Veteran Transferring a Partial Interest in Property to Person Outside Household
If the veteran transfers a partial interest in property to a person who is outside the veteran’s household, the veteran’s net worth and income is reduced in proportion to the percentage of the asset transferred.
A veteran has a $10,000 certificate of deposit (CD). The veteran adds a nephew who does not live in the veteran’s household as joint owner.
The legal effect of this transaction is to give each joint owner an undivided one-half interest in the CD. The value of the CD is reduced to $5,000 for net worth purposes.Tags: certificate of deposit, gift, legal, transfer, veteran, veterans household