My mom and I have joint bank account, should I be concerned? - AgingCare.com

My mom and I have joint bank account, should I be concerned?

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My mother and I have joint bank account where both her social security goes automatically as well as a portion of my wages go automatically via direct deposit. If she were to go to a nursing home, would this account be taken along with all my savings???

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Thanks....her social security goes towards paying for her medicare supplement..I was also allowing a part of my wages to go to the account to save funds for her funeral as she has no life insurance and at 85, I'm not even sure if there is such a policy available and it would probably be outrageous. So, I guess I'll transfer the funds from my savings to another account so I can continue building funds for her funeral
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Do not co-mingle your own funds with your mother's. Qualifying for medicaid to pay for nursing home care will consider those funds as owned exclusively by your mother. Having a joint account is a good idea, but make sure it is just her funds going into the account.
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