Be Careful with Joint Accounts

We recently came across an example that highlights the need for planning ahead with the help of a knowledgeable professional. In the case of Toney v. The Department of Human Services, the Commonwealth Court of Pennsylvania ruled that half of the funds in a joint account shared between a father and son were considered available resources for Medicaid against the father. This became an issue when the father was moved into a nursing home and was not immediately eligible for Medicaid funding because of this. Although the son argued that the bulk of the money was his, the testimony was rejected as self-serving and not credible. Had Toney received sound advice and assistance from a professional early on, this entire situation could have been avoided. Elder Law attorneys are proficient in the various options and know which ones will get you into the least amount of trouble down the road. Many of us think we do not need to worry about long term care or applying for Medicaid, but the fact is that anything can happen to any individual at any given time. Even those in great health can experience something as simple as a fall and experience tremendous decline. Because of this it is important to plan in advance and to make financial decisions that will not block you or your loved one from receiving the assistance and care that may be needed in the long term.

At the Law Offices of Tully Law, P.C., we are dedicated to helping you find solutions to your estate planning and long-term care concerns. Please call (631) 424-2800 for a consultation.