My mom, sister & myself have various bank and financial accounts. Even tho my account contains only my earnings, I added my sis & mom to my accounts in the event of an emergency. My mom & sis have done the same with their accounts. It is now time to place Mom in a SNF that accepts Medicaid when personal funds are depleted. We plan to give the nursing home only the financial info that contain my mom's money. Can they take money from accounts that have her name but none of her actual income? Sis & I are worried!
When you are reporting Mom's financial info to Medicaid during the application process, just provide them with her accounts and her assets and her income.
They will be able to cross-check with IRS and Social Security records and will know what her income is. You do not have to reveal that her name is on any accounts of yours or your sister's, as long as you have not co-mingled funds. However, considering the circumstances, perhaps now is a good time to remove your mother's name from your account. It's not likely she will be paying bills on your behalf or need to access your funds.
Are your mother and sister only signers on your accounts? Or Joint owners?
This would also be a good time to sit down and talk with a banker and make sure your sister is a signer on the account, but not actually an owner.
Best of luck to you!
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