protecting assets from a nursing home
My mom is getting ready to go into a nursing home. she has a saving account that my name is listed as JT WROS. Can the nursing home take those assets or can we not declare them on the paperwork?
Re: protecting assets from a nursing home
First, the question is how long has your name been on the account.
Second question is did you contribute to any of those savings?
Third if your name has been on the account was their an intent to make a gift to you? If so how much was the gift and did you file a gift tax return if it was more than $12,000.00.
You need to disclose the account, but you can use the funds in certain ways for the benefit of your mother, such as paying for her funeral in advance.
Please feel free to contact me to set-up an appointment.
Re: protecting assets from a nursing home
First, the question is how long has your name been on the account.
Second question is did you contribute to any of those savings?
Third if your name has been on the account was their an intent to make a gift to you? If so how much was the gift and did you file a gift tax return if it was more than $12,000.00.
You need to disclose the account, but you can use the funds in certain ways for the benefit of your mother, such as paying for her funeral in advance.
Please feel free to contact me to set-up an appointment.
