If my mother has dementia and my name is on all her accounts, what amount am I allowed to move over legally to my name?
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If my mother has dementia and my name is on all her accounts, what amount am I allowed to move over legally to my name?
My name has been on the accounts for 11 years; I am her only child and sole caregiver. I recently moved $26,000 to a CD with mine and my husband’s namse on it. We kept it at her bank because we want to make sure we are doing everything legal and this money will be used for her future care. The problem is she has 4 more CD’s coming due totaling over $500,000.00.
Asked on May 26, 2013 under Estate Planning, Kentucky
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
You should seek a lawyer's review of this matter. If you are her power of attorney, then you have legal authority. If you are not her power of attorney and she is legally incompetent to care for herself, then you can continue to move those CDs as long as you are named on her accounts to do so. The issue will be if she obtains care that then seeks payment for services (think of Medicaid and social security payments being taken to pay for those services). You may wish to see if creating a spendthrfit trust or special needs trust would be helpful.
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