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)
- How Do I Trust Thee…Part I - July 1, 2022
- Just When You Thought You Understood the 10-Year Rule, Think Again - April 4, 2022
- Charitable Planning in Times of Crisis - November 1, 2021
