Legal Question in Wills and Trusts in New York
Mom's CD's - and can they be taken by a nursing home?
Mom sold her home and gave my sister half of the proceeds to help her buy a very large home, about 5 years ago, and in which Mom lives with her since then; the house has now at least tripled in value. My half of the money ia in CD's with Mom's name and my name on them. I understand that if Mom goes in a nursing home at any time (she's 87 and in good health now), that any money in her name can be taken by the nursing home. I understand that my sister's money is vested because it was 5 years ago. My sister and I do not talk, and I am concerned that if Mom's health fails, I will be left out, even though the cd's are in both my and Mom's name. If she gifts me any money now, how long will it be that it can't be taken away from me.? Is there a way for me to have control of these monies, with the understanding that if Mom needs the money for expenses, that I will take care of her? Your answer is appreciated.
3 Answers from Attorneys
Re: Mom's CD's - and can they be taken by a nursing home?
Presuming the account is registered to you Mom, and does not have your social security number as the primary owner, you are at risk. There is a formula for this determination. You divide that portion of the account by a number which represents the State allowance by Medicaid for average cost of nursing home care (this can be obtained from any Medicaid office) and the result (rounded up) is the number of months of potential exclusion. For example: the value of the account is $100,000 and Medicaid's allowance for average cost of care is $5,000. The result is 20, which means that for 20 months after the date of transfer from mom to you, she will not be allowed to qualify for Medicaid benefits. This response does not create an attorney-client relationship, but is merely intended to provide a general answer to an Internet question.
Re: Mom's CD's - and can they be taken by a nursing home?
I see that Mr. LeVine already answered your question.
Re: Mom's CD's - and can they be taken by a nursing home?
NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.
Whose SS# is on the account?
Who pays the taxes on the interest?
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