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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 89520
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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My 89 year old mother has resided in a memory care facility

Resolved Question:

My 89 year old mother has resided in a memory care facility (we all live in Minnesota) for almost 5 years. she has paid privately but is close to running out of funds. My question has to do with some savings bonds that are in both her name and mine. Some of them are from 1986, EE bonds that she bought after my dad died and she sold some property they owned. She bought a $500 bond for each grandchild (they were all cashed long ago) and $2500 in bonds each for my brother and I. My brother has cashed some of his but I have kept mine because the interest is 4%. These bonds still have both my and my mothers name on them and both of our social security numbers. Will these bonds be considered money that has to go to pay for her housing since her name is XXXXX XXXXX them, before she can get assistance even though they were a gift to me in 1986?

There are also some other HH bonds from 2002 that have had both her and my name on them from the start but not my soc. security number. And some EE bonds that were originally purchased in the 90's with just her name and we had my name added to them in 2008 so that I could cash them if something happened to her.
Thank you for any help you can give here. Linda
Submitted: 11 months ago.
Category: Legal
Expert:  Law Educator, Esq. replied 11 months ago.
Than you for your question. I look forward to working with you to provide you the information you are seeking.

No, if your mother bought them as a gift to you even though her name is XXXXX XXXXX they would not be counted towards her assets, even though her SSN is on there with your SSN.

The bonds with only her SSN and not your SSN, but your name, as long as you are not just listed as a beneficiary on the bond would still be your property and you can cash them in as they would not be part of her estate at the time of her death either. You do not have to claim either set of bonds as her assets for purposes of long term care.



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Customer: replied 11 months ago.

What about the 5 year look back period for assets?


 

Customer: replied 11 months ago.

What about the 5 year look back period for assets?


Are you saying that even though her name is XXXXX XXXXX bonds, she has no claim to them as assets?? Or will Minnesota say that the money was hers not mine??

Expert:  Law Educator, Esq. replied 11 months ago.
Thank you for your response.

Bonds are a little different than other assets in that people by bonds as gifts for relatives and others all of the time and in this case you are alleging just that, she bought the bonds in her name and your name as a gift to you and as such, they are your bonds and most every single time they will not be considered by medicaid for the look back and they are not even declared by most people. If they are held until after her death they would not be attributable to her to be paid to medicaid. If you cash them in, then any income from the bonds would be attributed to her for medicaid purposes and would be within the 5 year lookback, which is why most people hold the bonds until after death where they become the sole owner by survivorship and medicaid does not seek repayment from those bonds.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 89520
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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