Joint Ownership, Debts, Lawsuits

Do you realize that any account that bears your adult child's name is a potential liability? By placing another person's name on your mortgage or bank accounts you make their problems your problems and it could mean the loss of your property!

Any debt or judgment against that child may negatively impact the parent when property is held jointly. A creditor can get a court judgment against jointly-held property if your child loses a lawsuit or falls into serious debt. Always remember the "Deep Pocket Syndrome" which means that lawsuits always seek out a person with Wealth. If your child has nothing and you have moderate wealth, Joint Tenancy can be the perfect doorway into your bank account or real property holdings! Don't do it...it's a bad idea!

 

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