Joint Tenant on Bank and Stock Ownership

UPDATED: Oct 1, 2022

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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


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 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.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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