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Should mom add signers or co-owners to her ira and cd?

1 Answers. Asked on Feb 12th, 2017 on Elder Law - Pennsylvania
More details to this question:
Mom is widowed and has an ira and cd and savings accounts. Her will is divided evenly among 4 children. My brother and i have power of attorney. Should any of us be on her accounts in some way to protect them from going to the state? If so, how would you word the signature cards?
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Answered on Feb 13th, 2017 at 7:12 AM

Retitling assets have serious consequences for Estate planning as well as eligiblity for long term care nursing home benefits through Medicaid.  For the IRA, the easy answer is for her to change the beneficiary to the 4 children.  there may be some special language to include on the form depending on how she would want the share of a predeceased child to pass.  For the other assets, I think you'd need to share information with an attorney in order to get more specific advice.  I'd want to know your mother's age, does she own a home?  What's her current health status?  What is her inomce?  Does she have long term care insurance? 

I recommend that you seek out a local attorney for a more in depth discussion of the matter. I do not recommend that you take any action steps without such a consult. Act quickly because by waiting, you may lose certain rights and remedies available to you.

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Elder Law
As adults age, they often lose some mental acuity while also facing more physical limitations. These health conditions put senior citizens at greater risk of exploitation and abuse. At the same time, the elderly need to think about their long-term medical and financial needs, and make estate plans to ensure their legacy after they pass away. An elder law attorney can work with seniors and their families to address issues such as advanced directives, powers of attorney, living wills and last wills and testaments. Elder law lawyers can also help families intervene if a guardianship or conservatorship is necessary. And personal injury law firms with experience in elder issues can help victims of elder abuse and nursing abuse take civil and criminal legal actions against their abusers.
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