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With POD and TOD accounts, the account owner names a beneficiary (or beneficiaries) to whom the account assets are to pass when the owner dies. Generally, all that is required to get the money or control of the account is for a beneficiary to show the bank manager or the brokerage firm an original death certificate.
In researching their investments, however, we have found that several of the accounts have been set up as transfer on death (TOD) accounts, and the beneficiary designations do not agree with the statements made in the will. (For example, in some cases, the TOD accounts are divided in thirds instead of halves.)
A TOD transfer applies in the same way to stocks, bonds, and brokerage accounts. These accounts will not be accessible to the beneficiary while you are alive. You can designate beneficiaries on various account types, such as: Checking or savings accounts; Certificates of deposit (CDs) Individual Retirement Accounts (IRAs) and 401(k)s
When some children or relatives of the Medicaid recipient qualify for an undue hardship waiver For example, if a Medicaid recipient's daughter took care of him before he entered the nursing home, and she has no other permanent residence, she may be able to avoid a claim against his house after he dies.
A disadvantage of joint tenancy is that creditors can attach the tenant's property to satisfy a debt. So, for example, if a co-tenant defaults on debts, his or her creditors can sue in a "partition proceeding" to have the property interests divided and the property sold, even over the other owners' objections.
As the agent under a power of attorney for an elderly parent with progressive dementia, is it allowable to move any or all the parent's assets to a fund...
A Medicaid Asset Protection Trust (MAPT) is one option a person may consider to protect their assets from Medicaid and nursing homes or long-term care.
For many people, setting up a life estate is the simplest, most appropriate alternative for protecting their home from estate recovery.
Once a patient in a nursing home reduces assets to qualify for Medicaid, what are the regulations on the remaining cash ($2,000 in my state) in the bank...
Any transfer strategy must take all income and expenses into account, including the cost of the nursing home. Bear in mind that if you give money to your children, it belongs to them, and you should not rely on them to hold the money for your benefit.