I am my moms durable POA. I am also her executrix. She added my name and my sister's name on her checking, savings acct and 2 $10,000 CD's. Does this mean my sister and I are co owners of this money? My sister has a bad financial record/history. She has a lot of debt and has had debt collectors in her past. Also, will this affect me getting my SS and food assistance because of my low income. Is this considered part of our income and will we be taxed?
Your mother may have some idea of helping your sister, perhaps? Nothing wrong with that if she really can afford to do so; but if she wants to do it, then she must do it advisedly and be certain it won't affect any future Medicaid application.
As to the tax issues, it's my understanding that the individual who's first named on the account will be attributed with the interest. That's the reason I asked that my name be lisedt first; the nominal interest wouldn't affect me as my income is too low.