Can my daughter cash our the CD she jointly owns with her father?
Daughter has joint ownership of cd with father who has Alzheimer's disease. What can she do? Can she transfer it to her own name or cash it?
It depends on how the CD is titled. If either owner can sign for it, the daughter can transfer it to her name or cash it. If both owners must sign, whomever has Power of Attorney for the father can sign on behalf of the father to transfer his ownership to his daughter.
If you are planning on applying for Medicaid in the future, be aware that this transfer will be considered a gift from father to daughter than can be penalized when applying for Medicaid. If the CD is under the father's social security number, Medicaid will deem it his and treat the entire amount as a gift. The onus is on the daughter to prove that her money was used, if this is the case.
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