i'm in the will but need power of attorney if dad gets sick and can medicaid take the house if dad dies? can we take 50% of funds and move to new account with my and Dad's name?
James, it is my understanding that Medicaid has a 5 year "look back period" on all assets. Is your mother currently in a Medicaid facility?
You can arrange for both medical and financial power of attorney for your parents as long as they are willing. You can hire an attorney - but, I downloaded the forms from a reputable website and just had them notarized at my bank. (every state has different rules.)
Then go to the bank with your father and have your name added to their accounts as a "signer." Make sure that the bank knows that you want to be a signer only.
Another thing that was very helpful to me was using online banking. I can pay all Mom's bills online...save so much time.
As for the house, why do you want your name added? I think that Medicaid would access the house as an asset regardless. (I'm not an expert, just read a lot about it in this forum.)
Thank you...I don't need my name on the house just need to know if medicaid takes the house after my Dad is gone towards payment for Mom? it's so confusing and we're getting conflicting answers....the will will leave the house to my sister & I and we're ok with having to let it go if that's what need to happen, just need to know what to expect.
You can arrange for both medical and financial power of attorney for your parents as long as they are willing. You can hire an attorney - but, I downloaded the forms from a reputable website and just had them notarized at my bank. (every state has different rules.)
Then go to the bank with your father and have your name added to their accounts as a "signer." Make sure that the bank knows that you want to be a signer only.
Another thing that was very helpful to me was using online banking. I can pay all Mom's bills online...save so much time.
As for the house, why do you want your name added? I think that Medicaid would access the house as an asset regardless. (I'm not an expert, just read a lot about it in this forum.)
Good luck
Lilli