Follow
Share

My mom is getting medicaid assistance. She gets about $600.00 in ssi and does not own any assets other than household items. She will be getting an inheritance of about $9000.00 Her concern is that medicaid will cut her off all assistance. I really don't know that much about medicaid. She is insistent that she sign the check over to me so there's no money in her name. Any suggestions on how to handle this? The only plans she has for the inheritance so far are to pay funeral expenses. Can she keep this money without being penalized in any way? I really don't want that money in my name, it's hers but I also don't want her to lose her benefits as her meds are so expensive; she could never afford them.

This question has been closed for answers. Ask a New Question.
Find Care & Housing
In my state, you can also put 1,500 in a burial account for a headstone at the cemetery. Most funerals are about 8,000 from my experience. And Medicaid will allow this. From my experience, the 8,000 was for funeral alone and had nothing to do with the burial stone, etc. Good luck.
Helpful Answer (0)
Report

Great! From reading all the other posts and similar questions on here that is a common procedure that I've read. THat is exactly what we will do. I was really hoping to find a simple solution and that is about as simple as it gets. As far as my dad, I had to clarify it with him. He is not going for medicaid assistance after all so this is no longer an issue. Thank you sooo much!! It was really weighing heavy on me and my mom. So glad I found this forum!
Helpful Answer (0)
Report

About the 9K, your mom can go to a funeral home and get a burial and funeral trust done that is Medicaid compliant. Most funeral homes know how to structure this so that it will pass a Medicaid review. The key is having it be NCV - No Cash Value - policy. Funeral/burial preplanned traditional will cost between 5K - 12K so really it could eat up her whole windfall. This is an execellent way to use the $.
The FH may well just have her sign over the check too - although I personally don't like that approach.

9K isn;t that much and if she is in a NH or you think one is anticipated sooner than later, I'd spend whatever on a modest funeral and burial (maybe 5 - 6K) and use the rest of the $ on things that Medicaid will not pay for: dental care, eyeglasses, better & more comfortable hearing aids and easy wear & care clothes are all things Medicaid doesn't pay for. For my mom's spend-down while she lived in IL, she got lots of dental work done and it is very expensive. If I had known, I would have bought her lots of simple clothes and just stored them. The NH laundry is super hot and industrial size and made short work of my mom's once lovely wardrobe.

About dad & the savings account, who's SS # is the one tied to the account? How is the account structured as far as how the bank has the ownership recorded?
Helpful Answer (0)
Report

sorry i forgot the second question. My dad recently decided to take his name off of a dual savings acct. My name went on it several years ago. He wants to get medicaid assistance with paying for meds so he just took his name off the savings acct and left it in mine. Is this something he can legally do AND get medicaid assist?
Helpful Answer (0)
Report

This question has been closed for answers. Ask a New Question.
Ask a Question
Subscribe to
Our Newsletter