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?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
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 10 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.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.