Uncle Mike (a good friend of mine and my husband for many years) is 85 years old and beginning the early stages of Alzheimers. Since he has no family, we will take care of him. At this point we just want to be able keep Uncle Mike in his home and to get someone to come in for a few hours a day to make sure he bathes and eats. 15 years ago he signed made a Life Estate deed to us. But to qualify for medicaid and get him the assistance he needs he must reduce his assets below 2K. All he has is a 5K CD in both his name and my husband. What would be the best way to handle that CD so as to help Uncle Mike qualify and not pay any penalties for that CD. We live in So. Florida. Thank you for any information.

Hello MAM. The 5K cd can be designated for burial. This is a quick way to reduce the amount below 2K.

Sean.