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Frequently Asked Questions: Elder Law

What if my assets are held jointly with a child?

If the asset consists of a bank account, it will all be counted as your asset, unless you can prove that the child contributed money to the account, in which case the child’s contributions will not be counted. The presumption, however, is that all of the money came from you. If you have a joint stock or mutual fund account, then one-half of that account would be counted as your asset and one-half would be the child’s asset. There is no logical explanation as to why stock accounts are treated differently from bank accounts.

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