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Jointly owned CD and 1 co-owner (elderly) qualifying for state assistance.

Minneapolis, MN |

If a CD is jointly owned by mother and daughter, and the elderly mothers assets are reviewed for qualifying for state assistance does the entire CD balance get counted in her assets or only 50%?

Attorney Answers 1

  1. the entire amount of the CD is counted against her available assets, unless proof can be shown that the joint owner contributed to the value of the CD. Contact an Elder Law attorney for ways to protect assets from the required spend down heading your way.

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