Can my daughter cash our the CD she jointly owns with her father?

1 answer | Last updated: Sep 14, 2017
A fellow caregiver asked...

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?

Expert Answers

Barbara Steinberg is the CEO and founder of BLS Eldercare Financial Solutions, which specializes in helping families pay for long-term care for their loved ones. A registered financial gerontologist, she speaks regularly on the topic of paying for long-term care and is a financial expert for

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.