Documents and assets (Ira, Hope: condo, closing, income)
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I help take care of my parents so I am a joint account holder on my dad's checking account. If I'm asked for documents, I have to include statements for that account too and I would have to explain any incoming money?
My sister and I are in control of a trust made for my parents, so would I have to give statements for this as well? And would the amount also count towards my asset limit?
Lastly, regarding asset limit, would the money in my IRA count as well?
The IRA doesn't count against the asset limit. However, a very very small percentage of the asset (something like 0.2%) will be imputed to you as income. It's unlikely to make a difference in your eligibility.
If the trust is for the benefit of your parents (i.e., you can't spend money from it on yourself; it's usually in the full name of the trust), I wouldn't include it.
However, the joint checking account will need to be reported. May be a problem. There's also a six-month lookback period. Given the difficulty of the lottery odds, it may be more trouble than it's worth to get yourself removed from the account and your sister added, but if you do want to tidy up your finances in advance of applying, that's what you should do.
I help take care of my parents so I am a joint account holder on my dad's checking account. If I'm asked for documents, I have to include statements for that account too and I would have to explain any incoming money?
My sister and I are in control of a trust made for my parents, so would I have to give statements for this as well? And would the amount also count towards my asset limit?
Lastly, regarding asset limit, would the money in my IRA count as well?
Any insights are appreciated!
Thanks for asking this too. I also have a similar situation. My father recently passed away and the joint account he shared with my mother, my mother ended up closing and opening a new one with my name on it for emergency purposes only. I have no funds of my own on the account. I was thinking to have my mother sign a motorized letter stating that these funds are her own and I’m on the account strictly for emergency. I honestly don’t have access to the account other than my name on it. It’s also a savings account as well. Do I need to report this. Would this push me over the income bracket or is this considered assets??
As far as your question goes, you need to report anything that is linked to your Social Security number. They will find it anyway, and it will look bad for you.
Hopefully, if you're rejected because of those assets, you can appeal. With your mother willing to write a notarized letter, that would help your case. After all, many people are on other people's accounts for this reason.
However, technically, even if the money is "not yours," you do have the ability to withdraw it if you feel like. So I honestly don't know which way this would go.
As far as your question goes, you need to report anything that is linked to your Social Security number. They will find it anyway, and it will look bad for you.
Hopefully, if you're rejected because of those assets, you can appeal. With your mother willing to write a notarized letter, that would help your case. After all, many people are on other people's accounts for this reason.
However, technically, even if the money is "not yours," you do have the ability to withdraw it if you feel like. So I honestly don't know which way this would go.
Thank you for the condolences. This is great advice. I was kinda worried about what to do but your response has provided some clarity for me.
Thank you for the condolences. This is great advice. I was kinda worried about what to do but your response has provided some clarity for me.
Thanks again.
Hey, I know the original post was from two years ago, but I'm wondering if the notarized letter worked out for you guys? I am in a similar situation currently, with assets being in my name but belonging to my parent.
Any advice would be appreciated, thank you!
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