Joint bank account; Can my mom gift me $15,000 a year?

You are joint because you need to be able to access it, right. Like said, Medicaid looks at any large amount of money going out of an acct as a gift if not something personal for Mom. I would not do it.

I would ask the bank if when Mom passes, the account goes to you.

Is this acct a checking or savings? I ask because if Mom has enough money to gift u 15,000 a year, she would do better putting her money in an interest bearing CD. I doubt if she is getting much in a checking or savings acct.

If your mom has dementia and Alzheimer's it would be questionable if she is gifting you or if you are taking the money. A fine line that should not be crossed.

If you think she will ever have to go on Medicaid then do not accept any money as a gift, you will be in a fix with her eligibility and she will have a penalty period that she is not eligible for assistance.

Since you are an only child you should just leave everything in her name and only pay her bills and living expenses from her money, you will inherit whatever is left after her needs for her lifetime are met.

If she is living with you, you should create a caregivers contract and a rental agreement so she is paying her way.

A certified elder law attorney can be found at www.nelf.org and be able to help you set this up legally.

lablover64:

Where is your mother living?
She owns the home where you live, but she is not living in it?

The $600 for the repairs may not be an issue, but if she was the home, and it is not an exempt asset, then the home itself could end up being the real issue for you for Medicaid down the road.

Is this a Medicaid eligibility issue?

How exactly is the account titled?

I will be interested to see responses on this as well.  I am joint on my mother's credit union account. We did that when she was living with me - at her insistence, not mine - so that I could take care of her bills and deposit checks for her.  On her last visit to my home, which she owns, she noticed the steps were in need of repair.  It will cost upwards of $600 according to an estimate I got.  She wants to help pay for the repairs but I'm afraid that if I take the money out to do that, we'll have problems down the road if she ever needs to go on Medicaid.