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LawTalk, Attorney and Counselor at Law
Category: Family Law
Satisfied Customers: 37639
Experience:  30 years legal experience. I remain current in Family Law through regular continuing education.
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I'm not sure what my question should go under, here,s my

Customer Question

I'm not sure what my question should go under, here,s my question. My grandson is about to go to college and is planning to try for financial aid. I have my daughter's (his mother) name on one of my investment accounts as well as my savings and checking accounts. How we this effect their chance of getting aid? thanks
Submitted: 1 year ago.
Category: Family Law
Expert:  LawTalk replied 1 year ago.

Good afternoon,

I'm Doug, and I'm sorry to hear of the confusion. My goal is to provide you with excellent service today. In order to give you a clear and concise answer, I will need some additional information about the circumstances, please.

1. Is your daughter a co-owner on these accounts, or just a person to pay on your death?


Customer: replied 1 year ago.
She is a co-owner. not sure what it means but "JTTEN" is listed after her name. what else do you need to know
Expert:  LawTalk replied 1 year ago.

Good afternoon,

JTTEN is a banking abbreviation and stands for Joint Tenants---meaning that the account is legally owned by each of you and either of you can legally withdraw money from the account at any time.

Financial aid for college students is in part dependent on the income and wealth of the parents of the student, and because your daughter is a joint tenant on the accounts that you have, and because legally this money is deemed hers as well as yours, this additional wealth could interfere with your grandson qualifying for student financial aid.

I might suggest that the two of you go to the bank and have the accounts changed from joint accounts to a POD (Payable on Death) account which ensures that the money in the accounts is paid on your death to your daughter. That will ensure that she is not held to have those assets and will not have to declare them in the aid application for your grandson.

You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.

I hope that I have been able to fully answer your question. Please be so kind as to rate my service to you. That is the only way I am credited for assisting you.

I wish you and yours the best in 2016,


Expert:  LawTalk replied 1 year ago.

Good afternoon,

Do you have any additional questions that you would like me to address for you? In case you would like a phone call to further discuss these issues you have raised, I will make that offer to you. You are certainly not obligated to accept a call offer, but many people do find it helpful for clarification purposes, as well as to allow them to ask additional questions.

If I have provided you with the information you asked for, would you please now rate my service to you so I can be compensated for assisting you?

Thanks in advance,