A jointly held asset is an asset owned by more than one person.
Example: Ms. A applied for TANF. She has a joint bank account with her mother. The balance of the account is $1,000. The bank account is available to Ms. A. Use the entire amount of the $1,000 bank account when determining Ms. A's TANF eligibility.
When a client has an available nonexempt joint asset, take the following actions:
- (FCRC) Explain to the client how the joint asset is used when determining eligibility:
- For liquid assets, use the entire amount.
- For nonliquid assets, use the client's prorated share of the asset.
- (Client) Claims that all or part of the asset does not belong to them.
- (FCRC) Request that the client complete Form 2666, Statement of Ownership of Joint Assets.
- (FCRC) Request that the other owner(s) provide a supporting statement explaining why the client's name is on the asset and who makes deposits or payments and withdrawals. The joint owner can complete a Form 2666 for this purpose.
If the client claims that their name has been removed from the asset, or their access restricted, require that they provide proof of their claim.
Example: Ms. E applies for TANF Cash. She has a joint savings account of $2000 with her father. Ms. E completes a Form 2666 stating that the $2000 is her father's. He originally put Ms. E's name on the account in case something happened to him. Ms. E provides a statement from the bank that she no longer has access to the account. The account is now payable to Ms. E only upon the death of her father. Consider the $2000 as not available to Ms. E.