The law applies a legal fiction, presuming that jointly owned property is owned 100% by each joint owner. That means each owner’s creditors can take 100% of the asset. If you’ve named your daughter as the joint owner on your bank accounts, added your kids to the title on your house, etc., you are at risk of losing the ENTIRE asset if your kids ever get sued, experience a medical catastrophe, have to file for bankruptcy, etc. There IS a better way to have the benefits you want without the risks of making your assets vulnerable to your kids’ liabilities. Speak with an estate planning attorney to learn how.
Posted on: Wed, 15 Oct 2014 15:06:44 +0000
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