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Never add your adult child as a joint holder on your bank accounts and real estate, this creates tax issues and assets can be lost to divorces and creditors. Instead consider holding your assets in a trust for better protections. Follow @Lawmotherco for Legal and Money Tips. #livingtrust #generationalwealth #estateplan #banking #divorce #momdaughter #comedy #legaltip #lawmother #personalfinance #legacy #tax #family
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lawmotherco

2024-04-06 07:05:37

never add your adult child as a joint owner of your bank accounts here's why
daughter i'm adding you as a joint owner on all my bank accounts to make things easier when i die
great mom
mom greg is divorcing me and my lawyer said he's entitled to one fourth of all the bank accounts you added me to
and i may owe more in income taxes oh no
wait
law mother
remember you never added your daughter as a joint account owner instead all of your accounts are in a trust and your daughter is the successor trustee and power of attorney
oh yeah so greg get zero no income tax issues and this avoids probate big law mother