Do the same legal considerations apply for joint owned accounts as they do for single owned accounts with medicaid and LTC?
Ileadyouth asked...
My mother & I jointly own every financial account she has. Do the same legal considerations apply in this instance for medicaid assistance in long-term care?
Expert Answer
Barbara Steinberg is the CEO and founder of BLS Eldercare Financial Solutions, which specializes in helping families pay for long-term care for their loved ones. A registered financial gerontologist, she speaks regularly on the topic of paying for long-term care and is a financial expert for Caring.com.
Since your mother's name is first on the accounts, they are listed under her social security number. Medicaid will consider these to be her assets unless you can prove that you contributed some portion of the funds from your own resources.