Kids' Money Market Accounts

[ease]

My husband's late father opened money market accounts for each of our children when they were born. We are stewards on these accounts. Can they be considered ours and be open to being seized once we file?
Thanks for any insight/experience.

[monkatom]

I have heard conflicting answers on this one. I know in our case we had money market and savings accounts for our kids that were opened when they were born with money from baptism. Our attorney said they were exempt since we could prove they were opened for them and the only deposits were around their birthday and none recently which would show we were not trying to hide money in their accounts. My wife was the custodian on these accounts. Actually my Lawyer did not even list the accounts which I found strange. Maybe some others will chime in as I believe I have read on here of people including those as their assets.

[Flamingo]

Ask your attorney. Accounts such as this are "custodial" accounts (i.e., xxxx for the benefit of xxxx). That means even though the funds are for the child, the accountholder has full access to those funds to do as they wish so they could be considered an asset. This is something that needs to be discussed with your attorney as to your particular situation.