In 2009, my mother was diagnosed was Alzheimer's. At that time, I was given some bad financial advice. My mother has a joint checking account and I removed her name from the account. In 2011, I went to an elder care attorney and she told me to put my mother's name back on the account. In 2011, my mother's name was then added to this account. I just want to add that all of my mother's money has went for her care and continues to do so. In 2015, I will be applying for medicaid for my mother. I recently requested that the bank give me copies of the bank statements on this account for the past 5 years. My question is how do I explain that my name was on this account for 2010 and then both of our names are on the same account in 2011? Will I be penalized for this mistake when I apply for medicaid?
I would assume that if your mother's name was not on the account in 2010 then it wasn't technically her account. But I'm not a lawyer or a Medicaid administrator.
BOA wanted $30/check copy. Then our elder law attorney send me a form that made the banks send statements and check copies no-charge. I asked for 5 years worth and now have a stack of copies that ass high a five reams of paper and hundreds of check copies.
I am now changing my benficiaries on all manner of accounts should I die. The benefits would allow the LO to loose medicaid
have help on an attorney who specializes in Elder Law as you do this application and do all your estate plans,wills, poa and all such
There are some things you can do now - start collecting all the details on mom's financials and especially any that could be considered co-mingled account. For those that are co-mingled, go to the bank and clearly find out who's SS # is tied to the account. Get this documented on bank letterhead too. this is a good time of the year as between now and end of January all 1099's, interest charges, policy statements, awards letters go out. You'll need all these for the application.
You may want to give some thought to the timing of the Medicaid application. If the transfer penalty will be over $ back in 2009 & 2010, perhaps having mom cared for at home for another year or so would be a better idea than a transfer penalty? ALot of this will depend on just how much $ we're talking about and what level of care that you mom needs. But that could be a option.
For my mom's Medicaid application, I had to provide a signed by bank officer statement on her banks letterhead as to the disposition of any and all accounts and financials closed for 5 years prior. Took about a morning at the bank and I did have all her account details already (old statements, dividend 1099's, etc). Fortunately, as mom's CD, Tbills etc expired, they were not renewed but instead were closed and deposited in full into her main drawing account. So the letter read along the lines of: CD # 1234 $ 5,678.00 expired 03/03/08 deposited into checking account # 5678 for $ 5,678.00 on 3/03/08. If any of the funds had not been deposited 100%, I'm sure there would have been a transfer penalty inquiry on where the $ went.
Try to stay organized in all this in whatever system works best for you. I had 2 binders for each year; 1 was only medical & health care costs and CMS statements (they love pages & pages to be mailed) and the other was all other financials (bank, house taxes& insurance etc); & another binder for what I call continuous documents - like my mom's preened funeral stuff, her will and codicil, her life insurance, house ownership documents, etc. the things that exist forever.
If Medicaid has a ?, there is usually just a short window to get whatever faxed back to them, so being organized is very important & will keep you from being more stressed too. Good luck.