My mom wants to give me money to purchase a house – between $14,000 and $24,000. It is my understanding that i...Read more
I don’t know about Texas in particular (for that you’ll have to check with a Texas elder law attorney), but where I practice (in Massachusetts) if you were to go to a nursing home and apply for Medicaid, you would be presumed to be the owner of the account and have to spend the funds on your care before Medicaid would kick in. This is a presumption and can be disproved with evidence that the account belongs to your son, but the burden of proof would be on you. Unless you find that the rule is different in Texas, it may be safer for your son to remove your name from the account and to appoint you as an agent under his durable power of attorney so you can step in if ever necessary.
For an article on the dangers of joint accounts, click here.
Local Elder Law Attorneys in Ashburn, VA
Ron M. Landsman has been practicing elder law since 1983, before it was known as elder law, originally with Landsman and Laster, Washington, D.C., then Landsman, Eakes and Laster, also in Arlington, VA, and since 1990 in his own practice in Montgomery County, Maryland. He has been among the most active members of the...
John Laster is a lawyer licensed to practice in Virginia, Maryland and the District of Columbia. He limits his practice to wealth transfer planning, trusts, wills, powers of attorney, health care decision-making issues, estate administration and related tax, elder law and disability concerns. Listed in The Best Lawyers...