How does a CD that matures and is held in trust get transferred?
My mom has a cd held in trust for grandson. It has come to term and she wants to know if he would like to have it now. If so how does she go about transferring it to him?
NO don't do it, it will trigger gift tax and income taxes. It will interrupt Medicaid until it is paid back. Talk to your banker about handling assets or consult the lawyer who established the trust.
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