Our 102 year old grandmother is in a nursing home in Florida. She has worked all her life, and has left CDs in several family members' names with "In Trust For" on them. Can the nursing home take these to pay for her care?
The "in trust for" labels on the CD accounts reflect your grandmother's intent that the funds in the accounts will go to the named beneficiaries upon her death. However, during her lifetime, the accounts are hers, and state law may require that they be used for her care before Medicaid or other state-administered funds can be used for her. Check with a senior law attorney for details.
Published on BankingQuestions.com 9/22/10
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The "in trust for" labels on the CD 