shared cds on bank account in mother and daughter name
mother is going into nursing home
and will be applying for medicaid
but has shared cd's in the same account with her daughter... can
the nursing home take the cds
Re: shared cds on bank account in mother and daughter name
Good question.
The answer is 'maybe.' Most importantly, you have to disclose everything on the Medicaid application and the Department of Social Services (DSS) will ask you questions about the account, and you can argue with them as to whether the CD's are a countable resource of mom's and have to be spent down. Who put up the money in the first place to buy the CD's? Mom or daughter? You had best start getting records together now. At the end of the day, it is what it is. The local Medicaid folks are fair and reasonable people who apply the law and rules correctly. When there are disagreements, you have to then make the call as to whether there's enough money on the table to spend the time and effort to appeal and/or go to court. Is it a $5,000 CD or $5,000,000?
Good luck, and god bless your mom.
Rick Bryan
New York, NY
Re: shared cds on bank account in mother and daughter name
Good question.
The answer is 'maybe.' Most importantly, you have to disclose everything on the Medicaid application and the Department of Social Services (DSS) will ask you questions about the account, and you can argue with them as to whether the CD's are a countable resource of mom's and have to be spent down. Who put up the money in the first place to buy the CD's? Mom or daughter? You had best start getting records together now. At the end of the day, it is what it is. The local Medicaid folks are fair and reasonable people who apply the law and rules correctly. When there are disagreements, you have to then make the call as to whether there's enough money on the table to spend the time and effort to appeal and/or go to court. Is it a $5,000 CD or $5,000,000?
Good luck, and god bless your mom.
Rick Bryan
New York, NY
