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Medicaid paydown and Joint ROS accounts

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clinn

Junior Member
What is the name of your state? New York (both my Mother and myself)

More than 8 years ago, my mother (father is deceased) transferred some moderate assets to me (account in my SSN). Then, about 5 years ago, her lawyer (be this wise or not), suggested that she add her name to this account, with JOWROS. The account remains in my SSN (I pay taxes on it, as I have been for years), as best I can tell, her SSN does not enter into the equation.

Soon she will be entering a position in life where her assets (outside of this account) will be depleting, eventually qualifying for Medicaid. The question is, can Medicaid take the assets in this joint account, or is it sheltered in this situation. Also, any suggestions for action on my standpoint (I plan to see a lawyer about this, but wanted a quick read first, and this seemed to be the correct forum).

Thank you much,
Chuck
 


BlondiePB

Senior Member
What is the name of your state? New York (both my Mother and myself)

More than 8 years ago, my mother (father is deceased) transferred some moderate assets to me (account in my SSN). Then, about 5 years ago, her lawyer (be this wise or not), suggested that she add her name to this account, with JOWROS. The account remains in my SSN (I pay taxes on it, as I have been for years), as best I can tell, her SSN does not enter into the equation.

Soon she will be entering a position in life where her assets (outside of this account) will be depleting, eventually qualifying for Medicaid. The question is, can Medicaid take the assets in this joint account, or is it sheltered in this situation. Also, any suggestions for action on my standpoint (I plan to see a lawyer about this, but wanted a quick read first, and this seemed to be the correct forum).

Thank you much,
Chuck
Joint = Co-owned; Co-owned assests MUST be reported.
 

clinn

Junior Member
Thank you much, even if that is not what I wanted to hear. My Mom would gladly agree to removing the joint designation - indeed that is how she initially set it up, until she came across the "never trust your kids" lawyer. If she did so, would this event alone automatically trigger the Medicaid eligilibility clock again? Remember that I have been the one the earnings get reported on tax wise, not my Mom.

Thanks,
Chuck
 

BlondiePB

Senior Member
You're Welcome

Thank you much, even if that is not what I wanted to hear. My Mom would gladly agree to removing the joint designation - indeed that is how she initially set it up, until she came across the "never trust your kids" lawyer. If she did so, would this event alone automatically trigger the Medicaid eligilibility clock again? Remember that I have been the one the earnings get reported on tax wise, not my Mom.

Thanks,
Chuck
Why should taxpayers pay for mom's health care when she has plenty of assests to do so herself?
 

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