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By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington. Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services. APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid. We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour. APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment. You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints. Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights. APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.I agree that: A.I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information"). B.APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink. C.APFM may send all communications to me electronically via e-mail or by access to an APFM web site. D.If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records. E.This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year. F.You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
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Your loved one may not require home care or assisted living services at this time. However, continue to monitor their condition for changes and consider occasional in-home care services for help as needed.
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If your mom's name is on a checking account, I believe that Medicaid will consider the money part of her assets. There may be ways that you can prove the money is yours, but it's not a good idea to have her name on your account. You may want your name on her account if she can't handle money herself, but of course that is her money and therefore Medicaid will consider that an asset. Medicare isn't a problem as that isn't income dependent. I hope this helps, Carol
In order to keep your assests from being used against her if she should ever need to qualify for medicaid is why you want them kept separate. You can and should probably be on her account but you want a separate account for you and your husband. Do not put her on your account or medicaid will count that money as being part her money and penalize her for it. She can only have a certain amount of assets to qualify for assistance. Hope this helps
As others said, anything that is in an account with her name on it will be considered her asset. The asset can be claimed if she incurs a debt, so you can lose your money. On the flip side of the coin, if a parent adds their child's name to the account, and the child goes into debt, anything in the account is considered the child's asset, so the parent could end up losing money. There are always risks. People have to figure out which risks they are willing to take to make things work.
I'm not sure but depending on how you file taxes may be something to look at. If maybe you can claim her as a dependant , or have any other tax right offs/deductions etc., i would think you would want seperate accts. also for the above answers to clearly show each ones assets good question for lawyer....
jeanbean53, No! Don't give your mother rights to your personal checking account! That makes it her money, and while she isn't likely to cause you any problems over it (withdrawing the entire amount and running off to Vegas, for example, or giving out the account number to some "charity" over the phone), if she ever needs to qualify for a program based on her assets you do NOT want your assets to be considered hers. A separate account makes it easier to discuss her finances with someone else, such as a social worker or family member, should that need ever arise.
Set each account up for online banking. I'll bet I don't go into my own bank more than twice a year or so. I think that is a much better way to simplify the banking tasks than to co-mingle funds that can come back to haunt you.
Listen to Annibug for that is exactly about what Medicaid told us that, if her name is on any bank account, C.D's n etc that it was consider as assets. Have an account for you n your husband n a Separate account with your mom n your name on it. That way you can help her manage her money with her money n pay her bills.
jennhchapman, well said.
jeanbean53, I would NOT combine any account as an only account! If she has to go on Medicade down the road n if she is already on Medicade well, of course they r going to want to get their money back n that makes sense. However, if your money is in her account as well, they r going to count it as her n yours. If her name is on it, they will count it as an asset. Hope this help.
My 85 year old Mom lives with us. She is legally blind and has age-related problems with mobility. I do ALL her banking and am considering combining our checking accounts. Is it a good idea to open ONE account for her and my husband and I? What are other advantages, in addition to only having to deal with ONE bank/account? Thanks to anyone's advice!
I have my name with my father's savings and checking account. But I consider it as His money. I use it to pay for his/mom's expenses. I haven't been keeping the receipts but I read several comments in the past few days the importance of keeping it.
I was told by a friend who also had her name with her elderly mom. When her mom suddenly died, the account was frozen until it was determined by the state what to do with it. She could not touch it to pay for any of the funeral expenses for several weeks until it was released by the state.
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
A.
I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
Carol
Set each account up for online banking. I'll bet I don't go into my own bank more than twice a year or so. I think that is a much better way to simplify the banking tasks than to co-mingle funds that can come back to haunt you.
jennhchapman, well said.
jeanbean53, I would NOT combine any account as an only account! If she has to go on Medicade down the road n if she is already on Medicade well, of course they r going to want to get their money back n that makes sense. However, if your money is in her account as well, they r going to count it as her n yours. If her name is on it, they will count it as an asset. Hope this help.
I was told by a friend who also had her name with her elderly mom. When her mom suddenly died, the account was frozen until it was determined by the state what to do with it. She could not touch it to pay for any of the funeral expenses for several weeks until it was released by the state.
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