Examples – Jointly Owned Assets

• Helen Wright is an assisted-housing tenant. She and her daughter, Elsie Duncan, have a joint savings account. Mother and daughter both contribute to the account. They have used the account for trips together and to cover emergency needs for either of them. Assume in this example that state law does not specify ownership. Even though either Helen Wright or Elsie Duncan could withdraw the entire asset for her own use, count Helen's ownership as 50% of the account.

  • Jean Boucher’s name is on her mother’s savings account to ensure that she can access the funds for her mother’s care. The account is not effectively owned by Jean and should not be counted as her asset.

• E. Calculating Income from Assets When Assets Total $5,000 or Less

If the total cash value of all the family’s assets is $5,000 or less, the actual income the family receives from assets is the amount that is included in annual income as income from assets.

• F.