My mom transferred ownership to my brother for his kids 529s accounts. She’s currently on Medicaid waiver in an assisted living. We are finding out now that the 529 may count as her assets. Does my brother have to transfer ownership back? What happens if he doesn’t? Can he get in trouble? What if he cashed out the 529s? I’m having so much trouble finding the answer to this. Can anyone help?? Thanks! I’m mostly curious because he told me to do the same thing and I don’t know what to do.
He will need to arrange for her to be cared for with her funds and whatever entitlements she has. It's ALL on his shoulders. You have every right to walk away and not get roped into giving up your life/career.
Just remember that "no" is a complete sentence. If you mom has put money into a 529 plan for your kids, just leave it as it is unless you hear differently from a certified ElderCare attorney.
Thanks again
Why? Why would he get off scot-free? If he can't pay back the money, then he gets to take care of your mother in his home. She's HIS mother, too, and HE (his family) got the $25,000.
I'm scratching my head as to why you think YOU have to be the one who gets dumped on because of HIS mistake. This is an example of how sons get away with it all and a daughter is expected to pick up the pieces.
And when you say your brother failed to complete the inventory, it does begin to whiff a bit, doesn't it. Are you able to have a frank conversation with him and spell out to him that what he seems to have in mind is definitely not clever? You need above all to find out whether he can give it back.
If he gets bailed out can he do anything else that would cost you?
Why can't she live with him?
I am sorry that you are going through this and feel you have no recourse.
But the actual point is that this is your mother's problem, and she is the one who needs the legal advice if anybody does. Her money, her problem, not yours.
I have to agree that your brother makes a cautionary tale for anyone thinking through their POA choices right now.
Are you on reasonably good everyday speaking terms with your bro? Or has it always been a bit prickly between you?
So would I take that $25,000 and divide by the $8,200 = 3.04, so around 3 months of a penalty (ie: them not paying for her care??) so my brother and I would have to come up with this money? Is that how this works? Anyone? OMG I can't wait to be done with this. My head is spinning with all of the info!