My elderly mother and myself jointly own a couple CD's. Can we split them up equally and change to single ownership? Or will the total amount of both CD's still be calculated as part of her assets if she has a Home Care Needs Assessment done?
Estate Planning Attorney
The correct answer to your questions depend on a couple of things. Mainly, how did you come to own the CD's jointly. If you can prove that you both contributed to these CD's then you may divide them up in the same percentage. Otherwise, there are gifting rules involved and it would likely affect the Medical Assistance application results. I highly recommend you consult with a qualified Elder Law Attorney about how to do this in the best way. Best wishes.