Joint Bank Account

[Atlanta7]

If you have a joint bank account with your mother and mother deposits $10,000 in the account. Can you claim that money is owned exclusively by the mother and you have no ownership of the money even if you are one of the owner of the joint bank account?

[justbroke]

If dealing with or about to file bankruptcy, I would never commingle funds. It just gets too complicated. What you can do is have your mother deposit into her own separate account of which you're also a signatory. Do not mingle your funds with your mother's funds. In that case, if anyone challenges the commingling of funds you can clearly show that everything in was hers.

Please note that this does not constitute legal advice and if you're doing estate planning then you should consult with someone who can help navigate things like advanced directives, probate, trust, and joint accounts and tenancies.

[despritfreya]

If you have a joint bank account with your mother and mother deposits $10,000 in the account. Can you claim that money is owned exclusively by the mother and you have no ownership of the money even if you are one of the owner of the joint bank account?

Noting that OP states he/she is a creditor. . . (see posting history)

Mom can assert whatever she wants to assert. She will have to defend her position if the funds belong to her. Typically, this type of situation ends in a 9019 Compromise Settlement.

Des.

[justbroke]

Noting that OP states he/she is a creditor. . . (see posting history)

I'm not very good at posting history. I need to slow down.

[despritfreya]

I need to slow down.

We all need to slow down.

Des.

[Carmella]

I don't know the right answer, but I would not mix money with another person. I took my name off my adult daughter's account prior to filing. Check with your attorney of course to make sure you do it right and don't appear to be hiding anything. My daughter's account was her account my name had been on it when she was a minor . It was all her money I didn't want to take a chance of anyone claiming it could be my money.

[MotherJugs]

You can claim whatever you want, but be sure of this: the 341 Trustee is going to be all over that money like a starving rat on a Cheetoh. You need to remove your name from the account, but that doesn't absolve you of having unreported money that he/she WILL have knowledge of and will drill you on. Your attorney runs your social security number and pulls up ALL bank accounts and credit reports required by law to turn over to the Trustee. The bank account you mention is going to raise a red flag, especially if it has $10,000 in it, even if it was only $500. My question is, why would your mother do that given your situation? Even if she is able to show the paper trail of transfer from her personal account into this joint account, it's not a guarantee to get you off the hook. It's a dangerous situation for your mother, and heaven forbid the Trustee ever suspects you're concealing money. I just went through my 341 Hearing and they scour everything. EVERYTHING. Not trying to sound harsh or indicting, but this is serious stuff. Good luck.

[LWC]

If you have a joint bank account with your mother and mother deposits $10,000 in the account. Can you claim that money is owned exclusively by the mother and you have no ownership of the money even if you are one of the owner of the joint bank account?

During my 341 meeting, the trustee asked me about the two bank accounts that my name was on with my elderly mother.

Specifically, he asked me if I had deposited any funds into the accounts.

I replied no, and I told him I was a joint account owner for convenience reasons, as I also was Power of Attorney for my mother. Other than her pension and retirement deposits, the only funds deposited were proceeds from her selling some property. All transactions were easily documented.