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curley999
Family!
Member since 5/05 2314 total posts
Name:
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Banking question
I was hoping someone might know the answer to this. My parents want to add me to their bank account due to health reasons, so that I would be able to transfer money and pay their bills if needed. Do you know if this would affect my taxes, meaning would the interest the accounts earn be my responsiblity or thiers since their name will still be on it.
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Posted 9/3/07 5:47 PM  |
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Christine
2nd verse same as the 1st
Member since 5/05 15287 total posts
Name:
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Re: Banking question
The interest would be their income - it's their ss# on file as the primary account holder.
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| Posted 9/3/07 6:07 PM |
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curley999
Family!
Member since 5/05 2314 total posts
Name:
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Re: Banking question
Thank you so much for the info!
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| Posted 9/3/07 6:19 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Banking question
you might want to speak to someone about a power of attorney
my Dad has one for his Mother- as well as all her money being in his name
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| Posted 9/3/07 6:38 PM |
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evnme
My little lamb
Member since 8/05 12633 total posts
Name:
aka momma2b
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Re: Banking question
Posted by Beth1210
you might want to speak to someone about a power of attorney
my Dad has one for his Mother- as well as all her money being in his name
i agree about getting power of attorney
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| Posted 9/3/07 6:49 PM |
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Shroggie
Don't Worry...Be Happy
Member since 5/06 6261 total posts
Name:
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Re: Banking question
Posted by evnme
Posted by Beth1210
you might want to speak to someone about a power of attorney
my Dad has one for his Mother- as well as all her money being in his name
i agree about getting power of attorney
Power of Attorney is good, however, it dissolves if they were to pass away.
It might be easier to just add you as joint to the accounts. It will give you quicker access to the accounts if g-d forbid anything were to happen to them.
Message edited 9/3/2007 7:03:00 PM.
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| Posted 9/3/07 7:02 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Banking question
Posted by Shroggie
Posted by evnme
Posted by Beth1210
you might want to speak to someone about a power of attorney
my Dad has one for his Mother- as well as all her money being in his name
i agree about getting power of attorney
Power of Attorney is good, however, it dissolves if they were to pass away.
It might be easier to just add you as joint to the accounts. It will give you quicker access to the accounts if g-d forbid anything were to happen to them.
I would do both- with out power of attorney- you might not be able to make all the decesions that you need too if your family member can no longer make them for themselves
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| Posted 9/3/07 7:17 PM |
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MrsMerlot
Unconditional Love
Member since 4/06 6005 total posts
Name:
Chrissy
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Re: Banking question
Posted by Beth1210
I would do both- with out power of attorney- you might not be able to make all the decesions that you need too if your family member can no longer make them for themselves
completely agree.
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| Posted 9/3/07 7:21 PM |
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Corinne
My munchkins
Member since 5/05 5010 total posts
Name:
corinne
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Re: Banking question
i believe on banking accounts you are allowed up to a maximum of 2 people 3 if poa. and you cannot just add someone to an account. you have to close the account and reopen a new one. used to work in banking a couple years ago. not sure if the rules have changed. also its linked to the primary ss# for interest on money.
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| Posted 9/3/07 9:27 PM |
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