Caregiver Joint Bank Accounts

[JDA]

[whipster1]

Wait a year. Change your phone number.

[JDA]

Thanks for the reply!

I live in Tennessee. Is the one year wait a law or guideline that each state has to follow and where could I find that info for Tennessee?

What happens if a credit card company decides to sue before the one year is up and does filing bankruptcy after the fact get rid of the lawsuit?

I've also been reading about debt settlement where credit card companies sometimes settle for less than the amount owed. If I'm not able to file bankruptcy right away maybe that's an option I need to look into. Has anyone had any experience with debt settlement and know if credit card companies will settle for less than the amount owed?

Just trying to figure out all my options.

Thanks!

[doingpoorly]

Im not in TN, but where I am in FL my lawyer had listed the accounts that I hold jointly with my mom in the section that you list "property held for others". I am on her accounts only because she is elderly and needs assistance in this area. We could prove, if they had asked, that all funds in the accounts were hers and hers alone and I have never put money in the accounts or taken money out for my purposes. For me it was a non-issue.

[music12]

same here as with doingpoorly. except in my case my lawyer did not even list my mom's bank account. he just asked me: did you ever put your money in it? i said no. and that was that.

it's very common, as you can see, that parents add their children's names to bank accounts in case the parents become ill. trustees know that.

[Flamingo]

You will need to check with an attorney in your state as to your parents' accounts with your name on them. If you hold a Power of Attorney for your parents, you have access to those funds and can withdraw them. What other folks do in other districts/states may not apply to you so check with an attorney as to what steps you should take either to remove your name off the accounts/CDs or whether or not you can leave your name on there and advise the attorney whether or not you have a Power of Attorney for your parents if your name is left on there. Simple questions that will save you a lot of grief later.

[JDA]

Thanks everyone for the replies!

I never put any money into these accounts and never took any out for my purposes. Mom had my name removed off the accounts a couple of months ago, because we were afraid if a credit card company sued me they might try to take my parents money.

I guess the best thing to do is keep my appointment next month with the lawyer and see what he has to say.

Thanks!