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Gainesville Florida Estate Planning & Elder Law Blog

Wednesday, January 20, 2016

Co-owning Assets Means They Still Belong To You

A lot of people wonder if they put their children as co-owners for things such as your bank accounts, what really happens to these accounts and what will happen with Medicaid at a time when care is necessary. Unfortunately the answer to this is that even if your children are co-owners of your bank account, this will not protect your assets.

The reason behind this is that in the end, your bank account will still be considered yours, even if a co-owner is involved. This also raises problems with your bank account now being vulnerable. If your child is a co-owner, and they get a divorce, you could be facing legal issues if their spouse decides to lay claims to interest.

Discussing your Medicaid options with an elder law attorney could not only allow you to get the most out of your benefits, but could help you ensure that all your assets are protected and under your name.


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