Joint Tenant on Bank and Stock Ownership
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Joint Tenant on Bank and Stock Ownership
My parents gave us gifts of bank accounts and stocks when us kids were very young. The problem we have right now is that our parents are in their 80’s and have enormous medical bills and, unfortunately, will have to be put into some kind of assisted living very soon. Can any medical, assisted living or government institutions make claim to any of those stock and bank accounts my parents are on as joint owners/tenants?
Asked on April 2, 2019 under Estate Planning, Wisconsin
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
If they are joint owners of the accounts, then their portion of the money or assets in the account--that is, the money they put in (as opposed to money or assets you contriburted) can potentially by claimed by Medicaid or the state to pay for their medical bills. Any funds in the joint account which they contributed are presumed to be their funds for this purpose.
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