We found a lot of Series E bonds that matured years ago.
These bonds have my mother's name OR one of her kids names on them.
We are about to apply for at-home medicaid for my mother in NY.
The purchase dates were 1962 and prior, (before our births) leading us to believe that our GRANDMOTHER (who is deceased) purchase them.
However, so do have our mother's ss# on them (we believe possibly that they were transferred to her from our grandmother).
1. Will these bonds be tracked back to our mother as an asset in her medicaid application?
2. If we, as the "OR" on the bond cash them in and pay the interest OURSELVES on 1099s, will it come up on her application as well?
Someone recommended transferring ownership to our Dad (spousal transfers are ok - and they would be in trust whenever he passes) but I also read somewhere that the fed or IRS (can't remember which) requires them being cashed in since they've matured years ago.
Thanks for any input!
Now getting these lil' suckers cashed out will likely not be simple. Some banks won't want to do them at all since around 2005 as the paperwork is bothersome & of no benefit to the bank. Banks dont sell them really anymore as its an on-line purchase.Hopefully you bank at a locally based or smaller regional bank with a trust dept. as these will be more apt to cash them for you as you are a customer & the trust dept still deals with them. Ask what is needed in advance, I'd bet you will need grannies death certificate - this will take maybe 6 weeks to get a new one from the state. There could be an issue with grannies old death certificate as they may not have the seal or hologram paper the current ones do so can't be validated by the required homekand security laws if this is a good amount of $$$. Btw i had this issue of old death certificate with changing water bill after my mom died last year to an estate of account.....mom just left bill in dads name and dad died in the 1980's and I could not change it even with my letters testamentary as it wasn't in HER name and my dads old death certificate was not with what city utility requires to be on death certificate...yada, yada......If grannie did the bonds as Mrs Cornelius Smith, you may need to establish her by marriage name too.
Good luck & if you would, post an update as to how you eventually did this.
My grandmother's name appears nowhere. (we do have good death certs for she and my grandfather, though)
I have most of my stuff at BofA, so hopefully they will cash in.
(I did have some that they did, but I think that was before 2005.)
I'm also thinking that now, since they're so old, they won't allow a transfer to another name.
I've asked the fed about this on their online system and am awaiting a response.
I also read somewhere that some years back the fed was actually trying to track down the owners of these old bonds.
If they haven't or didn't wind up contacting my mother then, am thinking they've stopped this pursuit altogether.
p.s. my poor dad also had difficulty with old home owners insurance on my grandmother's old home. the slick guy, after all of what you did, cut a check out to my dead grandparents. ridic.