What is the name of your state?undefinedWhat is the name of your state? New Jersey
Mother-in-law is 85 and needs to go to an assisted living facility. Two (2) savings account and 1 checking account are all joint accts with her 2 sons. There is a total of $30,000 (approx). Her monthly income from pension and ss total $1,016 per month. She does not have enough assests to meet the minimum 2-3 year requirement in an assisted living facility. But also doesn't meet the medicaid requirements of $2,000 or under in assests. How do you "Spend Down" to meet requirements so you can apply for medicaid? One option was to "Pre-Pay for Funeral". Put $15,000 for the funeral, would leave $15,000. Could the other person who is also on the joint account withdraw money without reason? Could mom-in-law give "monetary" gifts to members of the family. How/what other ways are there to "Spend Down"
Thanks
jang2324
Mother-in-law is 85 and needs to go to an assisted living facility. Two (2) savings account and 1 checking account are all joint accts with her 2 sons. There is a total of $30,000 (approx). Her monthly income from pension and ss total $1,016 per month. She does not have enough assests to meet the minimum 2-3 year requirement in an assisted living facility. But also doesn't meet the medicaid requirements of $2,000 or under in assests. How do you "Spend Down" to meet requirements so you can apply for medicaid? One option was to "Pre-Pay for Funeral". Put $15,000 for the funeral, would leave $15,000. Could the other person who is also on the joint account withdraw money without reason? Could mom-in-law give "monetary" gifts to members of the family. How/what other ways are there to "Spend Down"
Thanks
jang2324