Advantages and disadvantages of having joint accounts?

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Can I (68 y old) open a joined account with my daughter or would this be a disadvantage for Medicaid look back?

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Evelyne - I’d suggest you have it so that daughter is a signatory on all accounts with you as the owner (so it’s your SS#) but POD (pay on death) to her on all accounts and that all accounts are tied into the same online banking & accessible to both of you.

Your daughter doesn’t have to be DPOA to get banking done as your totally competent & cognitive to do banking stuff. But providing bank with copy of dpoa to have on file will be a good idea. Expect when you & her go to the bank that a bank officer will want to speak with you completely on your own. Like for us, mom went into bank officer solo office to add on me as signatory and POD. The online stuff can be done with both of you sitting together.

Ask her about perhaps doing a new email address for everything “mom” from here on out..... like for banking, SSA, etc. If you don’t have an online account with SSA, other pensions, I’d really suggest you & her sit down and get these done with a printer nearby so you both have binder with all acct details and passwords. Start each year with the “awards letters” that SSA & most pensions send out. The awards letters get mailed out like Oct/Nov for the incoming year & available online too. Daughter may have a PW chain program or her iPad has cloud keeping.

Do you own a home or have investments?
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We have separate accounts although hers is a joint account we originally set up. Currently it holds only her money and I have my own account. I did this because I do not trust the government or anyplace we have ever done business with.
We have separate savings accounts also for the same reason but this also became a benefit when I was appointed guardian. Her money over $10k is frozen and money can only be drawn out with the courts approval and then with an invoice or billing statement presented at the counter. In this case the bank will issue a certified cashiers check to me made out to the billing entity.
As for her expenses, I am allowed to withdraw $250 monthly for her needs.
I hope this helps.
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Since I am relatively healthy I like to be prepared and gather as much info as I can before making unwise decisions or mistakes. This forum here has great advise. I am new to this and learn every day from this site. The next step for me is to set up a POA and talk to the bank. Thank you all so much.
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My nephew had a checking account with my Mom on it. When we went to the lawyer to make up Moms POAs the lawyer suggested that Mom get off of nephews account. We were told that Medicaid would look at the account as hers. I really see no problem with putting daughter on the acct as long as she puts none of her money in it. Check with the bank to see if "and" or "or" would make a difference.
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Evelyne, my Dad added me to his bank accounts but all the money in the account was his and his only. He was the primary account holder, thus under his social security.

I did not touch one penny in his account for myself.

Curious why you and your daughter want a joint account? If your daughter is your financial Power of Attorney and will be using the money in your account to pay YOUR bills, then that is fine.

Keep records of the bills and checks. I use to xerox the check onto the face of the bill so that if someone needed to view what was used from the account, there is was in a 3-ring binder.
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