Is my childs savings bond going to be counted against me if reported?

Discussion in 'The Watercooler' started by Tylersmom1979, Sep 21, 2016.

  1. Tylersmom1979

    Tylersmom1979 Member

    Heres a question. My mom died. I recently received a savings bond valued at 1000 dollars once it matures 30 years from 2005. Its got my sons and my moms name on it. Do i need to report it to dfs. Im worried they will cut us off from foodstamps and cut off his medicaid. I never intend to give him the savings bond until i die. Please. I need advice.
  2. Lil

    Lil Well-Known Member

    Every state is different to some extent on what are allowable assets for the food stamp household. I would simply call the state - anonymously - and ask. You might check local shelters or Samaritan centers, etc., who may have social workers, or even attorney's who give free legal consults, who could help you.
  3. AppleCori

    AppleCori Well-Known Member

    In my state, that would not be considered income, but rather assets, and it would not affect your benefits.

    I, too, would call anonymously.

    Good luck!
  4. Tylersmom1979

    Tylersmom1979 Member

    Do assets count against this at all?
  5. AppleCori

    AppleCori Well-Known Member

    Not in my state, but it may be different in yours.

    However, I doubt that $1000 savings bond in your son's name will count against you.

    Call the office to find out for sure, or look it up online.

    I know someone here who has more than 10k cash in her savings account and still receives benefits, and yes, she does report this to the state.
  6. Tylersmom1979

    Tylersmom1979 Member

    Okay. I reported it and sent in my application for food stamps. I just have such high anxiety. I dont want to knowingly lie to the government and get caught. I hope my son wont lose his medicaid because of this savings bond. I will keep you posted.
  7. AppleCori

    AppleCori Well-Known Member

    Did they tell you that the savings bond wouldn't count against you?
  8. Tylersmom1979

    Tylersmom1979 Member

    Housing said it wouldnt. I dont know about dfs which is in charge of food stamps and medicaid
  9. Tylersmom1979

    Tylersmom1979 Member

    Okay i had my interview with dfs and they said the savings bond wouldnt affect his food stamps. I got reapproved for food stamps and even got a small increase. So im assuming this savings bond will also not affect my sons medcaid.
  10. susiestar

    susiestar Roll With It

    I am glad it wasn't a problem. In our area, medicaid has MUCH more lenient rules than food stamps do. The whole purpose is to make sure kids have medical coverage, so they have looser financial rules, etc...