That CD is considered an asset. And if in both names, at least half of it goes to the care of the spouse needing Medicaid. No asset paperwork can be changed in the lookback period. I think IRAs are different because they are retirement funds same with 401ks. Check with Medicaid before making changes.
Welcome Bill. You could not REMOVE your mother's name, putting only the father on the CD if she is applying, as there will be the lookback as to her assets. Much depends on your state and what the community property rules are when you are looking at what spouse has what % of what estate, and so on. This is a question, if you are the POA, for an elder law attorney. He or she is the one to help you with the rules in your state, the amount of lookback, and how the assets are divided, etc.
As I recall, my mother and father each had individual CDs, with each other named as beneficiaries. When my mother died, her CD was consolidated with my father's CD after we went to a local branch office of the bank that issued them.
I'm unsure what you are asking, but if this is a situation in which a married couple is applying for Medicaid for ONE of them, it really pays to find a well qualified Eldercare attorney to tell you how to structure things.
I'm unsure what you are asking, but if this is a situation in which a married couple is applying for Medicaid for ONE of them, it really pays to find a well qualified Eldercare attorney to tell you how to structure things.