Holding Property for Others

[Nothing But ???]

Has anyone ever experienced a problem holding property for others? I am the legal guardian of my minor child. I am also listed as the the guardian on a Certificate of Deposit which was established 5 years ago from my wife's estate. Could the trustee give us a problem over this? It is my child's money, but I do control it. I would be accountable to my child and to the court for misuse.
Am I worrying needlessly?
Is there a problem in amending a schedule at the 341 hearing?

[StaciMM]

This is a unique situation-best discussed w/ an attorney. I would think it all depends on how the account is set up.

[Nothing But ???]

The account is set up in child's name with me as adult guardian.

[bkfiler]

i think what staci means is how the wording is dealt with in the documents outlining how the money can be used. for example, if it can be used to take care of the child through life right now or a bit later then i would imagine that the trustee could look at it as money that could go toward paying expenses for that child so you couldnt claim so much on your expense form (just my lame example - who knows if it is true).

i would counsel with a few attorneys on this depending on how much it is.

[Nothing But ???]

THere are no specific documents relating to usage. The Social Security funds are sent to the child and the guardian both, stipulating they can/must be used for the child's expenses/benefit. The funds on deposit are the child"s inheritance from the estate of my wife. They are the child's funds. I am on the account only because the law requires me to be on the account. My concern is that the trustee might seize these funds and then I would have to hire an attorney to retrieve the funds which legally belong to the child. Ultimately, I guess it boils down to what property is really a child's separate property and does a minor child's money count as your cash on hand?

[StaciMM]

For the monthly SSI payments, I'm certain those would count in your household income, as you include expenses for the household each month also. (And the IRS guidelines allow more expenses for a family of 2 than a family of 1, as food, utilities, rent for larger space, etc. is more.)

For the account/CD-I don't know... What state are you in, and what is the amount roughly? (If there is an exemption to cover it, then there is no point worrying.)

[Nothing But ???]

The amount is over 10K and there is no exemption to cover it. Is this a case of the sins of the parent being thrown onto the children? We're down in Fl.

[StaciMM]

This would be best asked of a local BK attorney. Its something that doesn't come up often, and the answer could vary by district.