My mothers account

[humrc]

I have posted before about being on my mother checking account. She is close to retirement and wanted me on there in case something happened to her. Well now that she knows i may be filling she has told me that she is taking me off this week

It was her choice not mine ( dont blame her.) if i file in sept or oct will this be a problem. I have used the account twice ( Aug 08 and Jan 09 ). We had to install a security system in our home, than had to upgrade in Jan.

[Iamtoobroke]

I was worried about having been on my elderly mother's bank accounts as a co-owner until January. I am now on only as Power of Attorney, which is all I ever was really since I have never made even one deposit to any of her accounts-- no co-mingling of funds. I write all of her checks to pay her bills as she has severe macular degeneration. She's 93. We made the change in January because I was being sued by a creditor--Portfolio Recovery Associates for Providian. My attorney says no worries since we listed the accounts on the schedules and there is a valid explanation.

As long as you have not comingled any of your own funds (made deposits) to the account and you list the account on your schedules, there should be no problem. They may want to see account statements or perhaps talk to your mother. You have to list any bank accounts which you have been on for the past year, but this is a common situation. Many folks are on a parent's account for convenience. You just explain this truthfully if asked. My attorney said as long as no comingled funds you should be okay. I was on three of my mother's accounts and no problems at all--so far.

[Iamtoobroke]

Also, this is not the same as a transfer of assets as they were not your assets to begin with. They were hers and she can do what she wants with her assets. You just have to be honest and don't try to hide this from the trustee. You should be fine.

[Iamtoobroke]

I don't think the withdrawals will be a problem. I am not an attorney though, of course. My mother allowed me to make withdrawals for a couple of car repairs within the last year. Attorney said no problem.

[humrc]

thanks for your advice...much appreciated.