If I added my parent, who has no income, to my bank account in order to support him financially - do we have to declare this account in a Medicaid application?
I don't see the reason for putting Dad on your account. Medicaid will look at it at half being his or it all being his. I was on Moms account and Medicaid looked at it as her money. Lawyer told me to take Mom off of disabled nephews because Medicaid would look at it as hers.
If you want to do something to protect Dad in case something happens to you, then put it in a will. Your Dad gets SS doesn't he? He must have a bank acct for direct deposit. No, don't think you should add him to your bank account. If you want, open one up in his name and put some money in it.
Why would you put your parent on your account? Usually if their name is on the account then they would consider at least part of it to be your parent’s money. You need to ask an elder attorney. Be careful doing things before you pass it by an attorney. Some things can’t be undone. Good Luck! Medicaid scares me!
My mom and I had a joint account. She was the primary, though, and I was the secondary. When the SNF applied for Medicaid for her, I had to spend down that account to $1200 and keep it and her resident account at the facility below $1200 total. Everything I spent that money on had to be for her benefit. The nursing home had to have receipts. I’m not sure if your put your parent on as a secondary account holder it would be the same, but as Vickie says, Medicaid is like the Wizard of Oz, all powerful. If your parent needs financial aid and you want to provide it, just withdraw money from your account and get them what they need. Like Vickie, I wouldn’t mess with Medicaid.
My sister and I have a joint account we inherited from our mom. We decided that we should separate it in order for our children not to have any confusion around it should anything happen to either one of us. There is no real reason to keep it and perhaps more reasons than we realize why we should close it. Why borrow trouble? Are you your dad’s POA? How is he handling his finances now that you are trying to improve upon? And whether you declared this bank account or not it would show up when Medicaid does their due deligence
Sorry, your question was do you have to declare the bank acct if Dad is just added on. The answer is yes. Anything with his name on it has to be declared as income.
If you want to do something to protect Dad in case something happens to you, then put it in a will. Your Dad gets SS doesn't he? He must have a bank acct for direct deposit. No, don't think you should add him to your bank account. If you want, open one up in his name and put some money in it.
Be careful doing things before you pass it by an attorney. Some things can’t be undone. Good Luck! Medicaid scares me!
Why borrow trouble? Are you your dad’s POA? How is he handling his finances now that you are trying to improve upon?
And whether you declared this bank account or not it would show up when Medicaid does their due deligence