Since my father and I jointly own land and a bank account, if he needed a nursing facility in the future would it be able to take these assets to cover its costs?
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Since my father and I jointly own land and a bank account, if he needed a nursing facility in the future would it be able to take these assets to cover its costs?
We have owned the land together for 4 years. We have had the bank account together for 9 years.
Asked on October 3, 2014 under Estate Planning, Tennessee
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
Yes in terms of the bank account, since both and your father can access and control that bank account, for this situation, the account would be treated as his and would be something they could reach.
In terms of the land, they would count as his asset his portion or interest in the land (presumably, 50% of the equity).
You and your father should speak with an estate planning attorney about how best to protect your assets.
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