Written by attorney Kimberly Ann Trueman

Joint Accounts

Adding a joint owner on bank accounts does not protect them for Medicaid purposes and neither does designating them as a beneficiary. “In trust for” accounts are a misnomer. When an account states that it is “in trust for” someone it does not mean that there is a trust created for the benefit of that person. Rather, it simply refers to a designation of who will inherit the asset when the account owner is deceased.

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