the Medicaid applicant except to the extent the other owner(s) can prove contribution of funds to the account. So, to avoid having to go through that, it's safer just to take your name off the accounts. Since none of the money in the accounts came from you, doing so is not a gift and there is no penalty for doing so even if you need to apply for Medicaid within the next 5 years.
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She doesn't have any money in her children's accounts. She just wants to take her name off, which is fine. She is only 54 and her kids are newly grown.
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I think it depends on the situation. I was on my foster dad's account as a joint owner and it didn't affect me. If you happen to be on Social Security, I think it depends on the situation. I was on my foster dad's account as a joint owner and it didn't affect me. If you happen to be on Social Security, why not try opening an able account? You put your extra money in there and it won't interfere with your regular bank account. All you do is add the account from which to draw out a certain amount each month and you put it into your able account. You'll have to shop around for the best one for you, but be very wary that some of them cost around $12 maintenance fee, Ohio is 2.50 Tennessee is free. You'll have to compare states to see which one is right for you
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This is not a complicated matter if the woman is well. She is simply fledging the chicks -- something that happens every day in the world. No legalities are needed to take her name off the accounts unless Medicaid is immediately involved. We don't have any information that she needs to apply for Medicaid immediately. She hasn't come back, so this was probably just a drive-by post.
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Make it transfer on death instead. Not joint and survivorship.
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You are 54 years old. Life expectancy for a woman in the USA - let me just check - is 78.94 years.

I'm quite surprised, actually. Thought it would be higher. But anyway.

It is of course a good idea to get one's affairs in order because we can none of us ever be certain. But do you have any particular reason to be anxious about this? Why the sense of urgency, so that you feel the need to post specifically on AgingCare?

I'd suggest that one thing which might be worth doing is counselling your newly adult children to sort out their accounts, though, and check that everything is organised as they would like it to be.
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Yes, it may cause a problem with their income tax, or with probate if you die before them. Ask a banker or a lawyer for advice. I took my bank's advice and made all my accounts "payable on death" (POD) accounts.
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If the money in the accounts are theirs, then take your names off the account. No problem. You still have one year before you would even face for over-55 Medicaid requirements. Opening the accounts when they were young and removing names later (or young people moving money into their own accounts) is often done. I doubt anyone would think it odd.

Of course, the biggest question is if you would have to apply for Medicaid anytime in the near future. You are 10-15 years younger than many of us here who are caring for elderly (80+) or disable people. If you aren't going to apply for Medicaid anytime soon, then taking your name off the accounts would not even be looked at.
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I hope that Medicaid won't look at this account as if some funny business is going on. I know in New York, a person could have up to $14,000 in their account and still apply for Medicaid. If they see money moving around too much, it will look suspect. If you have to show them 5 years bank statements and they see chunks of money being moved, they want to know why and who. I agree that you should contact an eldercare attorney. Make sure he is familiar with the Medicaid system. I did -- and he was able to talk with Medicaid which allowed me to make better decisions for my parents. I'm not sure if this answers your question, but it will give you something to think about going forward.
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SKG, people apply for Medicaid when they have low income and assets so that Medicaid will pay for health, dental and possibly care and long term care. Do you anticipate being in a low income/low asset situation and needing health care? And would that happen while your name is on your (adult) children's financial accounts??
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Take your name off their accounts.
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They were under the age of 18 when accounts where open.
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Good time to consult with an elder law attorney. Why are you on their accounts in the first place? Is it for you to receive their money if  they die? Change to a Payable on Death ownership account.
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