Do I have a right to be annoyed?

[jessegirl]

Childrens bank accounts need to be put on the BK7??

[Confused14]

jessegirl: I think they do. Many people are telling me they have to be included. I opened the accounts for them, (they are minors) but the account is in their name. The statements come in their name too. I'm not 100% sure, but I think so. It stinks cause I'll have to ammend mine to include them if they indeed have to be included in Ch. 7.

[BROKENN]

He Confused, my kids account statements actually have my name on them. You sound on the line there, but your kids assets are your assets I think. Someone please correct me if I am wrong.

Still call the lawyer

[rfassett]

This is an interesting issue. I would think that if you have control over it, then it is probably your asset. In my case, during our Rule 2004 examination while the attorney for the UST was going over our last two years credit card statement with a fine tooth comb, she came to a $900 charge we had made on a credit card. She asked what it was and we told her it was a video camera that we bought for our son as a Christmas present (he is very much into theatre, is extremely talented, and, in fact, is headed to New York City for schooling starting this weekend). She said, "Oh, well that is your son's, then, and is no concern of mine". I will let you interpret that.

[Cali]

OT: Rfassett congrats to your son, that is very impressive.

[Confused14]

I'm home now and I just looked at my kids' bank statements and it has their name and my name underneath and next to my name it says 'custodian'. It makes sense that if it's my kid and I opened the account for them, then it would be considered an asset of mine. I'll have to ask my attorney. I don't know why I didn't think of it before. I hope I don't have to include it cause then I'll have to amend again.

[AngelinaCat]

Hi Confused14: If the statements say 'John D. Doe' Minor, and your name is underneath as 'Jane D. Doe' Custodian, then I would think that you have the rights as a Guardian of your Minor Children, to administer THEIR property. You can ADMINISTER it, but you cannot take it, or claim it as yours.

Now, that is my understanding of how that particular phrasology works. But you will need to ask your attorney.

Good luck. I know this all is very confusing.

[Confused14]

This is all way too confusing! I did a search on the internet and I'm getting conflicting stories. My children's savings accounts are a UTTMA. In case someone doesn't know what that is, it stands for Uniform Transfer to Minors Act. This is what I found on the internet on it. A UTTMA is an irrevocable gift to a minor. The funds in a UTTMA are owned by and in the name and social security number of the minor. However, an adult custodian acts on behalf of the minor and may or may not be the donor.

Since I control the account I can see the trustee wanting whatever money is in there. But then again, it's their account and their money. Oh, I don't know!!

[lillaimof2kids]

Hmmm, I never even considered adding my kids bank accounts!!! They're accounts are in their name with my name below. I was never questioned about this, thank goodness cuz I didn't even think about this until I just read this thread!

I guess I consider their bank acct. the same as their cash in their piggy bank. I never considered their piggy bank when I had to fill out how much cash I had on hand.

[rfassett]

Confused14, go to your tax records from last year and verify that the 1099-int has your child's ssn and not yours. If that is the case, the account is in your child's name, you are simply acting in the role of administer, i.e., trustee, of the funds. They are not your funds. That is how it works in theory - and legally, I might add. But we all know that if you wanted the funds, in practicality, you would just go get them. In theory, again, you could probably be sued by your children for that activity. Anyway, if the 1099 in fact shows the child's ssn, I would leave it alone.

[Confused14]

I'll look for that, but I don't think I received a 1099-int for their accounts. I don't even think I got one for mine. I'm almost positive I didn't get one for any of our savings accounts. How else would I be able to check? Should I call the bank?

[rfassett]

How else would I be able to check? Should I call the bank?

Yes! If the account did not earn enough interest to generate a 1099-int, then call the bank and ask who's ssn is on each account. In fact, ask them to send it to you, in writing, so you can have it in your file.

[Confused14]

[kimba251]

If you had an emergency or just wanted to take out the money could you? I would think if you can take it out and spend it however you like even though it's in their names then it is technically your money. If not then I would hope it doesn't need to be included.

I don't have any of those accounts but am interested to see what the rule is....

[BROKENN]

My son (teenager) goes to school and works. I asked my attorney if this would be a problem with his income. He said he had to decide to make him a dependent or not for the means test. So I guess it is an issue. Did anyone have this situation?

Next week I find out which way we go. I think it is moot because I minus income and expenses or add income and expenses. It gets so confusing!

Hopefully, Confused, that yours are such a small amount that your atty will think it is no big deal whether you amend or not.

Does amending cause a later date in 341?