Joint Accounts of Elder Relative
I have an elderly single relative who has all of her funds in certificate of deposit accounts and savings accounts. All of these accounts are in joint ownership with different relatives.(none of which are a spouse) Are all funds subject to designation to a nursing facility if and when the time comes? Is it possible only half of the money will be turned over? She does not have a power of attorney nor a will. I
Re: Joint Accounts of Elder Relative
Your question relates to the titling of accounts with an elderly individual. Although not stated in your question there are issues relating to Medicaid planning, a last will and testament, and an advanced directive and appointment of health care agent. Other options may be present and preferred.
Generally jointly held accounts are presumed owned by a beneficiary applying for public benefit. A non-spouse joint owner can receive amounts shown to be deposited into the account.
Contact an attorney should you have estate planning to consider.
G. Joseph Holthaus III
Law Offices of G. Joseph Holthaus
2255 Daniels Road
Ellicott City, MD 21043