My MIL has refused to let us sell her car ever since she stopped driving three years ago. We recently put her in assisted living, it was not a good process, she's very unhappy. No way will she agree to sell this car. It's been a lot of hassle and expense keeping up oil changes, trying to keep it driven enough to keep the battery working (and failing that a couple of times and having to replace it), taking it in for several recalls it had, and paying insurance. It needs to go.
My husband is listed on the title as co-owner (we actually paid most of the purchase price). He has has POA over tangible assets (we left off the real assets as that looked like something involving real estate, of which she had none). From what I could tell on a search, it looks like poa allowing sell of tangible assets will allow him to sign for her as poa? But I'm not sure, don't want to do anything that will get rejected when they buyer tries to title it.
Also, for the purposes of Medicaid lookback, which we expect to be needed in less than 5 years - since my husband is a co-owner and helped pay for the car (we actually wrote the check for the entire purchase price from our bank a decade ago), is he entitled to keep half the selling price? We don't want it for ourselves, but it would mean we could save our portion back for when she's on Medicaid and have that money for her needs.
So here's what you do. If you have the proof that you paid for the whole car then how can it be proved to Medicaid how much your MIL paid back to you?
If Mom can't understand that its costing to keep up a 10yr old car she has not driven in 3 yrs, there is cognitive decline. Sell it but it must be at Market value. I think you deserve ur money back if you can prove you paid for the car. But Medicaid may not agree since Mom is on the title. I would say ur entitled to half and the other half goes to Moms acct for her care. This really is a question for a Medicaid caseworker.
If you wish to get rid of the car, sell it and put the full payment into your MIL’s bank account.
Very unwise to segment off any money that might be considered belonging to her. Medicaid assessments are very detailed and it’s not worth the risk.
You do not need to have an account “for her needs”. If/when she goes on Medicaid, she will receive a (small) monthly stipend for personal expenses.
My mother and cousin were still alive, in fact my mother still is.
I did not seek attorney guidance, for me it would have been a waste of money.
FYI I don't think the county/state/buyer cares who paid what towards a vehicle, only whose name is on the title.
You might try DMV but I think they will suggest this go by an attorney. The POA allows the principle's funds to pay for expert advice when required.
I would do as you outlined and not worry about it.