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
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