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OT-Would My Friend be in Trouble??

Discussion in 'Uncategorized Threads' started by Ride Easy, Oct 9, 2008.

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  1. Ride Easy

    Ride Easy TS Member

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    My special friend has some CDs in which she put my name on as Joint Owner. If I had to go to a nursing home, could they claim half of the value of her CDs was mine and, therefore, claim that money? If so, how could she protect her money and still have someone named on the CD? I have no interest in her money.

    I know these people go to great lengths to collect as much as possible from any money source with a client's name on it.

    Thank you,

    Jesse
     
  2. Easystreet

    Easystreet Well-Known Member

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    Jesse,

    I'm not a lawyer and I didn't stay in a Holiday Inn Express last night, but I'll give my opinion for what it's worth.

    Yes, if you were listed as joint owner on the CDs, then 1/2 that money would be considered yours.

    If your friend wants to provide for you through the CDs, have her put them in her name with POD (Payable on Death) to you. That way, the only way you would have any claim to the money would be upon her death.

    Easystreet
     
  3. bigdogtx

    bigdogtx Well-Known Member

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    10,650
    Holiday Inn Expresses are so good. Good advice street. There are a couple factors depending on amount that you might want to look at. See a couple of competent fee planners if it is.
     
  4. waverider

    waverider Well-Known Member

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    My understanding of a "Joint Account" is that if "or" is used the whole amount of the CD could be considered yours or hers. Only one signature either hers or yours would be required to cash it out.

    I agree with the POD option.

    Jason
     
  5. BIGDON

    BIGDON Well-Known Member

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    You better get them corrected quickly. Because then they start asking if you have transfer any property in last 3/5 years in anticipation of death, nursing home etc. If you died tomorrow those CD's would be part of your estate. If you declared bankrupcy they would be one of your assets. Bad move on your friends part but get it corrected quickly. If she wants you to get the money there are other ways, POD is one.

    Don
     
  6. Ride Easy

    Ride Easy TS Member

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    Good Advice. Thanks. Changes are in the works.

    Jesse
     
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