B Creating Joint Ownership - Examples

Examples

1)  Title of a Resource with "and"

The customer added her cousin to the title on her property because she wanted it to stay in the family after she dies. The new title shows the customer and her cousin as the joint owners. Since both the customer and her cousin must agree to sell the property, adding the cousin’s name must be evaluated as a 50% transfer.

2)  Title of a Resource with "or"

The customer added his brother to the title on his boat. The new title shows the customer or his brother as the owners. Since this did not change the customer’s ability to sell, transfer, or dispose of the asset, a transfer did not occur. The full value of the boat would be counted as a resource to both the customer and to the brother.

NOTE    This example also applies if the title shows “And/Or”.

3)  Customer was Added to a Resource with "and"

The customer’s daughter added the customer’s name to her property. The title shows the customer's daughter and the customer as joint owners. Since the customer was added to the property as an owner, 50% of the property value is a resource to the customer.

4)  Customer was Added to a Resource with "or"

The customer’s friend added the customer’s name to her property. The title shows the customer's friend or the customer as the owners. Since either the customer or the customer’s friend can sell the property, the full value of the property is a resource to the customer.

NOTE    This example also applies if the title shows “And/Or”.