If my name is on mom's checking account is her money safe from the courts after she dies?

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If my name is on mom's checking account is her money safe from the courts after she dies?

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Lidia, it would not affect Medicare, but it would affect Medicaid. It's important to know which one she is on.

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Mom is 89 lives with us (son and his wife) she knows she won't be able to care for herself any longer, and she wants to sell her home and live with us for the rest of her life. Will selling of her home effect her Medicare?

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In Maryland, I was on my mother's accounts with her. When she died since the Visa was in her name her credit union cancelled the card. The credit union found out that mom died because SS notified them because of direct deposit. My lawyer told me that all of the money left in the account now belongs to me since I am on the account with her, it was a joint account. I know that it is not my money so I am transferring most of the money into a new trust account in our family name. I am leaving some money in the personal account because of direct payments to the electric and water companies. The money in the trust account will be used to pay any medical bills that come in. When the estate is closed in 1 year anything left will be divided amongst the people noted in the trust according to the trust instructions.

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No, the joint account is NOT safe. I can't go into the the specifics, but a joint account, a beneficiary designation, and a Pay on Death designation, can all be reversed by Probate court. If you want money to go to someone, give it to them now and that is the only way you can be sure they will get it. Well, actually, there is something called Advancements on inheritance.....

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For my Dad's checking account, it is set up saying Dad's Name or Dad's Daughter's Name, that way I can write checks and sign them with my name to pay Dad's bills.

I had to take over the billing and had to have all the bills sent to my house, as Dad would think a bill was junk mail.... oh my gosh, all the Pass Due bills that I had found in the recycling bin :P

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Jeanop, you may be thinking of temporal arteritis but that does not necessarily go with Alzheimer disease. Probably, start a new thread with the medical question.

Heartbroken3, there is not telling what a POA might do or persuade their person to do. If they are really failing as POA going to court to have them removed as POA could make sense, especially if it truly means that mom is getting truly bad care. OTOH, it may be the fact that they think you would do that IF you got disinherited might give them pause and not rocking the boat would be better.

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what was the name of the condition that caused very bad headaches with a person with Alzheimer's disease? I heard there was a vascular problem above the eyes treated with cortisone.

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POA dies when the person dies. So after death of your Mom (NO) before who Knows

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If you are a beneficiary of an account, can a POA take you off as being a beneficiary of that account after death? The POA for my mom, unfortunately, is not looking out for her best interest financially, medically, or otherwise. It would not put it pass me if he & she (POAs) would transfer this $ into their own banks.

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Your siblings must be really petty. Legally the money is yours, mallory. My mother has my name on two accounts -- a big one and a little one. I am going to split the big one, but keep the little for costs I know will come. Some debts, e.g. credit card and funeral reception cost, live on after people die. It's nice to have some money left so they can just be paid and not have to go through Probate. If I remember right, it took about $2000 to pay things when my father died. It was nice to square things away quickly.

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My parents had me joint on their small local bank checking account, because I was their only local adult relative who did anything for them. They did not have the bulk of their money there by any means. Only about $6 or 8,000. They knew that after they both died it would become my money, and that was fine with them since I was the only one who would be available to them in like, 5 minutes. Of course, now that they are both gone, guess what the other 4 kids who never did anything, want some of that $8,000. so my advice to anyone who cares is, make sure you actually write a paragraph into your Will, that says that the small local checking account is joint with your local kids and make it perfectly clear, in your Will (not some extraneous letter or memo) that you want it to go to just that kid. Otherwise, you are leaving a huge headache for that one kid who has to decide if it is worth it to deal with all the gripes, or to divide a really dinky amount, 5 ways. And Lawyers who write these Wills ought to know better than to let these seemingly "small" details go by the wayside.

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In the county where I need to register my mother's will I was told that since my mother had set up a family trust 15 years ago and had transferred everything that she owned into that trust, naming me the executor/trustee upon her death and since I was already on her account at her credit union that I did not have to change anything. I was also told to send to them the signed copy of her will, a photo copy of the trust and that I do not have to go through probate nor set up an Estate account at a bank. I am to handle all bills that come in, and to follow the directives of the Trust as she had written which is to give X amount of money to her church and divide the rest between us 4 children. At some point I will need a CPA to help file taxes. I hope that it goes as easily as the lady at the court said it should.

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All the above answers are good. Also I noticed how long ago the question was posted. Thanks for posting a great question.

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Book, you probably should see if you can get it changed to a POD (payable on death) account. I did that the first time I had to set up an account separate from my joint one with my husband.

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My sister and I are joint owners on all Mom's accounts. The lawyer said when she passes, the accounts become ours automatically without going through probate. Since the will leaves everything to my sister and me, with $5000 to each of our 3 daughters, we plan to just divide everything once the will is read and write checks to the girls. She has some funds in a living trust, and I'm assuming that does not go through probate either. We live in NY also.

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book, the bank did not dole out anything. (We are in NY) They moved all assets to an estate account and the Executor had to leave it there for a 7 month waiting period. He does pay bills for the estate from that. 7 months will be up on May 16th, at which time the Executor has to make the distributions and do a final tax return on the Estate. This is a small estate, less than $30 K.

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My dad is the primary account holder. He added my name to both the checking and savings accounts. The bank recently brought it to my attention that my name is only there to do legal transactions of depositing or withdrawals. She said that there is no beneficiary on the account. She said that if dad dies, the bank will freeze the account during probate. Once the court reveals ALL the heirs, the bank will proceed to dole out every heirs portion from dad's account. She strongly recommended that dad update his account if he wants a specific person to inherit.

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I've worried about this. I am joint on my mother's checking and savings. Her will has all money being divided evenly among 4 heirs and I do want to follow the will. I do not have POA for finances, but she was willing to add my name to the accounts so I could manage her finances. (Don't ask me the logic, since there wasn't any.) I have worried what if I get in an accident and get sued. I know her money would be at risk. I've also worried about how to divide the account among the four heirs if there is money left when she dies. If there is a lot of money, there could be gift and income taxes if I simply wrote everyone a check. I thought instead about having the executor (my brother) put the money in an estate account. It would probably be better to pay probate than me pay gift taxes and them income taxes.

Nothing is sure in life but death and taxes. When they get twined in together it can sure be complicated.

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My mother's lawyer told my sister and me to have both our names on all Mom's accounts and when she passes, the accounts revert to us without going through probate. He said it is perfectly legal. Mom's SS check goes into the joint checking account and I pay all her bills from that account. I have access to her savings and transfer money into the checking from savings every month, as her SS and pension are not enough to pay the monthly cost of the NH.

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Well, since this posted Mother has passed away. Our attorney told us that all funds needed to be transferred to an Estate account.

But, mother had the accounts, payable on death. the banks cut us a check.

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my name is on my mothers checking account. Most of the money was hers. I have POA over her finances and where she resides (which at the time is with me). Is half of her account considered mine or do the courts get involved?

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andcind, here in NY my MIL had life estate and only about $15K left in savings when she died. She was one month away from needing Medicaid. When she died we could not find the original Will. So hubby filled out a probate form called "Voluntary Administrator of Small Estate". The county court filing fee was only $1.00. That was all he needed to function as executor.

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I am my brothers power of attorney and am also on his checking account. He has one son, who we all agree that once my brother passes away, will get everything in the house. The house has been quit claimed to me with a life estate back to my brother. There are no bills and really no real assets. Does the court system get involved in this.

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I hope it is not in a safety deposit box because no one but the executor of the estaate will be able to get into that after she dies.

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Do either of you know where a copy of the trust is? My mother never told me where her will was. It was quite a search to find it, but I did.

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No I do not. Mom just says we split everything.

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Elviscue,

Yes, your brother will get all of the money from the account with his name on it when your mother dies. Do you know the details of how the trust is set up?

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A jpint checking accounts pass directly to the survivor/s of that account by passing probate or separate trusts. They are none as POD (paid on death) accoi.ts. The answer to your question is yes.

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My Mom has two checking accounts. My brothers legal name is on one of them. Does this mean that my brother will get all of the money when she passes in this particular checking account? My Mom does have a living trust set in place. I guess my brother and I split everything.

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The word "avoid" is probably better than "evade". Nothing you are likely to be doing is shifty or illegal -- it's just saying "everything is in order, we have everything taken care of, so there is no need to put a 1 year freeze on the estate". Nothing illegal, nothing immoral, just pre-organizing things hopefully LONG before someone dies.

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If my name is on mom's checking account is her money safe from the courts after she dies?

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