In this second of a six part series on the Medicaid Look-Back Rule and Transfer Penalties Series, Wes Coulson discusses withdrawals from joint accounts and whether, or not, they are subject to Medicaid transfer penalties.
Withdrawals from Joint Accounts: Are they subject to transfer penalties?
Transcript:
Hi I’m Wes Coulson and this is your Elder Law Minute. This is the second in our six part series about the Medicaid Look-Back period and Transfer Penalty rules.
Today we’re going to talk about something that I think people get really confused about and that is the subject of withdrawals from joint accounts. What you need to understand is that if the elder and an adult child have an account together, unless the adult child can show that they put money in, when money is taken out, that is considered a transfer that is subject to the penalty provisions. Let’s say that when dad died ten years ago, mom put the her two children on the account with her, you may think that takes it out of the five year look-back rule, but when the account was opened doesn’t have anything to do with it, it’s when the money went out. Thanks.
For the complete Medicaid Look Back Rule and Transfer Penalties series, visit these articles:
- Will routine gifts cause a Medicaid Transfer Penalty?
- Will transferring assets between spouses cause a Medicaid Transfer Penalty?
- Look-Back Rule and Delay in Eligibility
- Gifts and the Five-Year Look Back
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