Joint checking and money mkt accounts
josephene_gw
7 years ago
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Comments (28)
gardengal48 (PNW Z8/9)
7 years agomaifleur01
7 years agoRelated Discussions
What happens in a 'joint account'
Comments (9)Carrie, I think it kind of depends on what you're spending the money on if you withdraw it. (Again, not a lawyer.) After my dad died and I got Power of Attorney for my mom, we put my name on her checking accounts so that I could pay her bills, as she's not able to handle money (Alzheimer's). I make sure to keep copies of all the bills I've paid, and I always make sure each check is noted in the register. I also keep all receipts for the money spent on her prescriptions. It's hard enough to care for one's parents as they age, but taking care of the finances is doubly difficult. My parents were so frugal, I know that if Mom realized we are paying over $2,200 a month for her apartment at the retirement community/assisted living facility, she'd come unglued. As it is, she doesn't ask those types of questions anymore. We have maybe enough money to pay out of pocket for a couple of years. I'm going to file for Veteran's Benefits for my mom to try and supplement this, as my dad was a WWII veteran. Best of luck to you!! You're not alone in this journey, for sure....See MoreQuestion about money....
Comments (10)First thing to get straight is the separation of Medicare from Medicaid. Medicare is a federally administered program of health care for those who are eligible and are aged 65 or older, or younger people with disabilities and people with End Stage Renal Disease (permanent kidney failure requiring dialysis or transplant). Medicaid is healthcare for the needy; a federally and state funded program. Banks don't look twice at joint checking accounts. It's very common with so many people looking after elderly parents, etc., who no longer feel inclined or are unable to write out, sign, and mail checks for their bills and routine household expenses. To keep a little cash on hand when credit cards and bank cards are no longer used. What they (or someone like Medicaid within the 5 year look back inquiry period) would look at would be a cashing in of assets - stocks, bonds, Treasury notes, etc.- putting the proceeds in a joint account and systematically draining it, then applying for Medicaid benefits. If your Mother has assets (in addition to a pension or Social Security which the nursing home will take) those should rightly be used for her upkeep for as long as they last. If there's an inheritance received while in the nursing home, the home will take that for her upkeep. Even though, in your scenario, a will is involved and you are to inherit upon her death. That would indicate the inheritance was expected to be left to be passed down again. Not too much a chance of that happening unless death occurred before the inheritance and assets were exhausted. I realize you're information gathering for a situation that may or may not arise in the future. You do have to be aware though - and please don't take any offense as none is intended - that many of us on the forums as well as out in the world, don't look kindly on deliberate spend downs to preserve an inheritance. In other words, if you've got the means, you pay the freight. My mother did because that's what her estate was for. I expect to do the same myself....See MoreSon going to school abroad, how to handle money?
Comments (5)We used to live in Germany but we had the luxury of using the banks on a US Army base. However, I seem to recall that using a credit card usually gave a good rate of exchange (not that there are any very good rates these days since the $ is low against the euro). So it seems to me that you could open an account at any bank stateside and he could withdraw funds with a debit card from the numerous ATMs and get a pretty good exchange rate. You could set up a way to quickly deposit funds into his account without being on his account it seems to me. The only drawback I can see to this plan is that there are limits to how much can be withdrawn on a given day; to pay rent he might have to withdraw over the period of a couple of days. He might want to call a German bank and get some advice straight from them. Most people use their German bank account to pay all their bills. They set up automatic withdrawals for rent and utilities. If the American bank could transfer the funds monthly to a German bank that might work out even better. We kept a German bank account for our rent and utilities, but we had to make a manual deposit each month. They all speak English, or have a colleague who does....See MoreJoint checking/money mkt accounts
Comments (5)maifleur01, this,happened in California in the early 80's. A neighbor of my folks had a second home, they had problems writing out the area checks at their second home. They opened a checking account at the bank close to their second home. The wife died and the husband wanted to sell the vacation home. The husband went to the bank and wanted to close the checking account, was told he had to have a death certificate. I went with him, to the cabin to help remove her clothing, and I went with him to the bank, but stayed in the truck to watch the dogs. He never sold his second home, but he did close his account at the bank. For the OP, maybe my comments are not probate, but bank requirements....See Morejosephene_gw
7 years agosushipup1
7 years agomaifleur01
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7 years agogardengal48 (PNW Z8/9)
7 years agomaifleur01
7 years agoSaltiDawg
7 years agomaifleur01
7 years agoElmer J Fudd
7 years agolast modified: 7 years agoSaltiDawg
7 years agolast modified: 7 years agoElmer J Fudd
7 years agolast modified: 7 years agomaifleur01
7 years agoElmer J Fudd
7 years agomaifleur01
7 years agomaifleur01
7 years agoSaltiDawg
7 years agoElmer J Fudd
7 years agolast modified: 7 years agomaifleur01
7 years agoElmer J Fudd
7 years agolast modified: 7 years agomaifleur01
7 years agojosephene_gw
7 years agoElmer J Fudd
7 years agomaifleur01
7 years agojosephene_gw
7 years ago
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gardengal48 (PNW Z8/9)