<p>I am the parent of twins. My parents are very elderly and are getting concerned about becoming incapacitated. In order to facilitate paying nursing home or hospital or other bills without hassle they want to add my sister and me to a checking account. I don't know how much money they've put into the account, but I imagine it is significant. </p>
<p>FAFSA question: If my name is on the account, will the amount in that account be considered my assets for purposes of FAFSA?</p>
<p>I know that my assets would be counted against my kids' grant money at approx. 6%. </p>
<p>I may just have them add my sister's name to the account.</p>
<p>I was a joint holder on my moms bank accounts but SHE remained the primary holder of the accounts, and the 1098I went to HER not me. These accounts were really her accounts and they were not listed on our financial aid application forms until she died, when they became solely mine.</p>
<p>How do I make sure the bank keeps my parents as primary holders of the accounts? I know that I will have to provide a SS number and my name will be on the account. Legally, I suppose, I could write a check and draw out all the money. </p>
<p>Many people are on their parents account, just speak to the bank to make sure they add you the proper way, the interest is reported only to one SS# so make sure it is not yours and it should be fine.</p>
<p>If your name is on the account, all money in it will be considered yours in the FA calculations. Only one person listed on the account needs to pay the tax for it, but it will be counted against everyone listed for FA. If it is a significant amount, you should not have your name on the account. </p>
<p>Instead, use Power of Attorney. This way the money is not yours, but you can still access all funds for the benefit of the account owner(s). This also makes it off limits if you get sued from a traffic accident or something similar.</p>
<p>Two completely different answers. I doubt the bank will be able to answer FAFSA questions. I googled it and got nothing that speaks specifically to this issue.</p>
<p>Not always…where did you get this information?</p>
<p>It depends on the type of account. If it’s a plain JOINT account then yes, the money is yours too. If it’s an account where you can write checks but the money is still the money of the primary holder until death, then NO.</p>