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My name on my parent's accounts

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  • My name on my parent's accounts

    My parents have their estate in a trust. But they have 2 checking accounts that have about $30,000 in the two accounts. This is money that my parents use for day to day expenses. My name is on these accounts as a signer. I have paid my parents bill a few years ago when they traveled and they kept my name on the accounts in case something happened to them and the money needed quick access. I have never paid my own bills from their accounts and this money is not mine. I am going to file BK, I think 7. My parents and I are very concerned that their money will be at risk. My dad wanted to remove my name from the accounts, but the attorney that I retained told me not to do anything right now to raise a red flag. He said that he is going to look into it (I just retained him 2 days ago). He said that he may have me remove my name and then wait 60 days to file. I would love any input that any of you could give me. I am afraid that my Dad is not sleeping over this, and I am also very concerned! Thanks so much!!!

  • #2
    What ever happened with this? I have the same problem. My name is on my parents' account, and my husband is on his dad's account. Did you ever get an answer?
    04/01/10 - Hit rock bottom and knew we were going to have to file for bankruptcy and surrender our home. 12/14/10 - Filed Chapter 7, 02/09/11 - 341 Hearing, 04/14/11 -

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    • #3
      If your name in on the account, and it is a personal bank account then a portion of the account (probably half unless there are more than two people on the account) will become part of the bankruptcy estate in a chapter 7. In a chapter 13, the account could be protected from liquidation.
      You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

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      • #4
        Originally posted by ItIsWhatItIs View Post
        My parents have their estate in a trust. But they have 2 checking accounts that have about $30,000 in the two accounts. This is money that my parents use for day to day expenses. My name is on these accounts as a signer. I have paid my parents bill a few years ago when they traveled and they kept my name on the accounts in case something happened to them and the money needed quick access. I have never paid my own bills from their accounts and this money is not mine. I am going to file BK, I think 7. My parents and I are very concerned that their money will be at risk. My dad wanted to remove my name from the accounts, but the attorney that I retained told me not to do anything right now to raise a red flag. He said that he is going to look into it (I just retained him 2 days ago). He said that he may have me remove my name and then wait 60 days to file. I would love any input that any of you could give me. I am afraid that my Dad is not sleeping over this, and I am also very concerned! Thanks so much!!!

        I just found out that an account my mother told me I would only have access to upon her death to pay for her funeral has me listed as a co-owner.
        I just called the bank and they state that I'm a 100% access, co-owner....

        holy crap this is my mothers savings accounts and has nothing to do with me....How do I ensure that this is not touched in BK for her
        Last edited by Fallonedward; 04-28-2010, 07:02 PM.
        Chapter 7 filed 11/4/10 ---- 341 Meeting 12/1/10 ---- Discharge 1/31/2011.

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        • #5
          As far as being a signer on a checking/bank account, I didn't think that would be in jeopardy. I'm on my mother checking account as a signer since I pay all her bills for her and I'm her P.O.A....I guess I never thought that would have anything to do with my BK.
          If your a co owner then thats a different story...

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          • #6
            My father in law has had my husband on his account for years. He is listed as a co-owner but my husband rarely uses the account. He did it when he was working out of town years ago so that my husband could have the funds to take care of his mentally handicapped mother. My husband has also written a few checks to himself over the years when his dad was letting us borrow money - but none within the past year, possibly two years - I'd have to look. We're several months away from filing - at least six. Could we have him close the account now without any implications?
            04/01/10 - Hit rock bottom and knew we were going to have to file for bankruptcy and surrender our home. 12/14/10 - Filed Chapter 7, 02/09/11 - 341 Hearing, 04/14/11 -

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            • #7
              I am also on my own parents' account as well - but I believe just as a signer. I'll have to check. If closing the accounts is going to set off any red flags, would having them have no money in the account on filing date be essentially the same thing?
              04/01/10 - Hit rock bottom and knew we were going to have to file for bankruptcy and surrender our home. 12/14/10 - Filed Chapter 7, 02/09/11 - 341 Hearing, 04/14/11 -

              Comment


              • #8
                I am the original poster on this thread. Sorry, I haven't posted in awhile. I have been so busy, just dealing with everyday life, plus all the issues. To update: I filed chapter 7 on April 15. My 341 is scheduled for May 26. The account that I am on with my parents, has my name, my sisters and my mom and dad. In the papers filed with the courts, my attorney stated that I am only on the account to pay their bills when they are out of town or in case or an emergency, that I have not contributed to this account or used it for my own personal use (this is all correct) and that this account is part of a trust fund. The week after we filed, my parents received a letter from Wells Fargo that 1/4 of the funds in their account were frozen (it was 1/4 as there were 4 people on the account). It was a Friday afternoon and I was unable to get in touch with my attorney. My dad eventually called the number that was listed on the letter. He was told that the funds were frozen, but soon after they were released again. The bank rep told my dad that my attorney must have got wind of this and contacted the trustee. Monday morning, my attorney called me back and sure enough, he had received a fax from the bank about the hold. He called the trustee and was able to get the hold removed based on the original reasons stated in our filing. I still don't know what the final outcome will be about this account, as I haven't been to court, yet. But, it makes me hopeful that the trustee released these funds. If the rest of you do not have many assets, remember that you do have non-exempt items and this could save most (or all of your things, as far as I know and am hoping at this time). We own 4 cars (no loans on them-but not worth a whole alot), a Seadoo, regular household items (nothing extreme) and a house (upside down). At this time my attorney seems to think they may not be touched by the trustee. I will try to keep you all posted. This is a scary thing to go through, but I am looking forward to a new beginning! I will never get into this predicament again!

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                • #9
                  I'm scared to death to risk that. Our parents are not wealthy and don't have much. I can't imagine what would happen if funds were frozen in their accounts. I also know my dad well - the SECOND I let them know we're filing - he's closing that account and taking me off. I don't blame him really - but what consequence is this going to hold for us? We don't plan on filing for at least six months from now.
                  04/01/10 - Hit rock bottom and knew we were going to have to file for bankruptcy and surrender our home. 12/14/10 - Filed Chapter 7, 02/09/11 - 341 Hearing, 04/14/11 -

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                  • #10
                    I am not sure about removing your name. Sometimes that raises a red flag, but if you are waiting 6 months and this is truly not your account, it may be your best alternative. Have you talked with an attorney. That is the best thing to do. That way you can know ahead of time what is best to do and plan for it. My dad was tempted to immed. take me off the account, but we needed to file too soon to do that, so I "begged" him not to do anything drastic. My dad opened another account in his name only and made all his new deposits to this new account, rather than adding to the existing account. Hope an attorney can help you out. Being that you aren't filing right away, you probably have some good options, but don't do anything drastic until you've been advised, is what I would think. Take care and good night. Gotta get some sleep here

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                    • #11
                      Not to confuse you, but my attorney (at my 1st meeting with him back in January) did mention something that it could be considered something like elderly abuse if that money was taken as it is money for THEIR retirement and living expenses. I don't remember the exact words and I am not sure if we would have to go to court to claim that, but he did say there were options if we needed. Now, I am really going to bed

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                      • #12
                        We haven't talked to the attorney specifically. We didn't think about it until after our initial consultation. My husband called back and spoke with the paralegal in the office who said it wouldn't be a problem - but I'm wondering if the paralegal understood my husband is definitely listed as a co-owner on his dad's account. I THINK I'm just an authorized signer on my parents - but not sure until I talk to them - which I haven't done yet. We have a consultation with another attorney on the 13th, so waiting until I talk to this one to see what direction to go.

                        Opening a second account is a good idea though. May ask about that.
                        But we're not talking anywhere near the balances you described in these accounts -- this is just there day to day checking accounts, probably around $1-2K a piece. I'm pretty sure we're not on any of their investment accounts - I sure hope not anyway.
                        04/01/10 - Hit rock bottom and knew we were going to have to file for bankruptcy and surrender our home. 12/14/10 - Filed Chapter 7, 02/09/11 - 341 Hearing, 04/14/11 -

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                        • #13
                          I retained an attorney this week and one of my concerns was the account that I am joint on with my elderly aunt that lives with me. It is at Wachovia (now wells fargo) and I was worried about the account getting frozen because I am joint owner. She told me to have my aunt open another account (at the same bank) and add me with as a power of attorney. This way she can move everything over to the new account. We will keep the account that I am joint on open, but there won't be any money in it when I file. She said nothing material will have changed (still have the old account open) and my aunt can do whatever she wishes with her money.

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                          • #14
                            Originally posted by lwh1961 View Post
                            I retained an attorney this week and one of my concerns was the account that I am joint on with my elderly aunt that lives with me. It is at Wachovia (now wells fargo) and I was worried about the account getting frozen because I am joint owner. She told me to have my aunt open another account (at the same bank) and add me with as a power of attorney. This way she can move everything over to the new account. We will keep the account that I am joint on open, but there won't be any money in it when I file. She said nothing material will have changed (still have the old account open) and my aunt can do whatever she wishes with her money.
                            THANK YOU SOOOOOO MUCH!!! This is how I'm going to present it to my parents. Since I'm still at least six months away, I'm not terribly worried, but I sure don't want to leave the accounts the way they are.
                            04/01/10 - Hit rock bottom and knew we were going to have to file for bankruptcy and surrender our home. 12/14/10 - Filed Chapter 7, 02/09/11 - 341 Hearing, 04/14/11 -

                            Comment


                            • #15
                              I have this problem in reverse. When our kids were under 18 in order to get a savings account my wife's name is listed as joint account holder with each of them.
                              Account A has about $700 (all cash deposits from 1 daughter from birthday money, etc)
                              Account B has about $400 (same situation)
                              Account C has about $4500 (All my son's money from his job)
                              Can my wife just remove her name from my son's account (he's now 20) without it raising a red flag? Do we need a year to go by before we file now or if we file a Chp 7 is the trustee going to take it?

                              Comment

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