Is it a good idea to put one or more of my children’s names on my assets, such as my home, bank accounts, investments, etc.? NEVER! You should never add your children’s names to anything you own, because doing so makes that asset of yours vulnerable to their problems. If a child is sued by someone else, involved in a divorce or bankruptcy, your asset could be drawn into that proceeding, and you could lose your assets, even though you had no role in those problems! There are better ways to enable a child to manage your financial affairs, and you should discuss the options with your estate planning attorney.
-Attorney Jack N. Alpern
Latest posts by Jack N. Alpern, Estate Planning Attorney (see all)
- Charitable Planning in Times of Crisis - November 1, 2021
- Advantages of Using a “Grantor Trust” in Planning - October 5, 2021
- Dangers of Do-It-Yourself Estate Planning - August 1, 2021
