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My name on my parent's accounts

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  • CreditCretin
    replied
    My Attorney said it wouldn't make a difference either, as both my wife and I are signers on our parents accounts. The parents put us on as signers only if they became unable to take care of their own business affairs. In our case, he asked us if we'd ever written checks from these accounts, which we had not (thank goodness have never needed to.) He also asked us the amounts in the accounts, is less then 2500 in each of the accounts.

    Apparently there was a recent ruling from the BK Judge in our county that the money in someone else's account that you are simply a signer on, could not be used to pay a debtor's creditors, since the funds did not legally belong to the debtor.

    He said the same goes for money we have in our kids savings accounts. They are in our kids names by the wife is a custodian. It is less than 1200 total between the two accounts, but totally not our money, it is money the kids got from baptisms, birthday parties, grandparents, etc.. Not our money at all. The Attorney said that wouldn't be a problem either as the amount is small and it can be proven it wasn't our money and it's not like large deposits have been made into it recently etc. Maybe this is the way it is in our district?

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  • ssmdem
    replied
    My attorney said it wouldn't make a difference, but if I was concerned, I could have mine take my name off. We're a ways out from filing - so don't know if that made the difference or not. I was just a signer on my parent's account - my husband was a co-owner on his dad's. His dad banks at a credit union, so they didn't have him close the account to remove his name like most banks do - they were able to just take it off. My parents were able to just remove me as a signer as well. She said we didn't even have to mention the accounts and if it ever came up, we go at it from the standpoint of "It's their money, they can do with it as they please."

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  • brendamc67
    replied
    Oh my gosh! I never thought of this. I am a signer on my mom's account. She gets her social security and pension deposited into it. I have signed maybe three checks for her since she added me. My other sister is also on this account. I am wondering if I should just have her remove my name? We go see an attorney next weekend, so hopefully she will be able to answer this one. Did anyone ever talk to their attorney about it? I just want to make sure that Mom's account isn't frozen or something like that!!

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  • depeche3
    replied
    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?

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  • ssmdem
    replied
    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.

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  • lwh1961
    replied
    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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  • ssmdem
    replied
    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.

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  • ItIsWhatItIs
    replied
    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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  • ItIsWhatItIs
    replied
    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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  • ssmdem
    replied
    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.

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  • ItIsWhatItIs
    replied
    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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  • ssmdem
    replied
    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?

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  • ssmdem
    replied
    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?

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  • ready2puke
    replied
    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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  • Fallonedward
    replied
    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, 03:02 PM.

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