One asks, "I've added my kids' names to my
bank account. Will Medicaid look at this asset as being
countable?"
Yes! The entire amount is counted unless you can prove some or all of
the money was contributed by the person who is on the account. This
rule applies to cash assets such as:
1. Savings and checking accounts.
2. Credit union share and draft accounts.
3. Certificates of Deposit.
4. U.S. Savings Bonds
James E. De Martino is licensed
to practice in the State of New Jersey.
Our practice is limited to estate planning, long-term care planning, and NJ Medicaid asset protection.
