joint ownership of bank accoutnt
my mother is 93 yrs old. i have joint ownership with her on all her bank accounts..if she were to enter a nursing home would they be able to take all of the money in those accounts to pay for care?
1 Answer from Attorneys
Re: joint ownership of bank accoutnt
It depends. In most of these cases, the account is only "joint" so that one of the children can help pay bills. As opposed to, for example, a joint bank account between spouses, where deposits and withdrawals are generally make by both persons. Theoretically, at least.
In any case, the Department of Social Services is probably going to assume mom's account is hers alone, and your name is there as a convenience only. But you have to fill out the forms and see where it goes.
Good luck.
Rick Bryan
New York, NY
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