Spousal asset question

[esf79]

My MIL owns a small beach cottage that she and her deceased first husband bought in 1955.  My husband is on the deed, my FIL (his step-father) is not.  Would this count as an asset if we want to apply for A&A for my FIL only?

Thanks for any assistance!

[VSR]

If the asset is held for his benefit, then it would be considered an asset.

[Fit2009]

MIL and FIL are considered a marital unit, i.e. assets held by one count for the marital unit.  Since she own 1/2 of the cottage, 1/2 of the cottage (after any mortgages) should be listed in the spouse column under other property.  The net income from the cottage (if any) would be 1/2 hers - don't forget net income is after you deduct all expenses and is frequently $0.