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Name on mom's bank account

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    Name on mom's bank account

    My husband is on his elderly mom's bank account and I am on my mom's. I have never written a check for my mom and he very rarely does for his. They are both worried that something will happen and they will be hospitalized or something and not able to see about some bill or business which is why they did this. Neither one has very much in their accounts, they both get social security checks only and around a thousand dollars a month each goes in to the accounts. Is this an issue for us? I understand technically it is an access to money. We can remove ourselves if we need to.

    #2
    I am not an expert this is my opinion. Are you going to pursue bankruptcy or are you in at this time? Before we had our bankruptcy I took my name off my young adult daughter's account otherwise there could be a question if it was also or part my money (which it was not I just did what my parents did have an extra person on the account "just incase")

    With your parents you could have legal paperwork drawn up so if they are not able to access the money you can be their financial power of attorney and it's probably also wise to have a health care power of attorney if they become incapacitated.

    If it's a good relationship and there are not any disputes with siblings there's always the option of having access to your parent's debit card PIN so you can access money to pay their bills. I don't know where this falls legally, but when I was in the process of becoming legal guardian for my aunt--actually even before that process was required she shared her info with me and I would take out money for her, etc. She had no children and all her siblings had passed on. It was a situation where I would not take her money and she trusted me. If you are going into bankruptcy I would use money orders with their money not put it into your own account and paying bills or pay bills using their debit card info. You can keep a ledger of their money you take out and pay if it's ever question. But I wouldn't keep your name on the account or intermingle their money with yours.

    And as always Consult with your attorney so you know what you are doing is ok.
    I am not an expert. I just share my experiences in the Wonderful Wacky World of Chapter 13! Filed 3-30-18 Confirmed 7-11-18 Discharged 6-8-22

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      #3
      So long as you're not commingling funds, it should not be a problem. However, this should be disclosed to your attorney and you must be certain that these funds have only gone to the expense of the parents.
      Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
      Status: (Auto) Discharged and Closed! 5/10
      Visit My BKForum Blog: justbroke's Blog

      Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

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